Best loan option for Canadian students

[islandhopper]

Originally Posted by 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

Follow my link and click on the incon International. Print out page 44 (Saba is right on the top) and take this along with your acceptance letter and approximate cost sheet. The whole approval process shouldn't take more than three/four days if everything works out.

Good Luck!

[vfoors]

Originally Posted by 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

They need the "Admissions Agreement", the one with the school's seal on it, not the letter.

[islandhopper]

Originally Posted by vfoors

They need the "Admissions Agreement", the one with the school's seal on it, not the letter.

Actually what they need is the proof of enrollment. It's just a letter indicating that you are a student at Saba with duration and credits to be completed...This is to prove that you're actually enrolling in the school. I requested this letter from the Gardner office.

This is what's required in my case (Quebec), not sure about others...

[islandhopper]

Originally Posted by vfoors

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

What is a problem for some isn't necessarily a problem for others..

[vfoors]

Perhaps RBC offices in different provinces have different requirements..but that would seem very strange as they should be standardized across Canada. My personal experience has been that they only require the admissions agreement. Perhaps the variability is with the individual bank representative and there expertise with this particular market. My Bank representative specializes in student LOCs, particularly for Med students. Therefore make sure that your bank representive specializes in this area...it should make the process a whole lot smoother.

[psychMajor]

Originally Posted by islandhopper

Follow my link and click on the incon International. Print out page 44 (Saba is right on the top) and take this along with your acceptance letter and approximate cost sheet. The whole approval process shouldn't take more than three/four days if everything works out.

Good Luck!

your help is very much appreciated...but its page 14 ?

[Siddman]

Just to clear all the confusion, i will state the best way to go about applying for loans as being a Canadian: THis how it goes: Bank dont give a pooh pooh if the school is approved or not (RBC , CIBC etc...). All banks want to know if you have any property. If just say you have about 30000 in bank then it wont be a problem for the loan to get approved. But the best way to go is to apply loan on top of your property such as a House, if you dont have both of these then you need to have a co-signer that have atleast of of those requirement. You can get up to 150000 from RBC or CIBC with this. Once you have done this you apply for OSAP (iIf ontario residence), and you can get 11,000 /year from them. But OSAP will ask you to show how you are managing other expenses, so you have to show then your BANk credit limit or show then you have a rich uncle or something.

Caution: Never tell the bank you are applying for OSAP, just tell them this is your only loan. And always show OSAP that you have applied for Bank loan too. To get the loan approved, the house mortgage has to be with the same bank eg: you can only get loans from RBC if you or your parents have a mortgage with RBC. Best way to do is to call the same official at your Bank that approved your mortgage, it just makes life so easy and you will have no problems.

Hope this will help,


Siddman

[islandhopper]

Originally Posted by Siddman

Just to clear all the confusion, i will state the best way to go about applying for loans as being a Canadian: THis how it goes: Bank dont give a pooh pooh if the school is approved or not (RBC

Not RBC student line of credit if that's what you're talking about -- the foremost requirement is that the institution you are attending or will attend must be an approved institution.

I think you are confused with different kind of loan..

[TO*MD]

Hello,

I will be going to Saba in September, but I currently work in risk-management on the student loans portfolio for CIBC. I just wanted to clairify that CIBC only offers loans to students attending Canadian institutions. Regarding RBC, due to higher than expected losses in loans and lines last fiscal year, they have changed some of their strategies to minimize loss. As such, they are moving towards changing professional student loans from unsecured to secured. I had problems myself when applying. My first co-singer did not have enough security to sign so I had to find someone else who could demonstrate financial assets sufficent to cover the loan, like siddman was talking about. RBC used to give out these loans often without a co-signer at all, however again owing to the change in their risk portfolio are basically asking for security accross the board since we are studying abroad and borrowing large amounts. The requirements are the same accross Canada..but what I can tell you from working in the financial sector is that their is inconsistency in the application of policy..the best asset you can have is a good personal banker or loan specialist that has dealt with this before...call the banks...meet in person and avoid callilng the 800 number to initiate your application.

Hope that sheds some light on things...also keep in mind that if your first co-signer cannot stand alone, you can have more than 1 person sign for you.

Crystal

[Siddman]

Originally Posted by islandhopper

Not RBC student line of credit if that's what you're talking about -- the foremost requirement is that the institution you are attending or will attend must be an approved institution.

I think you are confused with different kind of loan..

I am referring about students that are going to Saba should have no problem with getting any bank loans. Because if OSAP is approving you all banks have no problem. But the reason they say Saba is not approved is because you are not talking to the right person, usually people who do mortgage and loans are the best people to talk to. Just calling the bank and asking any representative will not help, as as far as i have seen any caribbean school student will get approved if they meet the financial requirement of the bank.

Hope this helps,


Siddman