Financing options for Canadians

[lifesaver]

Hello,

For all the Canadians out there, how did you finance medical school (at saba or at other caribbean medical schools)?

I've never had student loans for my undergrad, however, I will definitely need them now. I have absolutely no idea how to proceed.

Were any of you successful in obtaining a bank loan/line of credit to finance your overseas medical education?

btw, anyone from bc?

thanks,
lifesaver

[Siddman]

I am from Toronto, Ontario and as a Canadian you have three options of financing your education.

1) Government Loans – for Ontario – OSAP- Saba is recognized and you can get up to $9000 a year. I am pretty sure BC Government also approve Saba for loans.
2) Bank Loans..i got mine though RBC – http://www.rbc.com - but there are many banks you can try the most you can get is 150000 from CIBC - http://www.cibc.com/ca/personal.html - and 125000 from RBC with a very good interest rate.
3) TERi through IEFC - http://www.iefc.com/ - They have a higher interest rate and I think they only have one bank approved for Canadian students.
4) Ask your parents for money…that is if they are rich and willing to help…

Hope this helps,


Siddman


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Faith it seems, is not without a touch of irony

[asplat]

Siddman, a CIBC rep told me that the student credit line is only for studies at Canadian institutions...was I given wrong info???

[Siddman]

Siddman, a CIBC rep told me that the student credit line is only for studies at Canadian institutions...was I given wrong info???

You were given the right information..the student line is only for students in Canadian Institution.....that is.... you don’t need a co-signer.... but you can still get loans for your education anywhere if you or your parents are willing to co-sign. You have to book an appointment with the line of credit manager and talk to them personally about the options you have. The way it usually works :-...........you can get approved if you have a mortgage with them or if your parents have a mortgage with them or if your parents or someone with a stable job is willing to co-sign for you. I forgot to mention that you can get up to 30000/year from TD..but the draw back is that you have to apply every year and they have the right to say no.....that is something scary....i prefer to get everything in one shot.....


Hope this helps,


Siddman

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Faith it seems, is not without a touch of irony

[asplat]

Thank for the info!