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medahb
10-05-2005, 11:18 PM
What is a better or the best loan option for Canadian students? So far the only one I know of is canHELP, but even they are not as good as others offered to American students. Can anyone help me out with this?

Thank you.

BTH
10-06-2005, 01:10 AM
Salutations "medahb":

Unfortunately, I'm not Canadian. However, my friends are and they got their loans from Royal Bank. According to them, this is a great bank to get your loans from. Hope that is of some help for you. Ciao.

HN_MD
10-06-2005, 10:54 AM
RBC and Scotia give you 150k $CAN and a US credit card (RBC) with a letter of acceptance. More if you bring in a co-signer, you can get more. Don't have to repay til a year after you're done residency.

HN_MD
10-06-2005, 10:55 AM
oh and OSAP wil also give you some pocket change, if you're from Ontario

DrWHO
10-06-2005, 04:48 PM
Hi medahb,

I just got approved for an RBC Student Line of Credit for $150k Cnd. The interest rate was prime + 1 and I opened a US chequing account as suggested by several others on the forum. I ran a quick search and here is some more info, hope it helps:

http://www.valuemd.com/thread40738-banking+canadians.html

medahb
10-07-2005, 02:04 AM
DrWHO
Thanks for the reply.
Can the payments for the RBC line of credit deferred until the completion of MD ?
How long did it take the bank to process your application?
How is this better than taking canHELP ?

thank you for your help.

DrWHO
10-07-2005, 12:08 PM
Hi medahb,

As this is a student line of credit, the minimum payments required are the interest on what you have borrowed. You can defer the payment of the principal amount till after you complete your MD (and even till your residency).

I looked at the CanHELP option but opted not to apply to it for several reasons:

1. With CanHELP, you will be borrowing US funds and the interest rate will be US prime + 1.5% (for undergraduate) or US prime + 1% (for graduate students). (US prime rate posted by Bank of America as of Sep 2005 was 6.5%)
2. You have to reapply every year for a loan amount.
3. Also, with CanHELP, they say there is no fee to apply but a guarantee fee is charged (ranges between 6 - 9.5% depending on the type of applicant and if a co-signer signs or not)

* all this said, the advantage of CanHELP is that you borrow $150k US and you can defer the entire payments till after you graduate.

I read up the advice posted by Canadian forum members and felt more comfortable with the RBC route for several reasons:

1. I'm borrowing Canadian funds at an interest rate of prime + 1% (4.5+1 = 5.5% right now)
2. I don't have to reapply every year.
3. There is no fee charged as a guarantee fee.
4. I can bank across Canada, US and the Caribbean

* the disadvantage that I can think of is that I have to make the minimum interest payments and that a co-signer was required as the school in not in North America.

With RBC, my banking fees are waived. Plus with online banking, I can transfer funds to my account quickly whenever I need.

The application process with RBC was very smooth; I gave my application over the phone (have your co-signer with you). SABA is registered on the Human Resources and Skills Development Canada website of approved schools to which RBC can grant loans. When the credit specialist searches for the school, tell them to look under Netherland-Antilles.

Both CanHELP and RBC provide viable options to finance your education, you just have to assess which suits your circumstances better.

I hope this info helps. All the best!

medahb
10-11-2005, 12:17 AM
Thank you very much. This does help in my decision making process.

newfound
10-12-2005, 10:46 PM
Hi just to add a little more info to the discussion. I got a RBC line of credit for $150,000 at an interest rate of prime (%4.5). Also, the process was very easy, I applied one day and the next day I had it. And as mentioned earlier, I have assess to my accounts via the web and can transfer funds over the web. Also, I didn't need anyone to co-sign for me. Hope this helps.

Newfound

gianefiasco
11-01-2005, 09:23 PM
to all those who got the RBC 150K. did you also apply for osap?

GrignardMonster
05-29-2006, 10:01 PM
Just wanted to chip in with my experience with Royal too - my parents aren't loaded, but they're financially responsible and in a good financial position. I was on the phone ALL EVENING with Royal, I required BOTH my parents as co-signers, and they're not even sure if they'll approve me for $80 000.

I'm still waiting to hear back, and I can either take the 80 Gs and have my parents fund the rest, or I can try for a Canhelp....hmmm.

Anyhow, I just wanted to say something because so far it has sounded so easy for everyone with Royal...my best advice is, don't count on the funds coming through that easily until you've been through the process yourself. Everyone made it sound so easy, and I was all set to walk away with my $150,000.....

LJ

islandhopper
05-29-2006, 10:45 PM
Just wanted to chip in with my experience with Royal too - my parents aren't loaded, but they're financially responsible and in a good financial position. I was on the phone ALL EVENING with Royal, I required BOTH my parents as co-signers, and they're not even sure if they'll approve me for $80 000.

I'm still waiting to hear back, and I can either take the 80 Gs and have my parents fund the rest, or I can try for a Canhelp....hmmm.

Anyhow, I just wanted to say something because so far it has sounded so easy for everyone with Royal...my best advice is, don't count on the funds coming through that easily until you've been through the process yourself. Everyone made it sound so easy, and I was all set to walk away with my $150,000.....

LJ
What is the basis for the rejection of your loan??? I went to RBC four times before they finally approved my $150,000 w/o a co-signer.

The reason my last trip came through was because I showed them how Saba is approved by the Canadian Student Loan program...go online and print out the page with Saba SOM on it -- bring the sheet along with your acceptance letter as well as a summary of the cost for the next four years. I think that's all they need....

Oh, don't forget to mention there are tons of Canadians across the country already got RBC student line of credit for going to Saba..

Good luck!

sabaspouse2006
05-30-2006, 07:13 PM
Wow, I just posted about our experience with the RBC under Jenlee's post.

I went into the branch. For something this important, go in person to the branch. Talk to the person at the branch. Let them do the leg work!!

I've never had much luck with those stupid 1 800 numbers. In addition, you have a face and a name to help you at the branch should you need help once you are down here. We've already had to call our guy twice to sort out a PIN number issue. He was great. I can't speak highly enough about RBC.

Apply early though to save some stress!

R/

vfoors
06-01-2006, 09:09 PM
RBC does seem to be the best.

I first tried my bank (TD) and they gave me a bit of a hassle and told me I would have to re-apply every year for a line of credit. I went to RBC yesterday, spent an hour there and got a call today saying they were ready to sign me up for 150K LOC tomorrow. It's a pretty good bank to deal with.

GrignardMonster
06-01-2006, 10:01 PM
Islandhopper,

For your RBC line of Credit, what sheet are you talking about that you printed out? From Saba's website, or HRDC? Can you provide a link or some direction? I want to take that sheet with me to my bank appointment - I still can't figure out why they're making it so difficult for me!

Thanks!

LJ

vfoors
06-01-2006, 10:33 PM
Islandhopper,

For your RBC line of Credit, what sheet are you talking about that you printed out? From Saba's website, or HRDC? Can you provide a link or some direction? I want to take that sheet with me to my bank appointment - I still can't figure out why they're making it so difficult for me!

Thanks!

LJ

I don't understand why you are having a problem. They look at mainly two things...your credit rating (A through F) and your total debt load which should not be above 40%. Even if it is above 40%, RBC is hot right now on med student LOC market. My situation is a little bit different, but according to the rep who I delt with, if you are a med student with even no credit history, they will count you as making a salary of 150K/year. This means that they can easily give you 150K. They only reason that they may not give you a LOC is because of a poor credit rating (below C) or and extremely high debt ratio...which would be doubtful given that they count you to make 150K/year. Consider talking to another rep at the main branch in your city and get them to position you properly. Evidence that Saba is an approved med school with RBC seems to be a non-issue.

islandhopper
06-01-2006, 10:33 PM
Islandhopper,

For your RBC line of Credit, what sheet are you talking about that you printed out? From Saba's website, or HRDC? Can you provide a link or some direction? I want to take that sheet with me to my bank appointment - I still can't figure out why they're making it so difficult for me!

Thanks!

LJ

Here is the link:

http://www.hrsdc.gc.ca/asp/gateway.asp?hr=en/hip/cslp/ImportantLinks/02_il_MasterListIndex.shtml&hs=cxp

Click on the international icon, then find SabaSOM under Natherlands-Antilles. Print out the page and bring it to your RBC representative.

Good Luck!

islandhopper
06-01-2006, 10:47 PM
Evidence that Saba is an approved med school with RBC seems to be a non-issue.

You'll be surprised at how many people got rejected because the RBC representative thought Saba isn't approved -- a lot of them don't know what they're doing, especially in Quebec...I know at least two guys had this problem and both are from Montreal..

psychMajor
06-01-2006, 10:48 PM
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

vfoors
06-01-2006, 10:54 PM
You'll be surprised at how many people got rejected because the RBC representative thought Saba isn't approved -- a lot of them doesn't know what they're doing, especially in Quebec...I know at least two guys had this problem and both are from Montreal..

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

islandhopper
06-01-2006, 10:57 PM
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
06-01-2006, 10:58 PM
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
06-01-2006, 11:13 PM
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
06-01-2006, 11:18 PM
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
06-02-2006, 11:51 AM
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
06-02-2006, 05:49 PM
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
06-03-2006, 10:37 AM
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 shit 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
06-03-2006, 10:51 AM
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
06-03-2006, 11:23 AM
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
06-03-2006, 04:01 PM
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

Bruce
06-03-2006, 04:04 PM
Hey Folks... Hate to differ with some you BUT... My son, starting in Sept/06, walked into our local RBC branch, presented his "letter of acceptance" from SABA, completed the application and was approved for a line of credit for $150k within 24 hours. He has no credit history and approx. $60.00 in his savings account. No assets, no collateral, no security and no co-signer. They also provided him with a VISA card with a $15k. limit. As a parent who has been successfully self-employed for over 35 years I find this rather scary....A 23 year old kid with absolutely no credit history, no security or co-signer can walk into a major banking insitution and basically walk out 30 minutes later with $165,000.00 in credit under his own volition. Don't get me wrong, I think this great. Ownership of your education is paramount. So for those of you out there looking for a means to finance your education be persistent and aggressive. Good Luck... and by the way no questions were asked concerning his parents' incomes, property holdings, assets or liabilities.

Bruce
06-03-2006, 04:27 PM
As an addendum to the above post, if you are in a similar situation and plan on applying for TERI (CanHelp) financial assistance in conjunction with your LOC (line of credit), be careful on how you complete the TERI loan app.. They (credit bureau ) will inquire as to how you plan on paying any monthly interest charges accrued on your LOC or Credit Card. I would "suggest" that this should noted on your application ( i.e rich uncle, Family or whatever) where you list your assets and liabilities... ONLY A SUGGESTION... Good Luck...

