Need Financial Aid for Canadian Student

[HN_MD]

Just got off the phone with IEFC and CanHELP is no more. Canadians are left with only 2 options (lacking a wealthy uncle willing to finance the whole thing): RBC and National Bank lines of credit.

[Bloor]

Wow are you serious? Is this for Ross only or Caribbean schools in general? :shock:

[cavalletti]

Just got off the phone with IEFC and CanHELP is no more. Canadians are left with only 2 options (lacking a wealthy uncle willing to finance the whole thing): RBC and National Bank lines of credit.

Details? Are they temporarily not accepting applications?

[foxycleop]

Details? Are they temporarily not accepting applications?
Welcome to IEFC (http://www.iefc.com/canada/can_index.cfm)

[HN_MD]

No this isn't just for Ross...It's CanHelp as a whole that tanked.

[HN_MD]

Canadian Citizens
As of April 18th, 2008 our private loan lenders stopped accepting new applications for the private International Student Loan Program (ISLP) and CanHELP loan programs. We are actively working to develop alternative programs to support the borrowing needs of international students, and will post new information as it becomes available.

If you had an ISLP or CanHELP loan in process before April 18, 2008 and would like to check on its status, please contact us at :

US and Canada: 888 296 4332
UK & Europe: 00 800 1270 1270
Australia: 00 11 800 1270 1270


Source: Welcome to IEFC (http://www.iefc.com/canada/can_index.cfm)

[G-zuz]

so if the student lines of credit for RBC/national bank top out at 150k... how does a canadian pay for the rest?

[DrMS]

Some of the Canadian students that have started here have talked about dipping into savings or having parents cosign other loans OR getting parental support. I'm not sure what other options there are. If I find out, I will post here.

[Closter]

I managed to get a 200k student line of credit from RBC, which i have yet to spend a penny..
Edit: With my father as a co-signer

[VSR]

so if the student lines of credit for RBC/national bank top out at 150k... how does a canadian pay for the rest?

take some from both!

[G-zuz]

.... You make a valid point! National Bank has extra 1% interest though... Guess I'll just have to use up RBC first...

[islandthrift]

Can you take it all out at once? If so, do that and put it in a savings account and then just take out $$ as you need if for school and expenses. Make you $$ work for you!

[G-zuz]

that's what friend's been doing with student loans... The issue with an "educational line of credit" from RBC/national bank is you pay interest on what you've taken out. And no, they won't give it to you all at once I'm told, they split it up between the years you're in school... RBC is prime, national bank was prime + 1 (with cosigner) and prime + 1.75 without...

I think it'd be too risky to try and invest it and actually return more than you're paying interest. However... "$100 000 on Red!" would be pretty high-larious

[Mustango]

so if the student lines of credit for RBC/national bank top out at 150k... how does a canadian pay for the rest?

Become an Amari-kan, Eh!

[G-zuz]

Hmmm... convert to yankeeism.... Any females wanna get hitched?

yeah, I just made an open proposal online for the sake of my medical education - what of it?

Hmmm.. That would solve all my problems wouldn't it... Be fore warned, once on the island, I'm looking for a wife.

[Closter]

Hahahahaha

[mashriq]

thank you very much

[DrMS]

Do a search - this question has been discussed many times - I think most recently too.

[mashriq]

thank you very much

[islandthrift]

yes ur right i can do a search but then i get the replies that are also affiliated with the other colleges. So please if anyone has an answer to this question or links post.

Thank you

Please do a search in the future. I have merged the Canadian FA threads but future duplicate threads may be locked.