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  1. #1
    TomG is offline Junior Member 514 points
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    Canadian Students - How did you pay?

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    I'm in Ontario and I've never had to borrow money for school during my undergrad but I obviously will need to when I go to AUC this Sept. Are there any Canadian AUC students in here that can give me advice on where I should go for student loans? OSAP only grants $300 per month for international students and that won't help at all with tuition.

    Any tips? Tricks? Anything would be appreciated.

  2. #2
    andrewjsl is offline Member 518 points
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    Royal Bank gave me $150,000 with a co-signer. OSAP gives about $40,000 total over 4 years (i.e. pocket change). This is nowhere close to being enough. My mom's taking out a second mortgage on the house. I've heard about students applying at two banks at the same time and getting approved for two lines of credit simultaneously (two times $150,000!). So if you haven't applied yet, start the process at two places and you might get lucky! I know RBC, TD and National Bank give out loans to students studying at a medical school outside Canada, Scotia does not, and I'm not sure about CIBC.

  3. #3
    TomG is offline Junior Member 514 points
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    Quote Originally Posted by andrewjsl View Post
    Royal Bank gave me $150,000 with a co-signer. OSAP gives about $40,000 total over 4 years (i.e. pocket change). This is nowhere close to being enough. My mom's taking out a second mortgage on the house. I've heard about students applying at two banks at the same time and getting approved for two lines of credit simultaneously (two times $150,000!). So if you haven't applied yet, start the process at two places and you might get lucky! I know RBC, TD and National Bank give out loans to students studying at a medical school outside Canada, Scotia does not, and I'm not sure about CIBC.
    Ya I'm with RBC also and heard the same thing. So are you recommending that I start a student line of credit with another bank as well? What do students do if they can't and the money runs out?

    I'm actually pretty disappointed with OSAP since my taxes pay for their services. Did you apply as a fulltime student for the application or as a grad school student? I'm hesitant about the latter because the school is supposed to be in Ontario to qualify.

  4. #4
    CanadianMD2014 is offline Junior Member 510 points
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    Hey TomG,

    I went through these exact same issues last year before I started at AUC. $150,000 plus OSAP is definitely not enough no matter how careful you are with your money. I was in a unique situation in which I had worked previously at Scotia and had a relative who worked at another financial institution, so I was able to get 2 full loans by having them processed at the exact same time. That being said this is difficult to do because if they are not done properly then one or both may be denied. Other options to consider which will be your most likely bet will be if you have parents who can borrow against their mortgage to secure a professional loan, you can get up to around ~70% of your house's value in a loan with that guarantor. Likely even if you get the regular loans of 150K you will need a guarantor anyways because you are leaving the country to study medicine not studying domestically.

    So best advice I can give you is make a financial plan, look at the current tuition prices $16,600 (Which will and do go up every september usually around 1-2K for ** and 1-3K for CS) so allow for that, cost of living, interest etc and figure out what you think you will need. Ask your parents if they are willing to guarantee a loan, or look into getting two loans processed at the same time. One loan will simply not cut it.

    Another final thing to consider is have you looked into Saba. I am happy with the education so far at AUC, but many canadians are going to saba by choice or because it is all they can afford. Good luck and if you have any further questions let me know. Cheers

  5. #5
    andrewjsl is offline Member 518 points
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    Yeah, I would say try to coordinate two loans at the same time. If it works, you're golden. If not, and the banks aren't happy about it when they find out, just say something like, oh I was just shopping around, but I was going to go with you anyways. If you run out of money? Well, there's really not much you can do. I tried going to banks to increase my loan (in the case of RBC)/give me a one (other banks), but they wouldn't. Luckily my mom was willing to help, otherwise I'd have no choice but to quit. I find it really pathetic that the Canadian government isn't doing more to help us out. When I'm done, there's no way in h*ll I'll be going back there. Working in the US will allow me to earn a lot more money (and also pay less taxes, and also pay less for pretty much anything), and frankly, I've had enough of Canada in more ways than one!