Siddman
06-03-2006, 04:30 PM
Hey Folks... Hate to differ with some you BUT... My son, starting in Sept/06, walked into our local RBC branch, presented his "letter of acceptance" from SABA, completed the application and was approved for a line of credit for $150k within 24 hours. He has no credit history and approx. $60.00 in his savings account. No assets, no collateral, no security and no co-signer. They also provided him with a VISA card with a $15k. limit. As a parent who has been successfully self-employed for over 35 years I find this rather scary....A 23 year old kid with absolutely no credit history, no security or co-signer can walk into a major banking insitution and basically walk out 30 minutes later with $165,000.00 in credit under his own volition. Don't get me wrong, I think this great. Ownership of your education is paramount. So for those of you out there looking for a means to finance your education be persistent and aggressive. Good Luck... and by the way no questions were asked concerning his parents' incomes, property holdings, assets or liabilities.

You are absolutely right, i myself got appoved fast within 24hr, but there is a catch, and that is you have to know someone in the bank or the financial loan officer you see get impressed of you, for me its just luck, i didn't had co-signer, i only had lke 800 bucks in my account but the lady i saw at the RBC bank was impressed that i got into a medical school and said, its easy to get a loan if you have the right documentation like school approval papers. Its not tough to get RBC loans, i got approved for 120000, and she even told me if you get OSAP dont let the bank know because they will cut that amount of OSAP off your credit limit. SO there are ways you can get things done, but you have to be smart and confident.

Hope this helps,


Siddman

Bruce
06-03-2006, 05:08 PM
Way to Go Sid... Bottom line for my son was he didn't know anyone in the bank...lol... The guy he spoke with wasn't much older than himself... A B.COM fresh out of university. Regardless of what the "financial officer" may say all decisions come out of Toronto anyway...it certainty doesn't hurt to imply a little confidence, aggression, dress appropriately and if you are male (or some females).... ("shave, wear deodorant, lose the hat & for g*d's sake, comb your hair)" :D for the interview. (Remember this is a parent posting!!!) Good Luck....

TO*MD
06-03-2006, 07:05 PM
Congrats to both of you...Bruce, I wish I would have known your loan officer...lol...I had clean credit..and savings..maybe they didn't like me cause I work for another bank..who knows..joking aside..I know security often comes into play..and that RBC has changed some policy..but from the posts I see it seems really inconsistent..thank god it all worked out in the end...and it usually does when you are moving in the right direction. In fairness, I had a wonderful rep at the branch..but she seemed to work on the recommendations of the office 'downtown'..makes you wonder.

vfoors
06-03-2006, 10:21 PM
I was just wondering,

As I already have 150K LOC from RBC, should I still look at getting loans from either Canada Student loans or Can help? I have yet to look at their terms or interest rates. Basically, I was wondering which loans are the best to go with overall, not counting the amount available (I realize Canada student loans gives only relatively small amounts)?

Thanks

islandhopper
06-03-2006, 10:25 PM
I was just wondering,

As I already have 150K LOC from RBC, should I still look at getting loans from either Canada Student loans or Can help? I have yet to look at their terms or interest rates. Basically, I was wondering which loans are the best to go with overall, not counting the amount available (I realize Canada student loans gives only relatively small amounts)?

Thanks

Canadian student loan of course. You don't need to pay interest while you're in school.

vfoors
06-03-2006, 10:54 PM
Thanks,

Makes sense

sabaspouse2006
06-03-2006, 11:09 PM
Hello vfoors,

Also, the Teri (or CanHelp) loan information is available here at the school on Saba. If you did choose to apply, it is relatively easy to do once you are already on island. I agree to apply for Canadian student loans before you come here, for the same reason as Island stated - interest free while in school - but for any further loans, you can wait until you get here and reassess your needs. It doesn't take long to have the Teri money in hand/in your bank account.

R/

vfoors
06-03-2006, 11:17 PM
Sounds like a good plan

GrignardMonster
06-05-2006, 06:15 PM
Hey guys,

I had my appointment at RBC today and they told me that since May 31/2006, things have changed with the professional student LOC and they were no longer offering 150k without a cosigner for an institution out of the country.

I had an hour long meeting with the loans specialist, my parents were there, I showed her all the documentation everyone here has suggested, as well as insisting that I knew several other students from Canada who had gotten the 150k no problem. I still ended up with the 80k with co-signer, and I have a flawless credit rating, so that isn't the problem.

All of you guys who were approved for the 150k - was this prior to May 31st? If not then I have some follow-up questioning to do. I'm from Ontario, so the Quebec/Montreal thing is not the issue.

GAH! I'm finding this so frustrating! Guess my dad was right when he was hounding me to apply back in February.

Thanks for any input you can give me,

LJ

doctor_dream
06-06-2006, 03:26 AM
hey guys,

Since this is a private student loan...how are you guys paying the interest while in school. The rep that i visited told me that i have to make interest payments while in school. Now i don't know if i didn't understand her logic or if i didn't correspond properly, but how am i suppose to make payment while in school (i.e. w/o any job).

How are you guys doin it?

Thanks for ur replies (in advance)

Bruce
06-06-2006, 09:21 AM
Hi... My son applied in April.. (Thank G*d)... and received the full $150k plus a VISA card with a $15k limit... Don't you just hate it when your parents are right? (at least some of the time)..:cry: Sorry, Just had to mention that.. Did you commit to the the $80k. Did you try the Bank of Nova Scotia? I understand they also offer financial support to Med Students. You also have TERI (CanHelp) and OSAP. I would suggest that when applying for CanHelp go the co-signer route... You may qualify for the total C.O.E (Cost of Education) as per the package you received from SABA. i.e. Creditworthy $14,720 (sem 1), $14,450 (sem 2) etc. opposed to Creditready $12,500 per semester under your own signature.. If you qualify OSAP will also contribute up to $210.00 / week.
This is only a suggestion... So... at the end of the day, when all is said and done you should probably be in debt to:
1) The Bank
2) TERI
3) The Provincial Government
and most important
4) YOUR PARENTS.....
:D :D Good Luck...

islandhopper
06-06-2006, 09:59 AM
hey guys,

Since this is a private student loan...how are you guys paying the interest while in school. The rep that i visited told me that i have to make interest payments while in school. Now i don't know if i didn't understand her logic or if i didn't correspond properly, but how am i suppose to make payment while in school (i.e. w/o any job).

How are you guys doin it?
Thanks for ur replies (in advance)
Just make sure you have enough money (the loan itself) in your account to pay the interest -- they do charge you interest every month..

IwannabeMD
06-29-2006, 07:19 AM
Hi everyone,

23 y.o MD wannabe here from Toronto, Canada. Got big dreams to be in a Carribean island medschool. But my last name is not "Gates". I was thriving on the hopes that Royal Bank of Canada offers a sufficient line of credit that trumps over other Canadian banks because.......it offered the LOC without any co-signer! :-D
I have heard of future MDs who have walked away from a RBC branch with a sufficient LOC of $150K WITHOUT any co-signers.

However, after May31st 2006, RBC has changed their policies due to risk management and now they dont offer that salivating LOC, without any co-signer,to any student attending a foreign institution. For lack of better words, iam "dirt poor". Aka, no substantial co-signers for me to acquire such a loan :(

My question to anyone ,who is kind and informative, is what other loan options are available to a " dirt-poor " canadian student without any co-signer. Names like Teri and CanHELP loans are being tossed to me as I research. But if anyone knew of any other loan options, or any ideas, that would be mucho great !

Or maybe I should be realistic, throw in the towel (or the white lab coat that i put on and daydream ) and alter my path.......:eek: ????

Thanks for any input! Good luck to all !!!

Bruce
06-29-2006, 10:13 AM
Have you applied or been accepted yet to any med school? If you have an acceptance the school will send you a package outlining TERI / CanHELP assistance.
As a Canadian resident it appears you've investigated just about all means of assistance other than OSAP. If you qualify, OSAP may provide you with up to $210.00 / week (49 weeks) which obviously won't cover your expenses.
TERI / CanHELP with a co-signer will cover COE (Cost of Education), which is about $44,000 / yr.... What do you mean by "substantial"?
I also understand that ScotiaBank may provide you with a LOC, however, I'm not sure if they are using the same criteria as RBC.
If "Uncle Bill" isn't willing to fund your education keep pounding the pavement.... Good Luck!!

razfuz
07-26-2006, 10:49 AM
Personally, I applied for a LOC through BMO Bank of Montreal. They will give money without a cosigner. I have a cosigner, but am in the process of going in on my own name. If you have a good or no credit history you can do this. Google it, and then call your local branch and sit down for a face to face appointment. You can apply by telephone, but I find that when you meet in person, your banker acts almost as an advocate for you and your financing. It's worth the time and incovenience! BUT, you do need to have been accepted. You can get up to $30,000CDN per year, up to a maximum of $150,000USD over 4 years plus 2 years of residency.

You can apply for up to $25,000USD per year from CanHelp ON YOUR OWN NAME. This is wonderful! Again, you must have a good or no credit history.

Good luck, and hopefully I'll see you on Saba someday!

razfuz
07-26-2006, 11:43 AM
Bruce, I am filling out the CanHelp application on my own signature and I don't know if I check the creditworthy option or the creditready option. You seem to be familiar with what those mean. Which one do I check?

Thanks!

navevan
07-26-2006, 01:59 PM
Is it possible to get a Saba education with only $80k. If that is the new policy and this is all I can get, is it possible?

Bruce
07-26-2006, 02:42 PM
[quote=razfuz]Bruce, I am filling out the CanHelp application on my own signature and I don't know if I check the creditworthy option or the creditready option. You seem to be familiar with what those mean. Which one do I check?

NO COSIGNER ----- CREDIT READY

WITH COSIGNER --- CREDIT WORTHY

Raz... My son originally applied under his own volition (Credit Ready) and was denied. He reapplied with a cosigner (Credit Worthy) and received the total COE (Cost of Education) which is substantially more than the $12,500.. I questioned Canhelp as to why he was denied and they indicated that in consideration that he had just completed his undergrad he really hadn't established a credit rating at this point. It is not that he had a "Bad Credit Rating" it was due to the fact that he had no history when it came to Credit... They (CanHelp) said this was the reason that many students are denied financial assistance from them... Good Luck
P.S. He also attained the RBC LOC without a cosigner prior to May for the full amount... Unless your uncle is Bill Gates or your parents are willing and able to assist you financially for the next 4 years I would SUGGEST you have sufficient funds to cover your expenses over this period.... All The Best and if I can be of any other assistance don't hesitate to ask....

razfuz
07-26-2006, 11:01 PM
Thanks Bruce! I am not counting on CanHelp too heavily...but I'm going to give it a try...I have a bit of a credit history due to the need for a line of credit to cover undergrad.

I'm sure I'll have more questions for you soon!:D

nismodrifter
07-30-2006, 05:38 PM
I am not going to SABA (I'm going to MUA) but I thought I would add to this thread so that other Canadians can get some useful information

I went to RBC the other day and applied for the $150k line of credit. Next day I get a phone call saying that I AM APPROVED WITHOUT A COSIGNER
So yes. You CAN get the loan without a co-signer without a problem. I don't even have any credit history really. I've never paid a bill in my life, no car, no house, everything is on my parents name and they STILL didn't need a co-signer.
Oh...and the loan is AT PRIME.

