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Thread: Canadian Federal Student Loan Approval - AUA is a Designated Institution

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    Westcoastmeds is offline Newbie 512 points
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    Canadian Federal Student Loan Approval - AUA is a Designated Institution

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    AUA was just (June 3rd) approved for Canadian Federal Student Loans as a "designated institution."

    (Message me for the link to the list of designated institutions if you can't find it on CanLearn's website. Apparently I can't post a link in a thread until my post count is >20)!

    As some of you know, in the past, BMO and National Bank (and others) have offered professional student LOC's ($200K max. at prime) to students regardless of whether or not they attend a designated institution. However, $200K CAN obviously does not cover the cost of attending AUA. CIBC, on the other hand, whose professional student LOC has a $275K max. (at prime), would not issue this loan unless the student was attending a designated institution. Since AUACOM is now designated, Canadian students have access to this loan.

    Basically this means that Canadians (with a qualified cosigner) can now get a big enough loan to pay for AUA (and expenses) in one fell swoop without securing other credit options.

    Sorry if this is old news to any of you but I just found this out through AUA's fb page on which they posted this info only 4 days ago... so I thought I would share.

    wcd
    dhermon and shatteredtoast like this.

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    TheCanadian is offline Member
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