Other Canadian Banks?

[Mike77]

Well guys, if you're like me, you've been stiffed by RBC that requires a cosigner. Despite my parents being loaded, they refuse to cosign (I love being 21 years old and 30 grand in debt for tuition).

I noticed BMO and Scotiobank have similar programs. I'm going in today to check it out. Yet everyone, seems to go to RBC.

Has anyone had success with other banks?

Right now it seems RBC or bust

[scc7]

im trying for rbc.... im in complete $%&@ because of canhelp!!!... scotiabank only gives 10,000 per year for out of canada.... ya i will have to rob a bank!!.... im going to check into HSBC, they said the loan depends on the cost of education... so i hope that brings more luck...

[maserati]

All banks require a cosigner if you're going out of Canada.

The school did say that they are working on developing a loan system with their parent company, "Direct Assistant Program", which they're finishing up the terms in a month or two in time for Sept08.

So far, Janet of the finance said that it'll be a short/temporary solution to loan programs such as canhelp that do not accept anymore new applicants. It'll be 18,500/semester, covering the whole cost of tuition.

My biggest fear is :

We start our education with this Direct Assistant Program of 18,000/semester.

A few semesters down the road, the economy brightens up and private loan institutions (canhelp) reopen their loan programs to new applicants.

SABA closes DAP.

THEN WHAT IF WE CANNOT GET LOANS FROM OTHER INSTITUTIONS FOR SOME REASON? OR NOT ENOUGH. THEN WE"LL BE STUCK HALF WAY THROUGH!?

[Mike77]

sweet, let me know the results when you get them.

[Mike77]

Originally Posted by maserati

All banks require a cosigner if you're going out of Canada.

The school did say that they are working on developing a loan system with their parent company, "Direct Assistant Program", which they're finishing up the terms in a month or two in time for Sept08.

So far, Janet of the finance said that it'll be a short/temporary solution to loan programs such as canhelp that do not accept anymore new applicants. It'll be 18,500/semester, covering the whole cost of tuition.

My biggest fear is :

We start our education with this Direct Assistant Program of 18,000/semester.

A few semesters down the road, the economy brightens up and private loan institutions (canhelp) reopen their loan programs to new applicants.

SABA closes DAP.

THEN WHAT IF WE CANNOT GET LOANS FROM OTHER INSTITUTIONS FOR SOME REASON? OR NOT ENOUGH. THEN WE"LL BE STUCK HALF WAY THROUGH!?

haha i was just gonna write the exact same question in another thread. That is the worst case scenario I guess, but at that point you're in a much better position to apply for loans I would think (i mean its a much less investment, and a much higher chance of a return for the bank)

[cattyjane]

How about TD? It has the same program as RBC. Cosigner needed just like every other bank.

[maserati]

problem = not able to get cosigners

problem ≠ RBC

[Articulate]

People need not worry that much.This is a business venture. The business (med school) would collapse if there are no student to come to Saba. So they'll do everything possible to make sure their business keep running. As for every other students that i talked to over here, most of them would need help for next semester, or other semester. Can help only give three disbursement at a time and so after the three are done, students need a way to continue their education.

The school DAP should be cool.

[thedaylights]

Does CanHELP typically need a co-signer? This would be great if we could get the DAP and then later CanHELP got up and running. Fingers crossed.

[Mike77]

Based on all the info I have, this seems like the best option (for a canadian).

Assuming I start in September, for example, I plan on working my *** off for 4 months and banking all my money (moving in with parents, so almost no costs). Then I'm going to max out my canadian student loans (12500/year). If the DAP covers just tuition, that leaves about 50-100k for living costs (the best people to ask are Saba grads I guess). I figure that I'll get 50k from canadian student loans, plus whatever I make this summer (15k?) to survive on. If I run short, it'll only be like anywhere from 1-35k short, and I assume if i'm almost graduating med school it wouldn't be diffiuclt to get that, or swindle a couple grand from my parents.

What do you guys think of that option for someone in this situation?