Date: July 27, 2006.

They will ask you for your acceptance letter/agreement, a schedule (the registration form or the form which shows the basic outline of which classes you are taking) and that's about it. Very easy.

They check if the school is on the HRSDC list of approved schools. When your banking agent is checking this document on the computer tell them to look under "Netherland-Antilles" and SABA will be listed there. Here is the link to the document they will check. Easiest thing to do is just print out the page that shows SABA on it and take it with you when you go to the bank.
http://www.hrsdc.gc.ca/en/hip/cslp/ImportantLinks/17_il_International.pdf

Hope that helps someone out!

ducman
07-30-2006, 07:22 PM
With over 1700 views and some really good info for all you Canadians, I decided to make this a sticky.

Keep the financial info rolling - it truly does help a lot of people.

Good work everyone!

Regards,

nismodrifter
07-31-2006, 01:57 AM
Copy and pasted from my post in the now STICKIED thread about Canadian Finances:

Here is what I did just a couple of days ago:
I am not going to SABA (I'm going to MUA) but I thought I would add to this thread so that other Canadians can get some useful information

I went to RBC the other day and applied for the $150k line of credit. Next day I get a phone call saying that I AM APPROVED WITHOUT A COSIGNER
So yes. You CAN get the loan without a co-signer without a problem. I don't even have any credit history really. I've never paid a bill in my life, no car, no house, everything is on my parents name and they STILL didn't need a co-signer.
Oh...and the loan is AT PRIME.

Date: July 27, 2006.

They will ask you for your acceptance letter/agreement, a schedule (the registration form or the form which shows the basic outline of which classes you are taking) and that's about it. Very easy.

They check if the school is on the HRSDC list of approved schools. When your banking agent is checking this document on the computer tell them to look under "Netherland-Antilles" and SABA will be listed there. Here is the link to the document they will check. Easiest thing to do is just print out the page that shows SABA on it and take it with you when you go to the bank.
http://www.hrsdc.gc.ca/en/hip/cslp/I...ernational.pdf (http://www.hrsdc.gc.ca/en/hip/cslp/ImportantLinks/17_il_International.pdf)

Hope that helps someone out!

razfuz
07-31-2006, 05:44 PM
I called RBC today and asked them flat-out: do you give $150K credit limits to medical students without a cosigner?

Answer: "Yes, absolutely!"

Ok, then...

What's this about the May 31st cut-off?

I have a theory: banks lie.

If you have OSAP (say $10000/year) then you are only eligible for up to $110 from RBC. Still pretty good without a cosigner.

I am considering switching from BMO even though it would be less money in the long run. Not having a co-signer is key. The fewer people and institutions I owe, the better...

nismodrifter
07-31-2006, 06:23 PM
Banks are stupid and do not always know what they are talking about. Thats why I have a good account manager. Also, do not trust everything you hear on this website. Different people are in different situations..different cities...dealing with different people. For anything you read on here make sure to FIND OUT FOR YOURSELF!

razfuz
08-02-2006, 12:23 PM
Ok, so say you get this $150K credit limit. That's not going to cover it. And Royal Bank includes OSAP in that credit limit.

How are you guys handling the difference?:confused:

navevan
08-14-2006, 04:31 PM
I will have to agree with nismodrifter. I got my acceptance letter last Wednesday, booked an appointment with RBC for Friday to apply for the LOC and got my phone call today (Monday) saying I am approved for the 150K at prime without a cosigner. The only credit I have is a credit card which I have always paid off on time, but that is all. No assets, no nothing. So, my assumption is the May 31st policy change is just a built in excuse they can use if they want to. Just my thoughts.

playarf
08-14-2006, 09:49 PM
wait...if u get a 150 K RBC loan, u cant apply for OSAP?

moonsuncarefree
08-15-2006, 01:24 PM
I think you need a co-signer depending on your situation as well. In my case, I did not have enough Canadian credit history. I have been here for only a year. So I needed a co-signer. And inspite of the bank knowing about the OSAP loan, was given the 150,000, which I must add, might still not be enough for everything, considering its in Canadian dollars, not US.

moonsuncarefree
08-15-2006, 01:25 PM
wait...if u get a 150 K RBC loan, u cant apply for OSAP?

I think you can. In my case, I applied for OSAP first, was approved. And then applied for RBC. The bank knew about it, and still gave the 150K, though with a co-signer, as I explained in my previous post.

razfuz
08-15-2006, 01:58 PM
This is what the guy at RBC told me:

You can absolutely still apply for OSAP if you go for the RBC professional student line of credit. However, RBC will count it in your $150,000 credit limit. There are some exceptions. Those mentioned, and, the guy mentioned to me something about being flexible, possibly giving more, etc. It's not like I walk out of there with whatever I think I need. It's that they will see that I have my OSAP ($40,000 total), and will also credit me with maybe $120,000 instead of $110,000, summing up to $160,000.

Having said all that, I have not, and do not plan on obtaining funds through RBC. Here is why:

I have debt from undergrad. I do not want that to limit the total amount of funds I can receive. If RBC sees that I already have $20,000 of OSAP debt, I do not want to be eligible for even less money. However, other institutions probably use the 150K figure or something like it too. Debt is debt. Basically I'm screwed on my own signature.

I am currently in the process of waiting for word from CanHelp. If they do not approve, then my only other option is to go for RBC, and hope that I can grab a co-signer for more money once the RBC funds are exhausted.

ChristopherR
09-30-2006, 11:16 AM
Hey guys,

I'm just posting about my experience yesterday at the RBC. As mentioned previously, try to make an appointment with a representative that KNOWS what they're doing. The loans officer was completely sure that I didn't qualify for the credit line because I didn't have an undergraduate degree. She said that it was a larger risk giving students without one the credit line, and so the best she could offer was a $40,000 loan with an approved co-signer. How does this make any sense? Whether you have the 90 credits completed, or a Ph.D in Biochemistry, aren't we all enrolled in the exact same program at the exact same school?! I was persistent and requested to speak with a specialist from Toronto, and after about 1 hour on the phone with several people, they said I in fact did qualify for it.

So in the end, we made up the application and sent it off. I should be hearing back Monday.

Chris.

everyadam
09-30-2006, 07:17 PM
I'm not attending SABA but came across this thread and I'd thought I'd share my RBC experience as well. I called the 800 number and talked to this really knowledgeable lady about obtaining a $150,000 LOC without a co-signer. Yes you can still do it! The reason why you can get a loan without a co-signer is because they factor in your potential income, which is $150,000 for med students (like so many people have mentioned already). You just have to have good credit. She also said that the only reason I might not get the loan without a co-signer is because I'm going to an international school not becuase of credit or lack of credit history. She sent in my application and if I'm approved I just have to go to my local RBC branch and show them the acceptance letter. You can also request a higher limit per year (i.e. $50,000 instead of $30,000 per year) but the maximum would still stay at $150,000. I'll let you guys know the outcome when I get a call from them in the next couple of days....

ChristopherR
10-02-2006, 11:28 PM
Hey guys,

So the RBC called me today and being that I have "Conditional" acceptance, they can't approve me for the $150,000 professional line of credit. I've only completed 75 credits, and am currently finishing my last 15 this semester. But, the representative I was dealing with has my file ready to send off as soon as I meet the conditions for acceptance. Kinda sucks because I'm going to have to come up with $7410.00 somehow. Maybe a "Help get Chris into school" bottledrive is going to have to happen or something. Haha.

dragggyd14
11-21-2006, 08:15 PM
Hi,

I'm canadian and I want to let you know that RBC gives only 150k but National Bank gives up to 250k. All the canadians specially from Montreal contact me if you want more info.

drag

banjul10
11-21-2006, 09:54 PM
SCOTIABANK!!!
Anyone approached scotiabank for the LOC for med school.

germany
11-21-2006, 10:39 PM
Haven't read the whole thread (actually, i've only read this current page 7?), but this seems to be the wackiest I've ever seen. So you guys have to rely on these commercial banks to get loans? HealthXpress, etc. won't lend to Canucks? Doesn't make sense. And why is it capped at $150K? What do the SGU Canucks do?

Strange stuff. Very strange.

psychMajor
11-21-2006, 11:19 PM
how much does HealthXpress give to the fellow americans? :D

germany
11-21-2006, 11:39 PM
$150K, without the bizarre "conditional" acceptance. Or $250K if I want to go to SGU.

germany
11-21-2006, 11:46 PM
Also, just wanted to give a quick shoutout to let my soon-to-be fellow classmates from up north that I will be bringing it hard and fast. I'm sure you're probably gotten used to that up there with your local TO or McMasters or whatever Well, it won't be that way come January 9. So get ready to deal with it.

playarf
11-22-2006, 03:31 PM
^wth are you talking about? :S

navevan
11-30-2006, 09:58 AM
Hello to all my felow canadians attending/planning to attend Saba. I, like many of you I assume, am applying for CanHelp Loans because the 150K from Royal Bank will not be sufficient. The problem I am having is deciding what to do with this US money they give me while I am not actually using it. I want to try to avoid putting it in a Canadian dollar account so I don't have to lose money with conversions every transaction, but I also want to be able to access it from the ATM in Saba in US funds (directly -- no conversions). Does anyone have any suggestions? Should I just open an account on the island bank and get Gardner to mail my loan cheque to the island? Please Help. I am trying to make this venture as affordable as possible and right now every bit helps. Thanks.

Evan

jenlee402
11-30-2006, 03:06 PM
hey navevan! i'm from toronto and will be starting at saba in january, u? i've applied for osap (approx 10k) and the rbc loan (150k), which will hopefully be sufficient for the first while. i've deferred applying to canhelp until later because say i want to apply for 20k this year, they'll approve it for january. when they give me the 20k, interest will start accumulating immediately, and since i won't need it immediately, it doesnt make sense for me borrow it now and pay the interest on it. for banking, i've decided to do my banking on saba using my canadian accounts. the exchange rate and service charge for using the atm won't be that bad, and if i stick to large withdrawals, hopefully i wont have to use the atm that often! hope this helps!

Ottawa - Canada
11-30-2006, 10:42 PM
Navevan - You might want to open a US chequing account with your Canadian bank.

TD: "US Dollar Daily Interest Chequing Account" or "Boarderless Plan"
Royal Bank: "Centura Account"

You can have your USD CanHelp funds in these accounts, plus transfer from your Canadian personal bank loans - while minimizing transaction fees at the ATM on the island.

Cheers

POPO
11-30-2006, 10:55 PM
hey guys, just for knowing....did you need a cosigner to get your RBC loan?

