Lets see... where do I start? Do I apply for provincial or federal or both? Is there a benefit to one over the other? Are they significantly better than getting a student LOC, or should I get both? Can I pay for anything I want with the loan?
I honestly have no idea how they work. I've been very fortunate.
"I've been single for awhile and I have to say, it's going very well. Like... it's working out. I think I'm the one." Emily Heller.
From my experience, I apply at one place -- Studen Aid BC-- and then they figure out what I deserve and split the costs with Canada. I'm not sure about Alberta though.
I know a few people with Student LOC's , and the major difference is that you pay that back right away...where as with the Student loan, you are required to start paying 6 months after your final day of classes...so for myself, I have to start paying back 4 years of loans in November.
A big difference between the two is that Student loans restrict how fast you can pay them back...you can make more then the recommended monthly payment, but only to a certain point...as they want to guarantee some of the interest for themselves.
You can pay for anything that is required to live with the loans. They do randomized audits, where they will go through all your banking statements and shit...but out of about 100 people I know with student loans, only 1 of them has ever been audited...and they only thing they can do if they find you misusing funds, is deny your next loan. I for one have purchased a lot of alcohol and junk food with my student loans...They just give you money into your bank account-- it's not like they personally pay your bills for you to make sure you spend it in the right places.
I used mine for a bachelor degree, I'm honestly not sure about funding for your line of schooling. It wouldn't hurt to apply though...over the years I've gotten about $5000 that I don't have to pay back, just because I'm going into health care...you can always apply and then once you find out what they will give you, just say no.
Hope that helped. I'm Rusty Michael Shakey on Facebook, if you have any other questions.