Theresa's Case

Applied to Recognition Counts: December 2012

Education: Bachelor in Nursing, Master in Nursing, PhD in Health Management

Experience/profession in his/her country: 12 years as a Registered Nurse and 7 years as the Dean of a College of Nursing.

Qualification Recognition Summary:

Background Sketch:

Theresa came to Canada 2 years ago, from the Philippines, with her husband and 3 children under the age of 18. She is currently working as a Health Care Aide and earning $20 per hour. Prior to this, she worked as a cashier at a building materials store. Her Career Action Plan (CAP) indicates that she will need to leave her job in January to begin the Nursing Bridging Program at Red River College. Because Theresa will not be able to work while she is in the program her household income will drop significantly.

Professional Goals:

Short Term: To become a Registered Nurse.
Long Term: To teach nursing at a college/or university and to do research.

Financial Sketch:

Theresa and her husband recently bought a small house. Their mortgage is approximately $190,000 and they owe $10,000 on a line of credit. Other debts include a car loan of $5,000 and credit card debt of $2,000. Their total household debt is $207,000.

In addition to her husband's income of $23,500 and child tax benefit of $330 monthly, Theresa will receive in total $1,500 from Employment Manitoba and $1,400 from the Nurses Recruitment and Retention Fund (NRRF) operated by Manitoba Health. Funds from NRRF will help pay her tuition and book costs and supports from Employment Manitoba will be used for living expenses.

Recognition Counts Application:

Theresa applied for a $ 10,000 loan to be disbursed as follows:

1st disbursement (February 2013):

2nd disbursement (April 2013):

3rd disbursement (July 2013):

Career Action Plan Information:

First disbursement: February 2013
End of the Career Action Plan: October 2013
Total amount of months: 7

Plan: Based on the experience she has teaching nursing in her country, Theresa is very confident that she will pass the requirements to become licensed as a Registered Nurse in Manitoba. She will also be working hard to ensure her success. She plans to study full time and to use effective study habits. Once licensed as an RN in Manitoba, she will earn an average annual salary of $65,000 ($31.25 per hour).

If she does not pass the licensing exam in October 2013, she will write it again in February 2014. She will also need to contact SEED to revise and extend her Career Action Plan period for another 4 months.

Backup Plan: Theresa has taken steps to prepare for the possibility that her plan will not be successful. She knows that if she does not pass the licensing exam on the third try she will no longer be eligible to become a Registered Nurse in Manitoba. She talked to her current supervisor who has agreed to hire her back at $20 per hour if she requires a job. Theresa feels that based on her experience and positive feedback on her work in the health care aide position that she can advance further in this area by becoming a supervisor.

Case Outcome:

Theresa is approved for a $10,000 loan at the prime rate (3%) + 2% and based on her previous experience, education and her current financial situation. Staff at SEED is confident that she will be successful.


First disbursement (February 2013) = $3,330.
Interest payments from March 2013: approximately: $13.88 per month.

Second disbursement (April 2013) = $4,555 (the principal she owes is now $7,885)
Interest payments from May 2013: approximately $ 32.85 per month.

Third disbursement (July 2013) = $2,115 (the principal she owes is now $10,000)
Interest payments from August 2013: approximately $41.67 per month.

Payments on principal are due 6 months after the Career Action Plan ends. Theresa must begin payments on the principal in April 2014. Theresa has used 13 months of the 5 year maximum term allowed (7 months for the Career Plan and the 6 month grace period). Theresa has 47 months left to repay the principal and interest remaining on the loan.

During the 47 months, she will be paying approximately: $234 per month (Principal and interest).

The payment terms are flexible and at any time Theresa can make a special payment on the principal or pay it off totally without any penalty.