Canadaguy
12-17-2006, 12:19 PM
Just wanted to share my experience with the RBC line of credit ($150 000). I called the 1-800 number initially (against the advice of some people on this site) and was treated very rudely and given a whole speech about how RBC had lost some money on these types of lines and that I would need a strong co-signer, despite my own good credit. Then the woman starting asking why she hadn't heard of my school or the island, etc... Apparently she considered herself an expert on Caribbean geography.

I later went into a local branch and was treated like a human being. However, I still had to get a cosigner. They said that their policy has changed for these types of lines and that they need someone who remains in Canada to cosign. I have no idea if this is the truth or not, but I just thought I would share what happened to me. Other than the cosigner problem everything went smoothly with the branch office.

I also received $9500 from OSAP for the first year. I'm hoping that my OSAP for each year, along with the line of credit, will cover everything.

harsy
01-04-2007, 12:30 AM
Hi
I know this isnt the topic but do canadian citizens have a long time or do they even require visas(i heard H1).My friends who started working at microsoft get a temporary visa,TN and then wait for the H1 and in this time they can work.Im asking this since someone told me that ppl have to wait after they are done school to start their residency.

Canadaguy
01-04-2007, 11:52 AM
Hey Harsy,

Check out Caribbean Medical Schools - Online Guide - Offshore Medical Schools, Foreign Medical Schools, International Medical Schools (http://www.caribbeanmedicine.com/) for some valuable info for Canadian IMGs.
You might miss the first match after you graduate if you want to get an H1B Visa. To get this visa you must pass all three steps (USMLE 1,2,3) and have the ECFMG certification in hand. It takes extra time to study for and finish step 3... most U.S. citizens complete step 3 while in residency. Canadian's don't have that option unless they get a J1 visa, which is not as desirable. Anyway, check out that page above and you will learn all about it. Look at a few other sources, in addition to the above page, to get a balanced view of the IMG situation for Canadians.

lovevasi
01-24-2007, 10:43 PM
I was wondering if anyone out there got the student line of credit in the recent past (in 2007)? I would like to know how easy it was in the new year... also, is does it depend on the agent with whom you are dealing with?

I really want to get the student LoC .... plzzzz any input would be appreciated......

nquery
02-13-2007, 03:14 PM
you guys are all getting that RBC loan? do you usually bank with RBC?

i've never banked with RBC, i tried to get that LOC for st. george's and they turned me down.

Canadaguy
02-13-2007, 09:12 PM
I had never banked with RBC. They turned me down when I applied without a cosigner. I had to get one of my parents to cosign before they would approve the line.

Did you go into the bank? Trust me, it is much better to talk to someone at the branch rather than dealing with the 1-800 number.

Bruce
02-14-2007, 03:42 PM
you guys are all getting that RBC loan? do you usually bank with RBC?

i've never banked with RBC, i tried to get that LOC for st. george's and they turned me down.


Further to my PM... As CanadaGuy mentioned... Physically go the branch or branches... Dress decently, no ball cap, torn jeans or tee shirt and a recent haircut:) ... I know, this should have absolutely no bearing, however, bite the bullet for a 30 minute meeting... break down wear a tie and maybe shave.....
If you've applied to OSAP or Canhelp (Teri), I don't believe that I would mention that to the bank when requesting the LOC.
Good Luck....

dragggyd14
02-27-2007, 05:29 PM
Hi everyone,

I've delt with CIBC and RBC concerning LOC. CIBC only helps medstudents in Canada!!! point final!!!

Now RBC, they are ok, even though on my name they did not offer anything they proposed that my dad signs and the they would give me 80k! In Montreal the rule is if the medschool is outside Can then you need a co-signer,

I then turned towards Banque Nationale, which is the one to turn towards to!!!!!!
Their program is called L'Unique and it is intended for medical professionals. They treated me the same as a med student here in Can, no questions asked, BUT I needed a co-signer.
Another advantage of National Bank is that there is no intrest that you have to pay monthly u have untill u finish ur schooling to pay!!!

Hope this helps

tpw2k
02-27-2007, 08:35 PM
this is going to sound stupid, what whats the difference b/w getting a co signer or not. What are the advantages/disadvantages?

dragggyd14
02-28-2007, 08:57 AM
this is going to sound stupid, what whats the difference b/w getting a co signer or not. What are the advantages/disadvantages?

The difference is that with a cosigner (who has a good financial situation/ and properties on his name), the bank is willing to lend you money.

The cosigner's role is basically to back you up. If, for example you can not pay back your loan because of whatever reason, then the cosigner is held responsible and must pay in your place!!!
So the advantage is that it increaseas your chances to obtain the loan on the other hand your cosigner must have confidence in you because if you don t pay he will have to pay.

tpw2k
04-12-2007, 03:19 PM
hey are there any loans that I could get that don't require a co-signer?

tpw2k
04-12-2007, 03:36 PM
hey guys, I really need to know if there are any loans available to Canadians that don't require a co-signer.

ltaustin
04-12-2007, 05:26 PM
Rolyal Bank wiill give a professional student line of credit without a co-signer only if you are a royal bank customer.

*Mags*
04-13-2007, 10:12 AM
Hey! I've never had a problem with RBC but then the family banks there. Make an appointment with the student loans specialist and follow the rules laid out above in the posts and you should be okay. Make sure to bring all your paperwork from Ross and ask the loans specialist what he wants in his Tims when you go for the appointment, lol! Also, National Bank will dole out $200,000. Hope that helps. :)

playarf
05-31-2007, 07:36 AM
Hi everyone,

I've delt with CIBC and RBC concerning LOC. CIBC only helps medstudents in Canada!!! point final!!!

Now RBC, they are ok, even though on my name they did not offer anything they proposed that my dad signs and the they would give me 80k! In Montreal the rule is if the medschool is outside Can then you need a co-signer,

I then turned towards Banque Nationale, which is the one to turn towards to!!!!!!
Their program is called L'Unique and it is intended for medical professionals. They treated me the same as a med student here in Can, no questions asked, BUT I needed a co-signer.
Another advantage of National Bank is that there is no intrest that you have to pay monthly u have untill u finish ur schooling to pay!!!

Hope this helps
this is very misleading.
there IS interest ACCUMULATING when you are in school, and once you get out, you will have to pay that off before you cut into the principle.
no bank in the world would give anyone near 100 K without anything in it for them. OSAP is the only loan i know when the interest STARTS to accumulate when you finish, not while you are in school - buts OSAP gives a max of 10 K cdn per yr, which will pay off for one semester i guess...
dont be fooled by these rumors and incomplete information

i have RBC and i have to make monthly payments...and im happy with that because im not accumulating interest

PearlT
06-04-2007, 02:10 PM
I just went to Royal Bank last week and tried to open an account with them and fill out the application for the line of credits! They needed a co-signer so I took my dad with me! But wat surprised me was the fact that how much loan I will get depends on my father's income! is this true for other people too?

don1
06-06-2007, 05:36 PM
well, I had all my paperwork in order setup an appointment at the local RBC and went in prepaired (living expenses, cost of education, letter from school, everything). I was not approved despite having great credit. I was told that they don't give loans for foreign schools. I mentioned that I had heard of many other students applying to foreign schools, like the one I am planning on attending, and they have gotten loans. The response was, "you must be misinformed, I've been in loans for 15 years, and we don't do it.", they she said, "why don't you apply to a Canadian school". Talk about feeling insulted.

Anyhow, she said I need a cosigner, and they have to qualify for that amount but I would have the benefit of it being a student line of credit.

I'm totally shocked, I thought this would be easier. next on the list is Canhelp. this sucks


I just went to Royal Bank last week and tried to open an account with them and fill out the application for the line of credits! They needed a co-signer so I took my dad with me! But wat surprised me was the fact that how much loan I will get depends on my father's income! is this true for other people too?

tpw2k
06-06-2007, 07:16 PM
go to a different branch, you can definitely get RBC loans no problems with a co-signer. IF you want, print out the OSAP list of schools that they give money to and show that SABA is on that list.


well, I had all my paperwork in order setup an appointment at the local RBC and went in prepaired (living expenses, cost of education, letter from school, everything). I was not approved despite having great credit. I was told that they don't give loans for foreign schools. I mentioned that I had heard of many other students applying to foreign schools, like the one I am planning on attending, and they have gotten loans. The response was, "you must be misinformed, I've been in loans for 15 years, and we don't do it.", they she said, "why don't you apply to a Canadian school". Talk about feeling insulted.

Anyhow, she said I need a cosigner, and they have to qualify for that amount but I would have the benefit of it being a student line of credit.

I'm totally shocked, I thought this would be easier. next on the list is Canhelp. this sucks

don1
06-06-2007, 08:37 PM
My concern with that is that I already applied and was rejected, which they now have on their file (along with the person's name who rejected the loan). I wonder if anyone has experience having their loan looked at again by someone else.

I was really hoping to not have to need a co-signer. I am going to try canhelp and if that doesn't work consider the co-signer option.



go to a different branch, you can definitely get RBC loans no problems with a co-signer. IF you want, print out the OSAP list of schools that they give money to and show that SABA is on that list.

tpw2k
06-07-2007, 09:40 AM
fudge, I am also going to be using CanHELP because i can't get a co-signer. RBC changed this rule recently because of people taking these loans out on own signature and using it to gamble, pay for other things, and file bankrupcy. When I went, he said schools like All Saints and other schools with no admission standards were to blame. argh..

Guys, with CanHELP, do you have to reapply every 2 semesters? How does it work, when is the money disbursed...

Bruce
06-07-2007, 12:14 PM
fudge, I am also going to be using CanHELP because i can't get a co-signer.


Guys, with CanHELP, do you have to reapply every 2 semesters? How does it work, when is the money disbursed...



Chances are you may need a co-signer when applying to CanHelp. My son, a 3rd semester student at Saba originally applied for financial assistance under his own signature and was denied.... not bad credit, just no credit history... When he reapplied with a viable co-signer, he was approved for the full C.O.E.



You apply for semester's 1 - 3. If you are matriculating in Sept./07, I would suggest you get the app in now. In your acceptance package you should have a C.O.E. (cost of education) breakdown. It should be in the $43,000. USD range if I remember correctly.

CanHelp will disburse the tuition fees for each semester to the University. The balance, i.e.. dorm fees, travel, food, etc. will be deposited into a bank account you have deligated for the surplus funds.

I wouldn't be too concerned at this stage about semester's 4 - 557! :confused:
As long as your co-signer meets "their" requirements you should be good to go. If you are from Ontario, try applying to OSAP also. They may provide a loan up to approx. $11,000/annum... which also has to be applied for annually,(some of which may be a grant) if memory serves me right...

The person in the know about CanHelp is Ms. J. B (Finance Dept.) in Gardner... She is a godsend and extremely knowledgeable when it comes to loan info... She is always willing to help and will walk you through the process. Whatever the cost is in a long distance telephone call is money well spent....

