Thread: Loans for Canadian students?

I was just wondering if anyone has any experience with getting a student loan for AUC from a Canadian bank. I've heard RBC gives $150K. Also has anyone heard of MDM (mdm.ca) who work with National Bank and apparently give $200K? Thanks!

bump... anyone???

Talk to your bank. The $150,000 is available with a cosigner (and with decent credit, etc.). My local RBC was very helpful when I told them I'd been accepted into med shcool. YMMV

There used to be a private loan available called the CanHelp Loan which is no longer available, so aside from a LOC, if you're going to make AUC work, you'll have to find alternative sources of funding; Friends, Relatives, Etc. Good luck.

Which med-school did you get accepted to? one outside of canada?

Well, I've haven't yet been accepted, but I most likely will be to AUC and plan on attending. I know most banks in Canada give loans to students studying at Canadian med schools, but I've also heard they unofficially give such loans to students studying abroad.

There are no student loans available from the banks for Canadians to study abroad. Most of us here are studying with Lines of Credit from the banks, and had counted on CanHELP as mentioned by TenorDoc. Depending on your province you may be able to access minimal funding from your Provincial University funding source (ie OSAP)...but it is a maximum of $6700/2 semesters...and you have to be completely broke before coming to school, or you won't be eligible for the first year. According to the school there are loans you can access thru SallieMae (American lender) if you have an American citizen who can cosign for you. I have been unable to obtain further information, and so far no AUC student has accessed funds this way. Since CanHELP went defunct part way thru my education, I have been working with the school to try to secure additional funding for Canadian students, but so far, have had no luck. Please post if you find additional funding sources, but otherwise, be prepared to privately fund your education...

That is not completely true. Loans are attainable for students studying abroad. It can be different depending on where you are studying, however. If you look at the Atlantic Bridge Program website, for example, they outline different loans available to Canadians studying in Ireland. As for AUC, or the Caribbean in general, I am not positive.

I actually did get SallieMae even though I'm Canadian. My parents are US Permanent Residents & they cosigned with me. I think it was called the Global Health loan or something - msg if u need more info.

I heard CIBC recently created a loan for out-of-country med students. Max loan is $150,000 at corporate rates. You don't have to start paying it off until 1.5yrs into your residency. I don't have anymore info so your best choice is to contact CIBC. You will need more money than this loan alone, but it would help....