Best loan option for Canadian students

[maserati]

Originally Posted by Articulate

Davenport i suspect is for US people. I have tried 5 BRC braches with good cosigner, no show. I am presently conditionally approved for Teri. I dont know how good that is. But the school said i should enrol for the may semester and everything should be fine. But am scared, dint wanna get stucked.

By Teri do you mean "CANHELP" ??? For Canadians?

Did they specify what they meant by "conditionally approved"

[Articulate]

Yup. Its Canhelp.
Conditionally approved means, they have checked your credit and your cosigner credit if applicable and it looks good to them. However they are still scared to say your approved and they need to confirm that all your information is true. The major things they would check is your citizenship, and your confirmation of enrollment.

So basically, the financial office is pretty satisfied with conditional acceptance for enrollment, just that you'll pay late enrollment fee of 200 box.
Hope that helps.

[Articulate]

They increased the osap to 9600. Doe any canadian know how the osap can be increased to 11,000?

[NadiaK]

Originally Posted by newfound

Hi just to add a little more info to the discussion. I got a RBC line of credit for $150,000 at an interest rate of prime (%4.5). Also, the process was very easy, I applied one day and the next day I had it. And as mentioned earlier, I have assess to my accounts via the web and can transfer funds over the web. Also, I didn't need anyone to co-sign for me. Hope this helps.

Newfound

I am wondering since I got accepted into St. George's University School of Medicine (one year in England, one year in Grenada, two clinical years in the States) how to apply for a student loan. I do not have a co-signer, and RBC bank in Toronto told me that I require a co-signer. I am very desperate for a solution. Did you get your loan without a co-signer because you got accepted into a Canadian medical school?

[maserati]

Originally Posted by NadiaK

I am wondering since I got accepted into St. George's University School of Medicine (one year in England, one year in Grenada, two clinical years in the States) how to apply for a student loan. I do not have a co-signer, and RBC bank in Toronto told me that I require a co-signer. I am very desperate for a solution. Did you get your loan without a co-signer because you got accepted into a Canadian medical school?

It's a new policy adopted earlier last year. You need a cosigner if you're attending a school abroad, even if it's just in the US. I am in the same situation. Accepted to Irish med schools but parents won't cosign.

No solution.

We pretty much CAN"T attend med schools outside of Canada because they would all require $150k and more, so all banks would require a cosigner for that amount loan.

Hard reality.
Unless you're attending a Canadian med school. Kill this dream

[k_peterson_01]

Has anyone else run into this problem?? I cant get a loan without a cosigner, and I have a hard time beliveing everyone has someone to cosign?? Any ideas/advice? OSAP may help, but like you said, pocket change ; )

[gaia3]

Originally Posted by k_peterson_01

Has anyone else run into this problem?? I cant get a loan without a cosigner, and I have a hard time beliveing everyone has someone to cosign?? Any ideas/advice? OSAP may help, but like you said, pocket change ; )

hey basically what the others said is true...IT SUX so bad!...i was in the same position...almost had to give up....but canHelp approves people for $100, 000 wihtout a cosinger if ur credit is good(that's wut i got thank god)....however i hear they stopped that just recently....i would still double check
GOOD LUCK

[gaia3]

Question: if we have Can HELP...so we have to make payments while in school?

[RPhtoMD]

Hey guys I got my LOC approved from RBC but they will only give me the money in yearly instalments. Even with 8 years of work experience, some $$ in my pension, RRSP's, a home, paid of car etc etc, they still wanted a co-signer, thankfully my wife co-signed for me. It's sad that its so hard for ambitious students, who want to follow there dream, to get the funding from banks, due to the given reality of todays economic climate. Also if you run into trouble at one branch pick another because from my experience, the banker I dealt with at the first location said I couldn't even qualify because of a carribean school, but the second branch I dealt with did all the work for me, and then chased me down to come in and sign the papers. Its crazy!. Good Luck to the rest of you

[maserati]

Originally Posted by RPhtoMD

Hey guys I got my LOC approved from RBC but they will only give me the money in yearly instalments. Even with 8 years of work experience, some $$ in my pension, RRSP's, a home, paid of car etc etc, they still wanted a co-signer, thankfully my wife co-signed for me. It's sad that its so hard for ambitious students, who want to follow there dream, to get the funding from banks, due to the given reality of todays economic climate. Also if you run into trouble at one branch pick another because from my experience, the banker I dealt with at the first location said I couldn't even qualify because of a carribean school, but the second branch I dealt with did all the work for me, and then chased me down to come in and sign the papers. Its crazy!. Good Luck to the rest of you

if you can get loans then i'd recommend applying for Ireland, it'd be a bit more GPA competitive but they won't weed you out just to make money off of you. they have amazing actual high tech schools that are comparable to major universities in north america, not like crappy SABA with microscopes from the 1930's.