Best loan option for Canadian students

[GrignardMonster]

Just wanted to chip in with my experience with Royal too - my parents aren't loaded, but they're financially responsible and in a good financial position. I was on the phone ALL EVENING with Royal, I required BOTH my parents as co-signers, and they're not even sure if they'll approve me for $80 000.

I'm still waiting to hear back, and I can either take the 80 Gs and have my parents fund the rest, or I can try for a Canhelp....hmmm.

Anyhow, I just wanted to say something because so far it has sounded so easy for everyone with Royal...my best advice is, don't count on the funds coming through that easily until you've been through the process yourself. Everyone made it sound so easy, and I was all set to walk away with my $150,000.....

LJ

[islandhopper]

Originally Posted by GrignardMonster

Just wanted to chip in with my experience with Royal too - my parents aren't loaded, but they're financially responsible and in a good financial position. I was on the phone ALL EVENING with Royal, I required BOTH my parents as co-signers, and they're not even sure if they'll approve me for $80 000.

I'm still waiting to hear back, and I can either take the 80 Gs and have my parents fund the rest, or I can try for a Canhelp....hmmm.

Anyhow, I just wanted to say something because so far it has sounded so easy for everyone with Royal...my best advice is, don't count on the funds coming through that easily until you've been through the process yourself. Everyone made it sound so easy, and I was all set to walk away with my $150,000.....

LJ

What is the basis for the rejection of your loan??? I went to RBC four times before they finally approved my $150,000 w/o a co-signer.

The reason my last trip came through was because I showed them how Saba is approved by the Canadian Student Loan program...go online and print out the page with Saba SOM on it -- bring the sheet along with your acceptance letter as well as a summary of the cost for the next four years. I think that's all they need....

Oh, don't forget to mention there are tons of Canadians across the country already got RBC student line of credit for going to Saba..

Good luck!

[sabaspouse2006]

Wow, I just posted about our experience with the RBC under Jenlee's post.

I went into the branch. For something this important, go in person to the branch. Talk to the person at the branch. Let them do the leg work!!

I've never had much luck with those stupid 1 800 numbers. In addition, you have a face and a name to help you at the branch should you need help once you are down here. We've already had to call our guy twice to sort out a PIN number issue. He was great. I can't speak highly enough about RBC.

Apply early though to save some stress!

R/

[vfoors]

RBC does seem to be the best.

I first tried my bank (TD) and they gave me a bit of a hassle and told me I would have to re-apply every year for a line of credit. I went to RBC yesterday, spent an hour there and got a call today saying they were ready to sign me up for 150K LOC tomorrow. It's a pretty good bank to deal with.

[GrignardMonster]

Islandhopper,

For your RBC line of Credit, what sheet are you talking about that you printed out? From Saba's website, or HRDC? Can you provide a link or some direction? I want to take that sheet with me to my bank appointment - I still can't figure out why they're making it so difficult for me!

Thanks!

LJ

[vfoors]

Originally Posted by GrignardMonster

Islandhopper,

For your RBC line of Credit, what sheet are you talking about that you printed out? From Saba's website, or HRDC? Can you provide a link or some direction? I want to take that sheet with me to my bank appointment - I still can't figure out why they're making it so difficult for me!

Thanks!

LJ

I don't understand why you are having a problem. They look at mainly two things...your credit rating (A through F) and your total debt load which should not be above 40%. Even if it is above 40%, RBC is hot right now on med student LOC market. My situation is a little bit different, but according to the rep who I delt with, if you are a med student with even no credit history, they will count you as making a salary of 150K/year. This means that they can easily give you 150K. They only reason that they may not give you a LOC is because of a poor credit rating (below C) or and extremely high debt ratio...which would be doubtful given that they count you to make 150K/year. Consider talking to another rep at the main branch in your city and get them to position you properly. Evidence that Saba is an approved med school with RBC seems to be a non-issue.

[islandhopper]

Originally Posted by GrignardMonster

Islandhopper,

For your RBC line of Credit, what sheet are you talking about that you printed out? From Saba's website, or HRDC? Can you provide a link or some direction? I want to take that sheet with me to my bank appointment - I still can't figure out why they're making it so difficult for me!

Thanks!

LJ

Here is the link:

http://www.hrsdc.gc.ca/asp/gateway.a...x.shtml&hs=cxp

Click on the international icon, then find SabaSOM under Natherlands-Antilles. Print out the page and bring it to your RBC representative.

Good Luck!

[islandhopper]

Originally Posted by vfoors

Evidence that Saba is an approved med school with RBC seems to be a non-issue.

You'll be surprised at how many people got rejected because the RBC representative thought Saba isn't approved -- a lot of them don't know what they're doing, especially in Quebec...I know at least two guys had this problem and both are from Montreal..

[psychMajor]

i am going to do this ASAP

were do I get a print out of the approved list of schools? to minimize confusion.

and what do i take with me:
-acceptance letter
-approximate cost sheet

?? thanks

[vfoors]

Originally Posted by islandhopper

You'll be surprised at how many people got rejected because the RBC representative thought Saba isn't approved -- a lot of them doesn't know what they're doing, especially in Quebec...I know at least two guys had this problem and both are from Montreal..

I guess I was lucky and found the right guy. But it wasn't an issue, not even for a second.