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Mike77
04-28-2008, 01:39 PM
Well guys, if you're like me, you've been stiffed by RBC that requires a cosigner. Despite my parents being loaded, they refuse to cosign (I love being 21 years old and 30 grand in debt for tuition).

I noticed BMO and Scotiobank have similar programs. I'm going in today to check it out. Yet everyone, seems to go to RBC.

Has anyone had success with other banks?

Right now it seems RBC or bust

scc7
05-02-2008, 04:03 PM
im trying for rbc.... im in complete $%&@ because of canhelp!!!... scotiabank only gives 10,000 per year for out of canada.... ya i will have to rob a bank!!.... im going to check into HSBC, they said the loan depends on the cost of education... so i hope that brings more luck...

maserati
05-02-2008, 05:31 PM
All banks require a cosigner if you're going out of Canada.

The school did say that they are working on developing a loan system with their parent company, "Direct Assistant Program", which they're finishing up the terms in a month or two in time for Sept08.

So far, Janet of the finance said that it'll be a short/temporary solution to loan programs such as canhelp that do not accept anymore new applicants. It'll be 18,500/semester, covering the whole cost of tuition.

My biggest fear is :

We start our education with this Direct Assistant Program of 18,000/semester.

A few semesters down the road, the economy brightens up and private loan institutions (canhelp) reopen their loan programs to new applicants.

SABA closes DAP.

THEN WHAT IF WE CANNOT GET LOANS FROM OTHER INSTITUTIONS FOR SOME REASON? OR NOT ENOUGH. THEN WE"LL BE STUCK HALF WAY THROUGH!?

Mike77
05-02-2008, 08:49 PM
sweet, let me know the results when you get them.

Mike77
05-03-2008, 12:56 AM
All banks require a cosigner if you're going out of Canada.

The school did say that they are working on developing a loan system with their parent company, "Direct Assistant Program", which they're finishing up the terms in a month or two in time for Sept08.

So far, Janet of the finance said that it'll be a short/temporary solution to loan programs such as canhelp that do not accept anymore new applicants. It'll be 18,500/semester, covering the whole cost of tuition.

My biggest fear is :

We start our education with this Direct Assistant Program of 18,000/semester.

A few semesters down the road, the economy brightens up and private loan institutions (canhelp) reopen their loan programs to new applicants.

SABA closes DAP.

THEN WHAT IF WE CANNOT GET LOANS FROM OTHER INSTITUTIONS FOR SOME REASON? OR NOT ENOUGH. THEN WE"LL BE STUCK HALF WAY THROUGH!?

haha i was just gonna write the exact same question in another thread. That is the worst case scenario I guess, but at that point you're in a much better position to apply for loans I would think (i mean its a much less investment, and a much higher chance of a return for the bank)

cattyjane
05-03-2008, 12:08 PM
How about TD? It has the same program as RBC. Cosigner needed just like every other bank.

maserati
05-03-2008, 09:00 PM
problem = not able to get cosigners

problem ≠ RBC

Articulate
05-04-2008, 02:20 PM
People need not worry that much.This is a business venture. The business (med school) would collapse if there are no student to come to Saba. So they'll do everything possible to make sure their business keep running. As for every other students that i talked to over here, most of them would need help for next semester, or other semester. Can help only give three disbursement at a time and so after the three are done, students need a way to continue their education.

The school DAP should be cool.

thedaylights
05-13-2008, 07:37 PM
Does CanHELP typically need a co-signer? This would be great if we could get the DAP and then later CanHELP got up and running. Fingers crossed. :)

Mike77
05-15-2008, 12:03 PM
Based on all the info I have, this seems like the best option (for a canadian).

Assuming I start in September, for example, I plan on working my *** off for 4 months and banking all my money (moving in with parents, so almost no costs). Then I'm going to max out my canadian student loans (12500/year). If the DAP covers just tuition, that leaves about 50-100k for living costs (the best people to ask are Saba grads I guess). I figure that I'll get 50k from canadian student loans, plus whatever I make this summer (15k?) to survive on. If I run short, it'll only be like anywhere from 1-35k short, and I assume if i'm almost graduating med school it wouldn't be diffiuclt to get that, or swindle a couple grand from my parents.