Hope this helps a little..... Good Luck and don't procrastinate...

mike james
06-07-2007, 12:33 PM
for don1 & tpw2k, have u tried BMO or Nova Scotia as well?

tpw2k
06-07-2007, 04:22 PM
hey, all banks require co-signer which I am unable to get. The only other options available are canHELP as well as OSAP which I believe should be suffient to pay for everything albeit with a higher interest.

don1
06-08-2007, 10:59 AM
I haven't tried BMO or Nova Scotia. I put in an application for Canhelp and am hoping for a positive outcome. if that doesn't work, I will reconsider local banks and try to get a cosigner.


for don1 & tpw2k, have u tried BMO or Nova Scotia as well?

tpw2k
06-13-2007, 10:40 PM
hey guys, anyone use OSAP with saba?

I applied and I printed a program information form, question is where do I send this form to get filled out by the school. Do I send it to gardner or do I bring it with me to Saba to get filled out then send it....

Any input would be greatly appreciated.

psychMajor
06-13-2007, 11:30 PM
do you have to pay interest on the money you take out with CanHelp??

i keep getting confilicting answers...

thanks..

PearlT
07-01-2007, 01:25 PM
hey guys, anyone use OSAP with saba?

I applied and I printed a program information form, question is where do I send this form to get filled out by the school. Do I send it to gardner or do I bring it with me to Saba to get filled out then send it....

Any input would be greatly appreciated.

Hey, send it to the Gardner office and they'll send it back directly to OSAP office :)

CANeh
07-20-2007, 04:11 PM
http://www.valuemd.com/st-georges-university-school-medicine/139440-fyi-canadians-rbc-line-credit.html#post638229

sorry to report but RBC will no longer give LOC without co-signer.

maserati
07-25-2007, 10:16 PM
i know this has been answered before ... i just can't find the thread with the exact $$$.

Question: HOW MUCH AVG $$$ ALL TOGETHER PER YEAR ???

including food / living expenses / transportation ( from NA ) / rent / anything school related.


... sigh, depending on the figure, i might not be able to go to SABA afterall

CANeh
08-18-2007, 01:51 PM
.....................

maserati
08-18-2007, 10:46 PM
I went to RBC today to inquire about LOC. Initially, I was told that I need a cosigner for any non-canadian schools. I insisted on getting an application/estimate ... after the my banking credit history check etc. it turned out that I have a bank credit rating of A ( while most students have an average of E ... A B C D E ...etc ). And so she went ahead and put together and application, I'll know the result next week. She said that it looks very promising and that it "should" be ok.


SOOOO !!! THERE IS NO RULE THAT SAYS YOU HAVE TO HAVE A COSIGNER.

YOU CAN APPLY FOR RBC LOC WITHOUT A COSIGNER

TO INCREASE YOUR RATING = 1) be a RBC client 2) clean credit history

maserati
08-23-2007, 03:55 PM
well ... guess i won't be going to SABA afterall ... got rejected by Royal Bank. The 2 loan specialists who helped me were extremely helpful and friendly and I could tell that they did their best - even with a perfect credit rating and having RBC as my only bank, just the fact of going overseas = need cosigner.


sigh

huxald
08-23-2007, 04:53 PM
well ... guess i won't be going to SABA afterall ... got rejected by Royal Bank. The 2 loan specialists who helped me were extremely helpful and friendly and I could tell that they did their best - even with a perfect credit rating and having RBC as my only bank, just the fact of going overseas = need cosigner.


sigh

what about canhelp + osap? still not enough?

tpw2k
08-23-2007, 05:46 PM
canhelp + osap is more than enough, i don't know what maserati is on...i've already discussed this with him.

160KUS should be mroe than enough.

maserati
08-23-2007, 05:50 PM
i don't think that canhelp + osap would be enough.

tpw2k
08-23-2007, 06:10 PM
if you look at the COE sheet that they provide. it says around 15,000US per semester, there are 10 semesters, so total is 150,000. How is 160K not gonna be enough?

If you really want to be a doctor, this is the only option available, why pass it up?

CMSS
08-25-2007, 08:33 PM
For those of you who haven`t yet applied for RBC loan, try to get the prime ineterest rate from them. They say the interest rate is prime +1%, but my dad (co-signer) asked them to give me the prime rate and they accepted. So I guess it is worth the try.

you5
09-04-2007, 01:17 PM
Hi,
since 2003 I had also the same problem with RBC, perfect credit history etc....but still got denied ...by the way I was from montreal, quebec.....I never knew why I was denied...the guy did not even judge necessary to reply to the message I left him at ste catherine street branch...this famous Mr Roosevelt...and I tried many RBC branch..all screwers giving wrong hopes, remarks such as "no problem, we apply and within 24hours you will get the cash on the table" etc.....nothing!
anyway, it is not until last year that after reading through many posts that i really figured out about the difference between quebec and ontario....so from montreal I called a branch in ontario, the lady was very nice and did all her best to me....at first she said"with your credit history no problem you do not even need a cosigner"...the day after..bad news once again...as the school was out of canada i needed a cosigner....i remember exactly the lady saying that it was a new rule implemented on the april 2006 and I applied on may 2006...was it true ...i will never know.....
the only amount I got was 30 000 with a cosigner...I know that she did her best for sure...but I know a guy from RBC told my father in law that it was more because of my origin (french from france with origins from morocco as my parents immigrated in france in the 60's)...anyway i took this 30 000 dollars....
now I am it is september 2007...i got accepted in total to 4 med schools and never start...so i came back to europe ...in the UK precisely...and I have been accepted to medicine in the UK ...but to get in i had to work my b"£$% hard in the pharma industry and save lot of money....fortunately for me I am also european citizen (french) and will benefit from finance and loans from banks in the UK. and france...and also I will apply to canhelp and do my med school in the UK....then work my USMLE and then residency in the US.....hopefully all this new life will start next september 2008 after 5 years lost because of stupid people ruling RBC branch........

Conclusion: each agency applies its own rules, and RBC officers only obey to numbers and assess the risk you might represent compared to the money they give you....

obviously: my french citizenship + moroccan origin +canadian citizenship+ canadian family in law as a cosigner + EXCELLENT CREDIT HISTORY did not seem to please enough to RBC ....

Now I am happy to get back to europe ...but I miss Canada a lot...and I am just sad that I did not attend SABA ....ok UK med school is good to, but i feel Canadian more than european now.......

Therefore I think I understood well how capitalist the world is and how banks do not care about my dreams and my goal but only about money..behind all their adverts on the street and in leaflet to the attention to med student it's only b£"$£%t!!!

I am happy to see that I have saved lot of money in europe so i will borrow as less money as possible...and once I am a doctor all these f£$£"$£" banks who will bent on their knee to welcome me, I will just remind them this 5 years of my life they made me waste, to finally invite them to offer their money to another doctor....

all I had to say.....

md.hopefully
09-16-2007, 02:30 PM
hey u guys, i know that there is already a thread for Canadian loan but i was looking for some very URGENT replies.
i went to RBC's branch in toronto and the representative was asking for additional documents that none of the posts mentioned here. for instance, he wanted to get my transcript to see if i was ELIGIBLE to get the loans and also to prove that i have a degree, but i told him that even the school itself didnt want a degree from us as long as we complete the required prereqs. But since i havent had my convocation, i do not even have a degree on my hands. but whats up with the transcript???
my question is that is it a norm for RBC to ask for degrees and transcripts?
T4 i presume is required from a co-signer right?
oh and apparently the guy said that will take an entire week for him to process this application.:shock::shock::shock:
i was like What the ****

can anyone please answer these questions as this is really giving me a headache..thanks in advance guys
-md.hopefully

maserati
10-05-2007, 04:54 PM
I am applying to CanHelp student loan *withOUT* a co-signer.

They informed me that in order to be eligible:

You have to be employed for the past 2 years.

*** HOW DO THEY EXPECT STUDENTS TO JUGGLE FULLTIME UNIVERSITY STUDIES AND WORK CONTINUOUSLY DURING THE WHOLE YEAR !?! ***

HAS ANYBODY APPLIED FOR CANHELP WITHOUT A COSIGNER AND ENCOUNTERED ANY PROBLEMS ???

Or is this just something they tell you over the phone but in the actual application, they don't put much emphasis?

PLEASE HELP : I really hope I can still go to SABA.

tpw2k
10-06-2007, 12:15 PM
maserati. call up gardner and ask them to walk you through the sign up process for canhelp, you do NOT have to be employed for 2 years. You write student under that heading. Call them up, the financial aid department is very good at these matters.

maserati
10-06-2007, 12:56 PM
maserati. call up gardner and ask them to walk you through the sign up process for canhelp, you do NOT have to be employed for 2 years. You write student under that heading. Call them up, the financial aid department is very good at these matters.



Did you apply with a co-signer?

maserati
11-04-2007, 04:11 PM
For those with RBC + cosigner loans:

1) how much did you get?
2) what is the interest $$$ ( per year ) ?

topboy
11-04-2007, 09:27 PM
For those with RBC + cosigner loans:

1) how much did you get?
2) what is the interest $$$ ( per year ) ?

i got the max $150k @ prime.

Stardust777
11-28-2007, 12:50 PM
message no longer valid

maserati
11-28-2007, 01:09 PM
I was told that though you get 150K, they don't dish out 50K / year, but about 30k, and if you need more then you have to apply to take out the full 50k/yr once the loan has been approved.





I went the RBC route and recieved a 150K loan (50K per year of medical school and I have to come in to my local branch once a year with proof that I am still in med school) and I needed a co-signer!!!
It looks like 50K a year will not be enough so I may have to apply for CanHelp as well:(.
I have heard so many different things with RBC. One of my friends, also attending a Carib medschool did not need a co-signer!!! I guess it is up to the Banker that is working with you.
Note with RBC you may have to apply for life insurance (about 42c per $1000 per month) so that if something happens to you your co-signer is not left to deal with the loan. At the high end of your life insurance payments may end up being $72 a month!!!! I am opting for life insurance (still have not decided on 10term 25term or universal life) which will end-up being much cheaper in the long run.
Anyone have any additional thoughts on loan options for Canadians?

Stardust777
12-07-2007, 04:03 PM
message no longer valid

gianefiasco
12-08-2007, 01:01 PM
The RBC loan varies with who approves you. I have it and have No cosigner, no yearly restrictions, and no life insurance requirement. They were trying to charge me loan insurance payments but I wrote a letter in stating I declined it and it got removed. SO realize that you do not need any of that junk and threaten to switch your banking to another bank if they wont remove it!!:twisted:

M.furfur
12-17-2007, 02:13 PM
I just found out that can't get any penny from RBC without a Cosigner, which don't have! is there any other way or should I just forget about medical school?

ank345
12-26-2007, 11:07 PM
Hi all,
holiday wishes from canada! My question is to the canadian students who have taken OSAP in the past. After you finished your undergrad or grad studies here in canada, with say 25,000$ debt, were you able to defer repaying it until you finished your degree at SABA? or do they offer the monthly repayment plan as soon as the student graduates from univ. here in Canada? If I plan to come to SABA as soon as I finished undergrad here, i.e. year and a half, this would be an issue because I would have serious trouble gathering money to pay back. Please shed some light on this matter.
Thank you

imraan47
12-26-2007, 11:19 PM
you have to fill out a form that you can get from canlearn.ca. it is a form that say something to the nature of 'maintaining interest free status'
so this can be filled out by the school and yourself and that is all you need to do so that you dont start paying any interest.

maserati
12-27-2007, 01:04 AM
REALLY??? I didn't know that you can apply for a "maintaing interest free status" with Canhelp.

