Loan calculators

By Natasha A loan is something that is borrowed, usually a sum of money, that is expected to be paid back with interest. Loan calculators help determine the monthly payments on a loan that need to be paid. Loan calculators can also be used for mortgage, auto, or other types of loans. The two loan calculators that I compared are Scotia bank and TD Canada trust.

Scotia bank:

-Scotia bank pros: •easy to understand labels •vast amount of options •very interactive •there is a therefore statement (a final statement that clarifies results) •no pop up ads •disclaimer that lets you know that the loan calculator may not be necessarily accurate -Scotia bank cons: •small print •no step by step instructions •the calculations may not be accurate Overall a good calculator, easy to understand labels and a therefore statement that makes the answer clear but this loan calculator does have small print therefore making it a little harder to read the labels making it harder to use the calculator.

TD Canada trust:

-TD Canada trust pros: •step by step instructions •useful links •disclaimer that lets you know that the loan calculator may not be necessarily accurate -TD Canada trust cons: •not many options for payments •no therefore statement (a final statement that clarifies results) •more difficult to understand •pop up ads Overall a good calculator, step by step instructions but this loan calculator is hard to use and is confusing therefore not easy for beginners to use. Both calculators are good and bad in different ways but personally I think overall the Scotia bank calculator is a better loan calculator. https://www.tdcanadatrust.com/loanpaymentcalc.form

OSAP

by Kristy

          OSAP stands for the Ontario Student Assistance Program. OSAP assists students in paying for their post-secondary education, for those that need the financial help.

          OSAP offers two types of funding. OSAP offers grants, which is money that the student is not required to pay back. OSAP also offers student loans, which is owed back to OSAP once the student is finished school.

          Almost everyone is eligible for OSAP, including Canadian citizens, permanent residents and protected persons. Unfortunately, you are not eligible for OSAP if you lack the academic requirements, have enough financial resources, the income given on your OSAP application is significantly different from what you reported to the Canadian Revenue Agency, you have defaulted a student loan, have bursary or grant overpayments or significant loan overpayments, failed a credit check, declared bankruptcy or you have reached your limit of student loan funding (limits given below).

Ø 340 weeks of funding

Ø 400 weeks of funding for doctorial studies

Ø 520 weeks of funding for students with disabilities

          OSAP tries to help with as much as they can. OSAP helps pay for tuition, books, mandatory student fees that a school may charge, living expenses for full-time students and child care for students with children.

          When OSAP accepts your application, you are guaranteed to get some sort of financial help. How much money you receive depends on education expenses, the course load and your personal financial situation.

          OSAP is a huge support for students who want to continue their education into post-secondary. OSAP gives thousands of students every year the opportunity to get the education that they want to have.

Link to source: http://www.ontario.ca/page/learn-about-osap