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  1. #1
    Prospect77 is offline Junior Member 510 points
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    Canadian Student Lines of Credit

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    eyy guys, I am planning on attending SJ in sept, im actually from mississauga. has anyone gotten a student line of credit for SJ and if so from what banks?

  2. #2
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    doctorp is offline Junior Member 510 points
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    You can get loans for SJ. Both Royal Bank and BMO offer loans of up to 150K, however, BMO seems to be the easier of the two.

    Good Luck!

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    eebled is offline Newbie 510 points
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    IS a cosigner also required for BMO? And how long does the process take? I am waiting for an answer from my provincial loan and then in March, I am going to apply for a Bank loan. Is that good?

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    doctorp is offline Junior Member 510 points
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    Hey,
    As far as I know you will need a cosigner no matter what bank you go to. The reason is that you will be leaving Canada and therefore need to have a cosigner.

    The process can take anywhere from 2 business days to over a month, depending on the credit market and how strict the banks are at the time.

    Hope that helps.

  5. #5
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    olek is offline Member 510 points
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    Quote Originally Posted by eebled View Post
    IS a cosigner also required for BMO? And how long does the process take? I am waiting for an answer from my provincial loan and then in March, I am going to apply for a Bank loan. Is that good?

    Waiting for a month to apply is not smart. Getting a loan (especially at BMO) is anything but easy. If you have some capital in equity (like a paid off house, condo or cottage) than you're in a better position. You want to apply asap not because the loan application takes a long time to process, but because you might need all the time you can get to figure out an alternative source of funding. Good luck.

    P.S.: The process itself takes no longer than a week. The processing time for an application for a student line of credit at a Canadian bank has nothing to do with the state of the market.
    Last edited by olek; 02-09-2009 at 08:26 PM. Reason: added P.S.

  6. #6
    doctorp's Avatar
    doctorp is offline Junior Member 510 points
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    RBC is tougher than BMO. My application through RBC took longer than a month and they told me that it was because they had tougher rules due to the credit crunch that was happening at the time.

    For those who don't know, taking loans have become more difficult as a result of the bad credit market and banks are more careful in who they lend money too. So the ease of securing a line of credit, like any other loans (mortgage, student loans) is directly related to the state of the credit market.

    Also RBC tends to ask for co-signer and collateral (your parents putting down your house). I know of two people who went to BMO and got the same deal as me but got their loans within 2 days as opposed to over a month.

    Once again, call both banks. Ask school about our BMO contact, I know that she has been able to do the applications over the internet and the phone without you ever going into the bank.

    Good Luck!

  7. #7
    olek's Avatar
    olek is offline Member 510 points
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    loans

    Most of the time on this forum you read about the American loan system and rarely do you come across an experience of those who went through the the Canadian system.

    From my experience I never had to wait more than a week for the whole process to go through. I guess in some instances loans do in fact take about a month to get a yea or a nay.

    I have only dealt with BMO and not RBC so keep that in mind. From my experience BMO is tough. They put alot of emphasis on collateral i.e. equity as well. Keep in mind the fact that I never qualified for OSAP year after year applied (3 years in a row) due to being "too rich" apparently. Yet, BMO did not embrace me with open arms. What alot of people get wrong is the mentality that since you were accepted to med school they will give you a lone just due to that fact. Absolutely not.

    However, there are other options such as private loan companies. Make sure you are aware of the conditions of your loan as they can vary dramatically form those that the bank offers and are generally known to be "less stable". I will elaborate on that shortly once I get more info.

    In any event best of luck

  8. #8
    benju is offline Newbie 510 points
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    I have my loan with TD bank. Royal and BMO are two other banks that offer loans to SJSM students.

    The process varies according to your credit status and of course you most certainly will need someone to co-sign. One thing to be careful about is multiple applications for student lines of credit can in fact hurt your credit score. Go to the bank in which you have the most history with, as they would more likely be able to help you out. Don't expect to get the full 150K, expect it to be broken down into yearly max amounts.

    If you do apply for a TD bank line of credit and then go to BMO and do the same thing, both banks will be aware of this, and certain red flags are raised. My advice is to go with your best shot first, and if it doesn't work then go onto another. I wouldn't recommend multiple applications at the same time. The process like i said b4 shouldn't be too long, but give yourself enough time, in case you have to secure your own funding.

    I'm looking to see if we qualify for OSAP. I don't know if SJSM has reached the 10 yr mark yet, as that was the only hurdle stopping Ontario students. But of course, even if you do get osap loans, it is no where near enough to pay ur way through.

    Hope this helps.

  9. #9
    maria_2022 is offline Newbie 510 points
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    hey,
    it is my understanding that the school hasn't reached the 10 year mark yet, so I don't think that OSAP is an option.

  10. #10
    arnrpn is offline Newbie 510 points
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    Hey prospect77, I'm also from Mississauga and starting in Sept. 09, which high school and university have you gone to? and are you starting Pre-Med or MD?

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