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OSAP or Line of Credit?



My gf plans on enrolling for nursing at college in the fall. She's debating what would be better: getting a line of credit from her bank or applying for OSAP? Also... she's been working full-time but that's because she's been supporting the family and paying the majority of expenses through her job. She'll be shifting to part time when she's in school. Does that affect her loan situation at all? Thank you in advance

Apply for OSAP. If she decides that she doesn't want it after she finds out what they will give her, then she can cancel her application.

Student line of credit from the bank:
there's generally a limit of 8,000-10,000 per year
she has to pay the interest while she is attending school
the interest she pays is not tax deductible
she has to have a co-signer

OSAP
the limit is (for a single person with no dependents) 350/week X the number of weeks in her course
she doesn't pay anything until 6 months after she graduates
the interest she pays is deductible
OSAP will do a credit check on her but she does not need a co-signer

Her income while in school will affect her funding.
She may have grounds for a review if she is supporting members of her family
The great thing about going to nursing school is the lack of nurses in the work field so it's not that hard to find a hospital to pay for school. She has to work for the hospital after school, usually one year for every year they pay for, but it's a good way to pay for school. She should also look into scholarships. Some only apply to when you are in nursing school, but it never hurts to look. Finally some states will pay back student loans once she graduates, if she agrees to work at an indigent care hospitals for so many years. There are many options out there. About the last part of your question I think her loan value are only based on what her parents make, not 100% sure on that one though.
I went to nursing school, tell her good luck.
first exhaust all opportunities for student loans generally long terms with low fixed rates. She maybe eligible for pel grants which are not loans but gifts from the federal gov. for education. I don't know what OSAP is. Lines of credit are normally varialble rate accts that are really not much different than a credit card.
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