  6. #6
    CanadianMD2014 is offline Junior Member 510 points
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    Pay less for everything but the ridiculous malpractice insurance...alot higher in the US

  7. #7
    andrewjsl is offline Member 518 points
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    Yeah, but that's a sacrifice I'm more than willing to make!

  8. #8
    TomG is offline Junior Member 514 points
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    Quote Originally Posted by CanadianMD2014 View Post
    Hey TomG,

    I went through these exact same issues last year before I started at AUC. $150,000 plus OSAP is definitely not enough no matter how careful you are with your money. I was in a unique situation in which I had worked previously at Scotia and had a relative who worked at another financial institution, so I was able to get 2 full loans by having them processed at the exact same time. That being said this is difficult to do because if they are not done properly then one or both may be denied. Other options to consider which will be your most likely bet will be if you have parents who can borrow against their mortgage to secure a professional loan, you can get up to around ~70% of your house's value in a loan with that guarantor. Likely even if you get the regular loans of 150K you will need a guarantor anyways because you are leaving the country to study medicine not studying domestically.

    So best advice I can give you is make a financial plan, look at the current tuition prices $16,600 (Which will and do go up every september usually around 1-2K for ** and 1-3K for CS) so allow for that, cost of living, interest etc and figure out what you think you will need. Ask your parents if they are willing to guarantee a loan, or look into getting two loans processed at the same time. One loan will simply not cut it.

    Another final thing to consider is have you looked into Saba. I am happy with the education so far at AUC, but many canadians are going to saba by choice or because it is all they can afford. Good luck and if you have any further questions let me know. Cheers
    It's funny that although this news was perceived to be a happy time in my life, it's just ended up being more stressful. And I also agree with andrew, I've had enough of this damn country in more ways than one. It's done nothing but cause me hassle in my choice of career.

    So when I apply for the 2 separate loans, I already have to get the line of credit from my bank of RBC but at the EXACT same time as that paperwork is being done, I also apply for another line of credit at another bank? Even if I am not a client of theirs, is that possible?

    I have no problem using loopholes to get around this financial dilemma, Ontario wont help me get my medical school education even after I've flushed $25,000 of my own money into their post-secondary system.

    I really don't want to ask my parents to mortgage the house (even though they've paid it off years ago) unless absolutely necessary.

  9. #9
    Arctichare is offline Junior Member 510 points
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    Hey,

    I'm wondering if any of you had any difficulty accessing your money. I have an account at BMO and the Canadian dollar is good now so I started transferring some of my money into an American Account. Unfortunately I just found out that I won't be able to access that account at ATMs or using my Debit, so now I have money saved up and no way to access it.

    I heard there was a International Scotia bank on the island, so I was going to go to scotia to see if they could help me with loans and transfer my money so I can access it, but did someone mention that Scotia doesn't give out international professional loans?

    Also, has anyone had any trouble getting the maximum student loans. I've heard of students not being able to get the money that they needed because they had saved up too much and the government didn't think they would need the max amount of money.

    I know BMO gives a $200 000 professional line of credit, but you need to make interest payments. Anyone know of any loans where you don't need to make interest payments until you have completed your program.

    Finally, has anyone gotten financial help from the school? And if so, how does that work for Canadians?

    Thanks for this post! Financing my education has definitely been the most stressful part of this.

  10. #10
    Canuckstudent is offline Junior Member 512 points
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    I used TD for my loans, they gave me $200,000 with a cosigner... plus you get ~$36,000 a year from the government for the student loans. I'm not sure why you would need more than that. Sure it's a little pricey to live down here, but its not THAT bad. You should be able to find a place to live for around $1100/mth for everything... you'll just need to stay in a bachelor suite. There were some charging as low as $800 when I was looking around. That's not awful considering you can spend 90% of your time on campus.

    Also keep in mind that the bank loans we get are at a MUCH lower interest rates than our US friends, I think it is like half as much.

    The international scotia bank is the same as the one back home.... but they use a different system. However, you don't get any service charges when pulling out from it, so its a pretty good way to go.

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