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Thread: borrowing

  1. #1
    KDog is offline Member
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    borrowing

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    Is it possible to get the maximum Canadian Student Loan (CSL) and still apply for Teri and/or Bank Line of credit? What about Stafford loans for Canadians. Is it true if you have a US co-signer that you may be approved and interest does not begin until after completion? Also if your priveious year before you applied you had an income of over say $50,000, will they deny you entirely?

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    docmartin is offline Junior Member
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    re: borrowing

    In regards to the borrowing question:

    I don't believe Stafford exists for us, Canadians. You can still get additional funds when you get max. CSL. The Canadian branch of TERI ( I believe) is CanHELP. Sorry if I am wrong. To qualify for CanHELP, you need a Canadian cosigner. Hope it helps. This is what I got out of reading the TERI website. Good luck.

    Martin

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    tRmedic21 is offline Elite Member 510 points
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    Stafford

    You must be a US citizen (born or naturalized) or a US Permanent Resident to get Staffords.

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    KDog is offline Member
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    CAN/help

    Thanks for the helpful information. Are you aware if the the CAN/help will waive interest payments until completion of degree similar to the Stafford loans in the US?

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    docmartin is offline Junior Member
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    CAN/help

    Quote Originally Posted by KDog
    Thanks for the helpful information. Are you aware if the the CAN/help will waive interest payments until completion of degree similar to the Stafford loans in the US?
    As far as I know, they will.

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    expatcdn is offline Newbie
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    TERI Corp

    I'm a Canadian currently going to medical school in the US. Since I don't have a green card the ONLY loan I was eligible for was the CanHELP loans. The interest does accrue as soon as you get your money but payments are deferred until after graduation. You can then apply for a second deferment during residency. Make sure that TERI is your last option because the interest rates suck.

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    KDog is offline Member
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    TERI

    Thanks for the info expatcdn. It's good to know that you can defer payment during residency. What is the maximum amount per year that they will lend? I guess this largely depends on the cost of tuition.

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    expatcdn is offline Newbie
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    Yearly allowance

    The max amount of money you can borrow per school year without a co-signer is $25, 000 and with a co-signer I think is $50, 000 USD. But if your school is like mine, the school puts a cap on the total amount of educational loans your allowed to borrow each year. In that case, the school has final say. Hope this helps KDog. Let me know if you have any other questions!

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