Can you do that with RBC ???

Or else, the yearly interest payment is ridiculous!



Great info

tpw2k
12-27-2007, 03:28 PM
you can keep taking money out with osap, this will maintain your interest free status.

You can take out around 11,000 each year with osap

Articulate
01-05-2008, 11:36 PM
hey guys my three years as a permanent residence in Canada would be complete in March so i might not get my citizenship before September. What is the discepancy about permanent residence/citizen? will i still be able to get the loan?

covarubious
01-12-2008, 11:27 PM
Hi there,
I keep hearing about people needing a cosigner. What are the criteria for a cosigner? I know I have bad credit (filed for bankruptcy many years ago, it was settled and by next year will be completely erased from my credit history) plus I have ton of OSAP debt but I have great friends I can rely on and a few I think who would be willing to cosign. My spouse for sure but he will have just finished university and may not even be a year into his job when I get in. So, does the cosigner have to have a special relationship to the applicant and is the amount loaned based on their income? Can there be more then one cosigner? And with my bad credit rating is there a chance they will accept me with 1 or 2 cosigners? Thanks.

Articulate
01-15-2008, 08:07 PM
Do anyone know deals about candian residents in getting loans?

you5
01-17-2008, 07:06 AM
Hi I have gone through this whole process before when I was permanent resident.
Believe me, unfortunately,no options are available for permanent resident, not even through banks unless you ave a strong cosigner, however, even its banking history will be assess to see if he/she could handle 150 000 dollars debt.....which is too many parameters you can not control

I have waited 7 years before getting into medicine, I got accepted at SABA, then deferred hoping I would be able to get financed, by this time I went to many RBC branches who all promised to give me the cash "the day after" ...never got it
etc......now i am Canadian citzn...I finally got in medicine in the UK, I am supposed ot start in september 2008, and looking forward to apply to Canhelp this april, however, although chances are pretty high that I might finally realize my dream, it doesn't not prevent me from having lot of fears and doubts...again coming from one of these new unknown parameters I would not have imagine the existence.....
we'll see in April what hapens next....

that was my 2p....

Articulate
01-18-2008, 07:12 PM
Thanks! but that really sucks. so i got to wait till I am a canadian citizen. I would be applying this March though for my citizenship. Maybe I could get some prefference.

Ammy
01-19-2008, 03:16 PM
Hi everyone!
I am a canadian permanent resident. I am interested in applying to a med school in the caribbeans. any suggestions on which college is better? i'd also like to know if canadian permanent residents have to get visa inorder to go to the caribbeans? I'll be waiting for your reply..
thanx in advance!

cattyjane
01-31-2008, 06:34 PM
what is the advantage of taking RBC loan instead of from other bank such as TD? Any input?

scc7
02-26-2008, 11:49 PM
hey.....
just want to know if its possible to manage all the 4yrs with OSAP and CanHelp (on your own signature)?... is anyone doing that right now?
also is it easy to get loans from CanHelp?
Thanks

maserati
02-29-2008, 09:18 AM
hey.....
just want to know if its possible to manage all the 4yrs with OSAP and CanHelp (on your own signature)?... is anyone doing that right now?
also is it easy to get loans from CanHelp?
Thanks




GREAT QUESTION, I NEED TO KNOW THE ANSWER AS WELL

scc7
03-03-2008, 12:21 PM
can someone please answer the above question... anybody??

covarubious
03-23-2008, 04:14 PM
So quiet in this thread... Has anybody for may or the fall been applying for bank loans and Canhelp? any info ? has it gotten easier? harder? what about cosigners?

Articulate
03-23-2008, 06:34 PM
oh well going in for May. Still working on my loans. Royal bank need an extremely strong cosigner. Now i have two people cosigning together, still dont know if it is good enough for them. we shall see tomorrow. I am working on the canhelp to; they said they'll send me the application package this week.
It has not got easier, if anything, it is harder.

covarubious
03-23-2008, 07:11 PM
i'm going to get two friends to cosign too. what do they consider strong? let me know how everything works out!


oh well going in for May. Still working on my loans. Royal bank need an extremely strong cosigner. Now i have two people cosigning together, still dont know if it is good enough for them. we shall see tomorrow. I am working on the canhelp to; they said they'll send me the application package this week.
It has not got easier, if anything, it is harder.

Articulate
03-25-2008, 08:38 PM
Already got rejected even with two cosigners. Dont know what else they want.
Anyways, the school sent me information and forms for canHelp. Pls can any1 enlighten me about canHelp? How reliable is it to get the loans?

covarubious
03-25-2008, 08:50 PM
What reason did they give you for rejecting you?


Already got rejected even with two cosigners. Dont know what else they want.
Anyways, the school sent me information and forms for canHelp. Pls can any1 enlighten me about canHelp? How reliable is it to get the loans?

Articulate
03-25-2008, 09:09 PM
They said everything was ok at the bank, then they gave me a call later that they did not qualify. This is not to discourage you or anything. My aunt is a professor at York University and she also own a theatre company. Her husband is a high school teacher so salary not that bad either. The two of them, still rejected, it is a blocked road. at least for me.
So can Help is the next step(with the same cosigner llol). and if that doesnt work, i'll resign to fate.

covarubious
03-25-2008, 09:30 PM
Hmmm... I have heard stories of different people/branches giving different criteria... maybe you try another branch or a different bank?


They said everything was ok at the bank, then they gave me a call later that they did not qualify. This is not to discourage you or anything. My aunt is a professor at York University and she also own a theatre company. Her husband is a high school teacher so salary not that bad either. The two of them, still rejected, it is a blocked road. at least for me.
So can Help is the next step(with the same cosigner llol). and if that doesnt work, i'll resign to fate.

raptors
03-25-2008, 09:37 PM
I would suggest looking at other banks as well.

I'm in the preliminary stages of looking at loans, but TD offered 150 000 with a co-signer at prime. However, this is pending information of the co signers assets, any liabilities and income confirmation.

BMO offered a medical school line of credit with 30 000/year with a maximum of 150 000 with a co signer again pending a full application (loan application).

covarubious
03-25-2008, 09:57 PM
Wow, things do seem to e getting harder... by the time i apply next year they'll give me $10, a coupon for a free coffee at Tim Hortons and send me on my way! lol Good luck!!

maserati
03-26-2008, 08:33 AM
All banks require a cosigner and maximum $150.

CANKID
03-26-2008, 08:45 AM
I'm not a financial expert, so I don't really know how the loans work, or what one to get.

I've read that CanHelp has high interest rates, but can you defer interest until you're done school??? This might be better in the long run???
I think the banks start charging interest right away on the money that you use.
So, if I'm correct ( from above???), what option is the best? Making the wrong choice could end up costing thousands in the end in interest and I'm not sure who to talk to (professionals) that won't charge money for their advice.
Thanks.

kauquah
03-26-2008, 09:00 AM
Does Saba have any Scholarships for NON-US students, like SGU's Peace Scholarship, for example? I've read that Canadian's have received as much as $75,000 through the Peace Scholarship.

maserati
03-26-2008, 09:02 AM
I'm not a financial expert, so I don't really know how the loans work, or what one to get.

I've read that CanHelp has high interest rates, but can you defer interest until you're done school??? This might be better in the long run???
I think the banks start charging interest right away on the money that you use.
So, if I'm correct ( from above???), what option is the best? Making the wrong choice could end up costing thousands in the end in interest and I'm not sure who to talk to (professionals) that won't charge money for their advice.
Thanks.







If you can get a co-signer who can be approved for $150, then I would definitely go with a bank. Unlike these private loan companies, in my opinion, major banks are way more established ( they don't just close down randomly and you can't receive your money) ; they are more reliable and more ways to contact and receive services ; and when you do pay them back, it will really strengthen your credit with that bank, good for the long run when you're buying house/car etc.

I am going with CanHelp, unfortunately. I cannot get a co-signer.

kajolandshahrukh
03-26-2008, 02:53 PM
OSAP really helps.

CANKID
03-26-2008, 03:18 PM
I know OSAP values are different for everyone, but how much should/could you expect to get from them? It must not cover much of the cost of Caribbean tuition.???

shirochan88
03-26-2008, 11:07 PM
I"m a canadian and I recall for OSAP you need to go through financial office in the university and such for papers, how would u do that down in SABA

Shwinster
03-27-2008, 06:43 PM
I"m a canadian and I recall for OSAP you need to go through financial office in the university and such for papers, how would u do that down in SABA

Ya, good questions. I would also like to know that. I am going to SGU but you guys have better information on loans for Canadians. Do they give you the money before you leave Canada, or do you collect papers at the Financial aid office on your island?

Shwinster
03-27-2008, 06:45 PM
I am going with CanHelp, unfortunately. I cannot get a co-signer.

Can you get CanHelp without a cosigner. They say that in MOST cases you require a co-signer. Also they have a place for co-signer information and signature on the form - did you leave that blank?

tpw2k
03-27-2008, 08:32 PM
i got canhelp w/o co signer. Have good established credit though.

maserati
03-27-2008, 11:07 PM
you can get canhelp without a cosigner

Articulate
03-28-2008, 01:19 AM
do anyone know how canhelp look at permanent residents as opposed to citizens?

Shwinster
03-29-2008, 12:25 PM
I have just gotten a CanHelp application and I was looking through it - and it looks like a bad deal. From what I gather they charge you an originating fee of 6% - that means that just for taking out the money they charge you 6%, right? Plus you have to pay a high interest rate. So if you take out $45,000 you will be charged $2700 just for taking it out. The APR example that CanHelp gives is 9.8% with no deffering interest payment. The Royal bank counterpart is a prime 5.5% anually. That is a difference of more than 4% that you are paying extra for CanHelp (with out defering payment) over Royal bank. Correct my comparison if I am wrong and please provide feed back on this comparison.

covarubious
03-29-2008, 01:19 PM
if you have a choice. :'( alot of people just have to take whatever they can get. Something I assume CanHelp is very well aware of...


I have just gotten a CanHelp application and I was looking through it - and it looks like a bad deal. From what I gather they charge you an originating fee of 6% - that means that just for taking out the money they charge you 6%, right? Plus you have to pay a high interest rate. So if you take out $45,000 you will be charged $2700 just for taking it out. The APR example that CanHelp gives is 9.8% with no deffering interest payment. The Royal bank counterpart is a prime 5.5% anually. That is a difference of more than 4% that you are paying extra for CanHelp (with out defering payment) over Royal bank. Correct my comparison if I am wrong and please provide feed back on this comparison.

