Better to pay second semester fees now?

[lukeortolani]

Hi,

So I applied for my student permit through non-SDS which means I only paid my first semester fees. I have a student loan from my bank and they sent the funds via Flywire for my first semester. But before they did it for the first payment, they required the payment instructions from Flywire which needed to be signed by me. Now my college's second semester fees are due January and at that time, I'll be in Canada and won't be able to sign any instructions.

So can they still be able to send it? If not, should I just pay the second semester fees now?

 

[selvakk]

Hi,

So I applied for my student permit through non-SDS which means I only paid my first semester fees. I have a student loan from my bank and they sent the funds via Flywire for my first semester. But before they did it for the first payment, they required the payment instructions from Flywire which needed to be signed by me. Now my college's second semester fees are due January and at that time, I'll be in Canada and won't be able to sign any instructions.

So can they still be able to send it? If not, should I just pay the second semester fees now?

It would be better to contact your bank and ask what they would be okay with. You could sign and scan the instruction and ask a family member to print it out and present it to your bank. Do keep in mind, you would face a considerable increase in interest if you paid the second semester now. However, if there is no choice then you would have to make the payment before you leave for Canada.

 

[lukeortolani]

It would be better to contact your bank and ask what they would be okay with. You could sign and scan the instruction and ask a family member to print it out and present it to your bank. Do keep in mind, you would face a considerable increase in interest if you paid the second semester now. However, if there is no choice then you would have to make the payment before you leave for Canada.

Thanks for the response. I didn't consider the increase in interest. But I'll check if a signed and scanned copy works!

 

[selvakk]

Thanks for the response. I didn't consider the increase in interest. But I'll check if a signed and scanned copy works!

Yes, the interest will compound as well. I think most banks would have a mechanism for such things. It would be stupid to give a education loan to someone studying abroad, and then have them physically present to release the money.