What do you guys think of that option for someone in this situation?

thomasfx10
05-15-2008, 11:44 PM
Are you seeking any financing through the school. I read on here that they offer some options.

maserati
05-19-2008, 04:55 PM
DAP - will be ready for Sept
DAP - will cover your whole cost of education - 18500/semester

Scotty_01
05-20-2008, 10:31 PM
Try MD Management through National Bank.

Mike77
05-23-2008, 10:13 AM
I sure as hell hope so! If I get this sorted out, I think that I will reach levels of happiness that I never thought possible!

:)

If not, I'll be real pissed

MatCFAMD
06-18-2008, 12:50 AM
Based on all the info I have, this seems like the best option (for a canadian).

Assuming I start in September, for example, I plan on working my *** off for 4 months and banking all my money (moving in with parents, so almost no costs). Then I'm going to max out my canadian student loans (12500/year). If the DAP covers just tuition, that leaves about 50-100k for living costs (the best people to ask are Saba grads I guess). I figure that I'll get 50k from canadian student loans, plus whatever I make this summer (15k?) to survive on. If I run short, it'll only be like anywhere from 1-35k short, and I assume if i'm almost graduating med school it wouldn't be diffiuclt to get that, or swindle a couple grand from my parents.

What do you guys think of that option for someone in this situation?

No way you'll get $50k from Canadian Student Loans. Even those attending Canadian medical school can't get that. Max is $250 per week, around $10,000 or less per year. It's also Federal (not provincial), ie, the Canada portion only. And how are you going to make $15K over a summer (4months) ? you're projecting about $4K a month for a summer job, some FPs on salary gross $10k a month on 50 hrs.

The DAP will surely make a huge difference -- and like you said, if it could just cover the tuition, I'd say this is the way to go. And you hope the interest is accrued or else interest paid is money less in your bank account. With the DAP, it will seal the deal to attend Saba, students would be anxiety-free.

MatCFAMD
06-18-2008, 01:04 AM
I sure as hell hope so! If I get this sorted out, I think that I will reach levels of happiness that I never thought possible!

Ha ha ! I'm with you on that one -- if DAP could cover the tuition, IT IS A BEAUTIFUL THANG! :flag:

covarubious
06-18-2008, 02:26 AM
if only we could get some straight forward answers to ur questions and some detailed info on the program!! hopefully that happens friday!


Ha ha ! I'm with you on that one -- if DAP could cover the tuition, IT IS A BEAUTIFUL THANG! :flag:

Mike77
06-18-2008, 06:53 AM
No way you'll get $50k from Canadian Student Loans. Even those attending Canadian medical school can't get that. Max is $250 per week, around $10,000 or less per year. It's also Federal (not provincial), ie, the Canada portion only. And how are you going to make $15K over a summer (4months) ? you're projecting about $4K a month for a summer job, some FPs on salary gross $10k a month on 50 hrs.

The DAP will surely make a huge difference -- and like you said, if it could just cover the tuition, I'd say this is the way to go. And you hope the interest is accrued or else interest paid is money less in your bank account. With the DAP, it will seal the deal to attend Saba, students would be anxiety-free.

Well last year I got 14k for two semesteres, and then 3k for the summer semester, so 10k isn't the limit. I should specify when I say Canadian loans, i mean canadian/BC loans. The max student loan amout is dependent upon the province. Only problem though, is that I think that 75k is the maximum, and i've already gotten about 30-35k.

khann4
06-19-2008, 12:25 PM
I talked to saba today and they are no longer having the chat tomorrow, its going to take another week or so to get all the information finalized.

MatCFAMD
06-19-2008, 01:35 PM
And the June 20 Friday Financial Aid Chat is postponed (see website for news update).
No new chat date set yet.


I talked to saba today and they are no longer having the chat tomorrow, its going to take another week or so to get all the information finalized.

Mike77
06-19-2008, 04:46 PM
.... this is starting to REALLY kill me here... I need to make a decision between working my *** off and studying for the MCATs to go to a Canadian school, or working my *** off at 2 jobs to help minimize my debt/improve my credit before starting Saba.... I'm guessing the postponing isn't exactly a good sign, is it?

I'm going to assume the worst :(







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