Articulate
03-29-2008, 01:20 PM
Oh well, every Canadian first try the Royal bank route. They only do Canhelp when there is no other help available(llol). So it is the last ditch response. So if you can get bank loans, good, but if u cant, be grateful if you have canhelp unless u cant have ur medical degree.

Alz84
03-29-2008, 03:03 PM
I have a meeting with Royal Bank this Wednesay. I will let you all know how it goes...

maserati
03-29-2008, 05:14 PM
They (Royal Bank) will ask for a cosigner.

covarubious
03-29-2008, 05:30 PM
good luck!!


I have a meeting with Royal Bank this Wednesay. I will let you all know how it goes...

Articulate
03-29-2008, 08:56 PM
Royal bank need a very strong cosigner. Ask them how positive they are before they pull you and ur cosigner's credit report. If they pull the credit report every single branck you go, then it is bad on ur record. Too many recent inquiry. Thats what it came down to for me.
So yup Blessings. ALZ

woods
04-02-2008, 10:09 AM
I had a meeting with Royal Bank last week. I was approved for 150K without a cosigner (I'm 23, just finished my undergrad so I in no way have a career or anything). I think different branches have different policies in terms of their loans. But I would advise anyone to try RBC, don't just go by what you have read on this forum!

candu
04-02-2008, 05:47 PM
I had a meeting with Royal Bank last week. I was approved for 150K without a cosigner (I'm 23, just finished my undergrad so I in no way have a career or anything). I think different branches have different policies in terms of their loans. But I would advise anyone to try RBC, don't just go by what you have read on this forum!


Thanks for info

What was Royals rate prime+?

woods
04-02-2008, 08:13 PM
The interest rate is set at prime lending rate during the program and during repayment of the loan. Right now, prime lending rate is 6%.

covarubious
04-02-2008, 08:17 PM
what branch did you go to?


The interest rate is set at prime lending rate during the program and during repayment of the loan. Right now, prime lending rate is 6%.

Articulate
04-03-2008, 06:34 PM
I have applied to canhelp. No reply for a week now. For a credit score of 684, do u guys think i would be approved?

Shwinster
04-04-2008, 06:49 PM
Do we apply for osap like regular online even when going abroad? When is the first day for the 2008-2009 application to be available online. How many weeks do you put as your study period? Thanks very much.

Alz84
04-06-2008, 07:30 PM
So I had my meeting with RBC on Wednesday...not feeling that optimistic about it...

They pulled my credit history which was fine, but said they will get back to me in the next few days, and that IF they choose to go ahead with the application I will definitely need a cosigner. The woman who was helping me has gone on vacation for a week and left me a message saying she chose not to give the file to someone else but will contact me when she gets back (real nice...)

I'm definitely going to start looking into other banks...

Also don't know if there are any other Canadian students on here that are NOT from Ontario (ie not getting OSAP)...but FYI you can apply for student loans through the government of Canada just like you did for Canadian schools...SABA is on the list...the application for 2008/2009 is not available until Mid-May though...just thought I would pass that along if people are unaware... :)

maserati
04-10-2008, 02:43 PM
Has anybody with NO COSIGNER been denied by CanHelp?

Articulate
04-12-2008, 01:11 PM
Hi do anyone get the email about the tuition assistance programme? They said it is ffor people who did not qualify for TEri or Davenport. Anyone know what this tuition assisatnce thing is?

dr. anon
04-13-2008, 11:09 AM
whats davenport? I went to rbc and teri loans....it doesn't look promising looking for other options...osap not giving very much

Articulate
04-13-2008, 11:42 AM
Davenport i suspect is for US people. I have tried 5 BRC braches with good cosigner, no show. I am presently conditionally approved for Teri. I dont know how good that is. But the school said i should enrol for the may semester and everything should be fine. But am scared, dint wanna get stucked.

Articulate
04-13-2008, 11:43 AM
So anon, did u pay out of pocket for this semester? (May) or you are gonna pay the late fee of 200 dollars?

Articulate
04-13-2008, 11:44 AM
llol forgot something again. Osap only gave me 9,200 canadian dollars. Dunno if i can make them increase it.

maserati
04-13-2008, 12:04 PM
Davenport i suspect is for US people. I have tried 5 BRC braches with good cosigner, no show. I am presently conditionally approved for Teri. I dont know how good that is. But the school said i should enrol for the may semester and everything should be fine. But am scared, dint wanna get stucked.



By Teri do you mean "CANHELP" ??? For Canadians?

Did they specify what they meant by "conditionally approved"

Articulate
04-13-2008, 12:34 PM
Yup. Its Canhelp.
Conditionally approved means, they have checked your credit and your cosigner credit if applicable and it looks good to them. However they are still scared to say your approved and they need to confirm that all your information is true. The major things they would check is your citizenship, and your confirmation of enrollment.

So basically, the financial office is pretty satisfied with conditional acceptance for enrollment, just that you'll pay late enrollment fee of 200 box.
Hope that helps.

Articulate
04-14-2008, 06:38 PM
They increased the osap to 9600. Doe any canadian know how the osap can be increased to 11,000?

NadiaK
07-02-2008, 05:42 PM
Hi just to add a little more info to the discussion. I got a RBC line of credit for $150,000 at an interest rate of prime (%4.5). Also, the process was very easy, I applied one day and the next day I had it. And as mentioned earlier, I have assess to my accounts via the web and can transfer funds over the web. Also, I didn't need anyone to co-sign for me. Hope this helps.

Newfound

I am wondering since I got accepted into St. George's University School of Medicine (one year in England, one year in Grenada, two clinical years in the States) how to apply for a student loan. I do not have a co-signer, and RBC bank in Toronto told me that I require a co-signer. I am very desperate for a solution. Did you get your loan without a co-signer because you got accepted into a Canadian medical school?

maserati
07-02-2008, 08:26 PM
I am wondering since I got accepted into St. George's University School of Medicine (one year in England, one year in Grenada, two clinical years in the States) how to apply for a student loan. I do not have a co-signer, and RBC bank in Toronto told me that I require a co-signer. I am very desperate for a solution. Did you get your loan without a co-signer because you got accepted into a Canadian medical school?





It's a new policy adopted earlier last year. You need a cosigner if you're attending a school abroad, even if it's just in the US. I am in the same situation. Accepted to Irish med schools but parents won't cosign.

No solution.

We pretty much CAN"T attend med schools outside of Canada because they would all require $150k and more, so all banks would require a cosigner for that amount loan.

Hard reality.
Unless you're attending a Canadian med school. Kill this dream

k_peterson_01
07-05-2008, 09:48 PM
Has anyone else run into this problem?? I cant get a loan without a cosigner, and I have a hard time beliveing everyone has someone to cosign?? Any ideas/advice? OSAP may help, but like you said, pocket change ; )

gaia3
07-08-2008, 02:28 PM
Has anyone else run into this problem?? I cant get a loan without a cosigner, and I have a hard time beliveing everyone has someone to cosign?? Any ideas/advice? OSAP may help, but like you said, pocket change ; )

hey basically what the others said is true...IT SUX so bad!...i was in the same position...almost had to give up....but canHelp approves people for $100, 000 wihtout a cosinger if ur credit is good(that's wut i got thank god)....however i hear they stopped that just recently....i would still double check
GOOD LUCK

gaia3
07-08-2008, 02:29 PM
Question: if we have Can HELP...so we have to make payments while in school?

RPhtoMD
07-12-2008, 02:54 PM
Hey guys I got my LOC approved from RBC but they will only give me the money in yearly instalments. Even with 8 years of work experience, some $$ in my pension, RRSP's, a home, paid of car etc etc, they still wanted a co-signer, thankfully my wife co-signed for me. It's sad that its so hard for ambitious students, who want to follow there dream, to get the funding from banks, due to the given reality of todays economic climate. Also if you run into trouble at one branch pick another because from my experience, the banker I dealt with at the first location said I couldn't even qualify because of a carribean school, but the second branch I dealt with did all the work for me, and then chased me down to come in and sign the papers. Its crazy!. Good Luck to the rest of you

maserati
07-17-2008, 11:39 AM
Hey guys I got my LOC approved from RBC but they will only give me the money in yearly instalments. Even with 8 years of work experience, some $$ in my pension, RRSP's, a home, paid of car etc etc, they still wanted a co-signer, thankfully my wife co-signed for me. It's sad that its so hard for ambitious students, who want to follow there dream, to get the funding from banks, due to the given reality of todays economic climate. Also if you run into trouble at one branch pick another because from my experience, the banker I dealt with at the first location said I couldn't even qualify because of a carribean school, but the second branch I dealt with did all the work for me, and then chased me down to come in and sign the papers. Its crazy!. Good Luck to the rest of you




if you can get loans then i'd recommend applying for Ireland, it'd be a bit more GPA competitive but they won't weed you out just to make money off of you. they have amazing actual high tech schools that are comparable to major universities in north america, not like crappy SABA with microscopes from the 1930's.

RPhtoMD
07-17-2008, 01:11 PM
if you can get loans then i'd recommend applying for Ireland, it'd be a bit more GPA competitive but they won't weed you out just to make money off of you. they have amazing actual high tech schools that are comparable to major universities in north america, not like crappy SABA with microscopes from the 1930's.

Hey thanks,its a personal decision that u gota make, but look at all the facts just not the quality of microscopes. I considered the Irish Schools and the UK. Have a family member that teaches at Imperial and my wife is British, so it was a viable option. Have lots of family members that are GP's in the UK. However, aside from the tuition one has to realize that there are drawbacks to going there also. For example getting a junior house officer post/residency postion is very, very difficult in ireland and the UK if you dont have an EU passport. First preferance comes to holders of IRISH/UK passports then EU passports and then the rest of the world!. Unfortunately the NHS doesn't have enough spots for even local trained british medical graduates. The problem is likely to be resolved in the next couple of years. So again your competing to get back to North America. Completing electives in North America requires the same amount of leg work that Saba or Ross or any other carribean students go through, if not more!. I've been told by many physicians (including those at academic posts), that SABA graduates are just as good as any from RCSI. Recently on a recent trip to England, I sat beside a family physician affiliated with UofT practicing at the Sherbourne Clinic in downtown Toronto, and he word for word told me he preferred the Saba clerks he had work with, over local UofT students, because of their work ethic and knowledge of fundamentals. Now i know this is a broad generalized comment, but its good to hear. I guess its what you make of it. Trust me, having spent some time at a major NHS teaching hosital in London (Northwick Park Hospital), I'd be willing to bet SABA's affiliated hospitals are just as good as any in Ireland or the UK. I'm just hoping I make it that far!.

