Thread: Canadians paying for AUC

Hey everyone,

After officially sending in my enrollment fee yesterday, I will now begin hitting up all the banks for loans. Any other fellow Canadians attending AUC this Jan/06 able to offer any advice as to which banks offer the most? Off the top of my head I know that Royal Bank offers a maximum loan of 150,000 CAD, with a stipulation that you don't take out another loan from any of the other banks (which really sucks, but I'm gonna see fi I can get more from them).

I know that OSAP will not apply to us (well the Ontario residents that is), because when I went to the Canadian government office at Harbourfront (on Lakeshore), they said we would only be able to acquire OSAP if we were attending a Canadian institution. She did give me some links to foreign affairs (I think, I'm gonna check them out) that offer scholarships.

After contacting the financial aid office at AUC, they told me to check out the TERI loans (which I have no clue about), but I have heard about the CanHelp loans (but the interest rates on those scare the hell outta me).

Someone please drop a few points for me. Thanks.

I know of a Canadian at AUC and he only scored the Royal Bank and the CanHelp with his own signature. The rest had to be found elsewhere.

Unless you have a co-signer, you are in steep feces.

I can get the co-signer no problem, but have any of the Canadians made use of the TERI loans?

I got the CanHelp loan with my own signature. Like you said, the interest rate is very high (i.e. you will have to pay 50k for a 20k loan eventually). So by all means avoid that. And by the way, Teri Loan is the same as CanHelp, at least the header of the letter CanHelp sent me back said "Teri". The loan from RoyalBank can only make up half of what you need. So you better find some other sources. Good luck!

Jmed, were you able to get enough on your own signature to pay for everything? Did you get loans besides CanHelp?

I got the Royal bank one and CanHelp, but it's still not enough. I'm being helped by a relative. The thing is that if you can get a cosigner for your CanHelp, it may be enough. But once again, the interest rate will kill you. (Btw, last time I said 20K will become 50k, it's only because they let me pay it back monthly for 20 years.) Anyway, if you have any more question, either PM me or even send an email to me. I don't come to valueMD as often now.

Originally Posted by Jmed

I got the Royal bank one and CanHelp, but it's still not enough. I'm being helped by a relative. The thing is that if you can get a cosigner for your CanHelp, it may be enough. But once again, the interest rate will kill you. (Btw, last time I said 20K will become 50k, it's only because they let me pay it back monthly for 20 years.) Anyway, if you have any more question, either PM me or even send an email to me. I don't come to valueMD as often now.

I thought of going with BMO, but after being f'ed around for the past week, and being DENIED, I went with RBC and got approved in less than 48 hours. It turns out RBC is giving a bunch of freebies my way, AND they aren't charging me prime plus one as I previously thought. Anyways, I'd like to personally throw a pile of fresh cow dung on the walls of BMO, but I got better things to do.


RBC ALL THE WAY people!!!!

OSAP lists (SGU, Ross, SABA and AUC) as eligible in their site?

Which is less interest:
RBC or CanHelp?

and....can you tell me how the interest works (when it starts)
ie for OSAP you dont pay interest until you finish school..

Originally Posted by psychMajor

OSAP lists (SGU, Ross, SABA and AUC) as eligible in their site?

Which is less interest:
RBC or CanHelp?

and....can you tell me how the interest works (when it starts)
ie for OSAP you dont pay interest until you finish school..

OSAP lists these schools as eligible?? I never heard that one, but if you do, please let me know so I can send in my papers.

In terms of less interest, RBC is just at Prime. CanHelp is at prime plus 4.5

The interest kicks in as soon as you withdraw money. At the end of every month, the bank goes into your accound and starts taking out money. So, someone would have to keep a certain amount in your account in order to keep up with the interest payments. This goes for student lines of credit with any of our major banks. With CanHelp, I believe you don't have to start paying back until you start earning income during your residency. But mind you, that you will be in a much bigger debt than going with the banks.

Originally Posted by Sunster99

OSAP lists these schools as eligible?? I never heard that one, but if you do, please let me know so I can send in my papers.

In terms of less interest, RBC is just at Prime. CanHelp is at prime plus 4.5

The interest kicks in as soon as you withdraw money. At the end of every month, the bank goes into your accound and starts taking out money. So, someone would have to keep a certain amount in your account in order to keep up with the interest payments. This goes for student lines of credit with any of our major banks. With CanHelp, I believe you don't have to start paying back until you start earning income during your residency. But mind you, that you will be in a much bigger debt than going with the banks.

Thanks...go to OSAP site...there is a search for eligible schools