NPNaik
08-13-2008, 09:45 PM
Scholarships are your goal. RESP (registered education savings plans) and RBC!!!

gaia3
08-15-2008, 05:03 PM
Scholarships are your goal. RESP (registered education savings plans) and RBC!!!

i was not able to find any scholarships for international medical students.....any suggestions would be appreciated!!:D

raptors
08-16-2008, 08:41 AM
I received a RBC LOC 150 g's with a cosigner. I'm waiting for an OSAP response.

As other have suggested (Thanks tpw2k et al.) I opened up a RBC royal embassy us checking account (formerly called RBC centura) so that I will hopefully not get charged ATM fees (this account gives 2 free international, and free use of their system ATMs, I think they have thse at Saba a month). No fees associated with the account if you have a minimum of 700US, otherwise it's 3.50 a month. Just google it for more detailed information about fees/benefits. I also opened up a no fee RBC canadian checking account.

Easy transfer between LOC - checking - Us account.

gaia3
08-16-2008, 08:56 AM
hey but if u use the card in saba its considered international so you will be charged the atm fee, right?


I received a RBC LOC 150 g's with a cosigner. I'm waiting for an OSAP response.

As other have suggested (Thanks tpw2k et al.) I opened up a RBC royal embassy us checking account (formerly called RBC centura) so that I will hopefully not get charged ATM fees (this account gives 2 free international, and free use of their system ATMs, I think they have thse at Saba a month). No fees associated with the account if you have a minimum of 700US, otherwise it's 3.50 a month. Just google it for more detailed information about fees/benefits. I also opened up a no fee RBC canadian checking account.

Easy transfer between LOC - checking - Us account.

raptors
08-17-2008, 09:54 AM
I'm not exactly sure. Some posters have said that they haven't been charged fees. Maybe one of the ATM's is considered part of RBC's US system. I guess I'll have to wait and see. Otherwise, 2 free withdrawals a month and $2 for a withdrawal isn't to shabby.

cattyjane
08-22-2008, 08:42 AM
I received a RBC LOC 150 g's with a cosigner. I'm waiting for an OSAP response.

As other have suggested (Thanks tpw2k et al.) I opened up a RBC royal embassy us checking account (formerly called RBC centura) so that I will hopefully not get charged ATM fees (this account gives 2 free international, and free use of their system ATMs, I think they have thse at Saba a month). No fees associated with the account if you have a minimum of 700US, otherwise it's 3.50 a month. Just google it for more detailed information about fees/benefits. I also opened up a no fee RBC canadian checking account.

Easy transfer between LOC - checking - Us account.

Hey, I became interested in the account too. I called RBC about it. The cheques are free but there is a shipping fee associated if they are mailed to the Canadian address. Any chance for this fee to be waived? Well, it's still worth it to get this account though

mozdef
09-17-2008, 06:56 PM
I received a RBC LOC 150 g's with a cosigner. I'm waiting for an OSAP response.

As other have suggested (Thanks tpw2k et al.) I opened up a RBC royal embassy us checking account (formerly called RBC centura) so that I will hopefully not get charged ATM fees (this account gives 2 free international, and free use of their system ATMs, I think they have thse at Saba a month). No fees associated with the account if you have a minimum of 700US, otherwise it's 3.50 a month. Just google it for more detailed information about fees/benefits. I also opened up a no fee RBC canadian checking account.

Easy transfer between LOC - checking - Us account.

hey which branch did you goto for the credit line?

mrao
10-14-2008, 12:11 AM
i had a question..did anyone get a loan w/o a cosigner (talking to Canadian students) as well has anyone tried canhelp? i just got declined for my student line of credit through RBC because my cosigner didnt qualify..so i guess im not going to saba after all :|..
any help would be appreciated !
thanks in advance

seff
03-05-2009, 02:17 PM
TD doesn't offer the same type of loan that RBC does... I just went and spoke with them, and we do alot of business with TD.

Tomorrow I'm going to setup and appointment with RBC and hopefully they will give me the 150k LOC with a co-signer.

ngoctranly
03-05-2009, 11:45 PM
TD doesn't offer the same type of loan that RBC does... I just went and spoke with them, and we do alot of business with TD.

Tomorrow I'm going to setup and appointment with RBC and hopefully they will give me the 150k LOC with a co-signer.

Hi seff,
If you don't mind, please let me know whether RBC will give you loan with co-signer. I am really concerned about this whole financial thing even though I still have a bit of time before I start in Sep 2009.
Good Luck seff!
TL

seff
03-10-2009, 09:55 PM
I had to get a co-signer. They are now reviewing my application and are going to call me when its all been put through. Fingers crossed!

ngoctranly
03-10-2009, 10:12 PM
Thanks seff. Do they check both your and your co-signer's credit history?
My fingers are crossing for you!

seff
03-12-2009, 11:14 AM
yep
they check both

they also need to calculate yours and your co-signers 'net worth'... so if you have assets, it helps.

seff
03-13-2009, 10:40 AM
was approved today with 2 co-signers (both parents).

postdoc
03-14-2009, 04:05 PM
I have heard loans through MD Management is a good option as well. You can chose to defer the payment of your interests one year after the completion of your residency. In addition, you get to be a CMA (Canadian Medical Association) member. Although, you have to pay like $12.5/year to retain your membership. They do most of the banking for Canadian medical students but are also open to foreign medical schools like SUSOM. They also require a co-signer.

ngoctranly
03-15-2009, 11:21 PM
congrats seff!
thanks postdoc for the info.

I went to the CannLearn website and I ended up in OSAP site for the loan. So CanLear now does not offer any loan? Students from Ontario are eligible for OSAP only?

thejosh
05-19-2009, 01:47 PM
Where do you go to apply for this MD Management loan?

shilpi_gupta
10-27-2009, 10:54 AM
has ne1 taken a loan from scotia?

MDCM
10-28-2009, 06:30 AM
If you are from Quebec, the Quebec Government does not offer loans to medical students studying abroad.

"If you are studying outside Québec in one of the programs listed below, to which access in Québec has been limited by the Québec government or the Ministère de l'Éducation, du Loisir et du Sport, you are not eligible for financial assistance under the Loans and Bursaries Program:

Medicine, unless you live in Québec and study medicine at the University of Ottawa
Police Technology

"

Does anyone from Quebec have advice on applying for federal government loans? CanLearn redirects me to useless pages. I already applied for an RBC LoC. Any other "non-interest" loans available?

atropine
10-28-2009, 03:34 PM
has ne1 taken a loan from scotia?
I have a 200k professional LOC from Scotiabank. My parents cosigned it.

Dr.TO
11-23-2009, 09:21 PM
I have a 200k professional LOC from Scotiabank. My parents cosigned it.

Hello,

If you don't mind tell me roughly how strong co-signer Scotia banks needs? If anyone else has got lone from Scotia bank and provide any advice its appreciate. Thanks

canadianhopeful
12-04-2009, 02:29 PM
I just chatted with a Scotiabank advisor and they told me that Saba is not one of their recognized institutions for professional loans. Where did you get your loan? Are you from Ontario?


I have a 200k professional LOC from Scotiabank. My parents cosigned it.

IDL
08-30-2010, 03:20 PM
hi everyone,
I guess we are all in the same boat. I went around to every single bank and none of them approve medical school loans without a co-signer :(.
I read that people are applying for OSAP. can someone please clarify where to go and apply? (is there a specific application form for professional students or is it the same as you would be applying for OSAP to fund your undergrad?)
thanks!

xerxe_I
09-24-2010, 03:13 PM
I went to TD and I think they have the best option for Canadian Students. They give 200K line of credit, but they give 60K first year, 50K second year and 45K 3rd and 4th years. One cosigner should be enough and it does not have to be your parents.

Dr.Dreamz
03-26-2011, 09:02 AM
TD will not approve without a Cosignor. I have a Cosignor but they took into account my Undergrad debt of 40K and declined..

Any ideas, what to do from here?

raptors
03-27-2011, 03:29 PM
OSAP + RBC .... Just go to the regular OSAP page similar to undergrad I believe.

frogg
05-28-2011, 10:45 PM
Anyone get Canada Student Loans?

A Second Daniel
05-29-2011, 12:06 AM
Is it possible to get multiple professional lines of credit from several banks, like RBC+TD?

Doc711
06-02-2011, 11:18 AM
Is it possible to get multiple professional lines of credit from several banks, like RBC+TD?
yes, but you better have a godly cosigner lol

A-Rogue
06-03-2011, 01:12 PM
I was "preapproved" for $200K with no cosigner from RBC. When the application came back they had dropped it to $150K with a cosigner simply because I am going out of the country. Seems pretty stupid. But ya. That's RBC. Sounds like it would be a standard rule since my credit is perfect and I have no undergrad debt. I'll post more when I hear back from TD

Toronto-gal
06-14-2011, 12:25 PM
if i get a co-signer can i get up to 200,000?

Toronto-gal
06-14-2011, 12:28 PM
oh ok!!! ya i want to know what TD does. my co-signer would be my father who has been with TD forever with great credit...maybe that helps in getting out 200 000?

Toronto-gal
06-14-2011, 01:42 PM
so i went to the canadian student loans program site and they require you to start paying back loans 6 months after you graduate !! :O and its prime + ~5% interest..which i find ridiculous. CIBC said they would give me 200,000 with just prime. So all you ppl looking to get help from canada's government...forget ittt...unlesss u think u will be earning that much by end of med school :O

A Second Daniel
06-14-2011, 06:07 PM
so i went to the canadian student loans program site and they require you to start paying back loans 6 months after you graduate !! :O and its prime + ~5% interest..which i find ridiculous. CIBC said they would give me 200,000 with just prime. So all you ppl looking to get help from canada's government...forget ittt...unlesss u think u will be earning that much by end of med school :O

Just curious, how much does that work out to in monthly payments?

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06-14-2011, 06:53 PM
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A-Rogue
06-15-2011, 06:48 AM
if i get a co-signer can i get up to 200,000?

Maybe. I ended up needing a cosigner for $200k but they only bumped it up that high because my parents had been banking there their whole life. It was a struggle. It's not as easy as if you were staying in Canada.

mark84
07-04-2012, 02:34 AM
Hey Guys to
Good News for Canadian students get secure loans for education and higher study coming of the current tough economic times, obtaining credit has not been as easy as but now it is possible.

jmy84
07-18-2012, 10:31 AM
Good news for genius student now you get education loan for higher study in easy cradit is possible.

lowdy
07-22-2012, 12:31 PM
any options for getting loan/line of credit without a co-signer for med school out of canada? im having a tough time getting someone as a cosigner for such a large amount.

ArmyMedic
08-05-2015, 03:53 PM
Hello BTH,

Can you tell me if bad credit is an issue for med school loans? I posted my question elsewhere, but haven't gotten any responses yet, can you let me know? I've got the next two years to repair it since I garduate my undergrad in 2 years form now... my dad is willing to co-sign.







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