Sponsored Links
Page 1 of 2 12 LastLast
Results 1 to 10 of 16

Thread: Found Money!!

  1. #1
    Join Date
    Sep 2003
    Posts
    277
    Downloads
    3
    Uploads
    0
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Found Money!!

    Advertisements



    Yes, it happened over the Christmas break. We found the financial assistance we needed to continue over the break from the Royal Bank of Canada. Here's what we learned.

    1. OSAP is acutally the overarching name for about 9 programs. The Canada student loan program is one of them. So is the Canada Study Grant. We get 8,000 cdn from Canada student loan and $2,500 from Canada study grant because we have dependants - read kids.

    Some provinces offer additional assistance to students studying abroad (like Nova Scotia and BC) but Ontario doesn't.

    So, at $10,500 we are at the max. This covers our tuition so we were looking for living expenses.

    2. Bank of Montreal. You can call in over the phone and do the whole application like that. They do offer professional student line of credit to medical students studying overseas, but you must have a co-signer. It is decided on the strength of the co-signer. We didn't want to ask our retired parents to co-sign and both have good credit so we kept looking.

    3. CIBC. My husbands family does their investments with these guys and have a good bit of money there. They simply do not offer this product to overseas medical students. He even called Toronto to talk to the risk manager about exceptions etc. No. But he had a friend at the Royal Bank and he called to ask about their program. His contact got back to him and said 'sorry we don't do this either.' Interesting, because his contact was WRONG. If we had listened to this rejection we would not have been successful in our search for funds.

    4. Royal Bank. We walked in to our local branch. The girl was too busy to see us so she telephoned down the road to the next branch where there was someone who was experienced in dealing with professional student lines of credit. My husband went in and within 20 minutes the contracts were signed. I can't tell you the weight that has been lifted off our shoulders!!

    They look at total debt and will let you bear about $125,000 CDN total. Since Mat will have circa $60,000 in Canada students loans they were willing to let him access circa $75,000 CDN in lines of credit. (We took $60,000 CDN). This is released as $20,000 for each of the next 3 years. Interest must be paid monthly during your study period. This is done by adding it to the balance. No penalty to pay off whole thing upon graduation. Interest is 5.5%.

    No co-signer. The woman just said to remember them when we are done.

    I could have got the same as I'm also studying medicine.

    We both have good credit rating.

    Other notes: I called St. Georges thinking - God those Canadians must be getting money from somewhere to go there as tuition is so damn high, and they were very helpful. She said the shortfall of tuition is covered by a company called EdInvest. I spoke with EdInvest and they have relationships only with certain schools - mostly in the Caribbean. Technically we could apply to have our school certified by them but I have no need now.

    Caribbean schools offer loans and scholarships themselves it seems. Must be nice...

    I'm so happy we will be able to continue our studies - actually get back to studying. It's been tough with such a big issue looming overhead. If we don't need the line of credit and can make the money in the summers or whatever that's great. But it's there if we need it.

    Thanks VERY much to redshifteffectz for suggesting we research the above & silentthunder for the support as well. It was good to see you guys at Christmas. Trust the term is going well.

    Bye for now. S-

  2. #2
    Join Date
    Sep 2003
    Posts
    300
    Downloads
    0
    Uploads
    0
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Found Money!!

    Hey guys!

    Congrats!

    Anyway this maybe too late for u guys but i did find this site out:

    http://www.internationalstudent.com/...students.shtml


    Anyway best of luck!

  3. #3
    you5 is offline Junior Member
    Join Date
    Feb 2003
    Posts
    84
    Downloads
    6
    Uploads
    0
    Images
    13
    Thanks
    0
    Thanked 0 Times in 0 Posts

    need more info please

    Hi ,

    i 've read your pretty interested post and i was wondering :

    -how difficult was to obtain credit line from royalbank?
    -did they looked at your credit history, do you think that a score of 700 is enough to be trusted by royalbank?
    -could you detail precisely how do they analyze your demand?

    as i have no other possibilities except credit line to finance my studies i really need to measure the risks.

    thank you very much

    You5

  4. #4
    Join Date
    Sep 2003
    Posts
    277
    Downloads
    3
    Uploads
    0
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Don't know

    Hi.

    I'm not sure what 700 means. All that happened I outlined above.

    We took all the papers from OSAP in so she was aware of our total debt load right now. It is $10,000 per year. And Mat is in 3rd year so he now owes $30,000 (CDN). He has another 3 years to go for another $30,000. So, from OSAP over the course of this degree he will owe $60,000.

    The limit the Royal Bank will give you is maximum $125,000 OVERALL. So, in our case that works out to be $125,000 - $60,000 = $65,000. That means that they will give us a line of credit for $65,000 CDN. So, those funds will be available at $20,000 per year.

    She did indicate that if we need more, we were to call her back and ask. She said she has some flexibility and could give us another $15,000 if we needed it.

    There were no real questions about credit rating, loan history etc. We've never had loans before (always paid cash for cars etc.) Credit cards yes. Sometimes a balance but always paid on time. So, we don't have bad credit, we've just never used it before.

    I think the key with the whole bank concept is to find someone that knows - each bank has experts that deal with their professional student lines of credit. You must find that person. Almost certainly anyone else within the bank will reject you. Ask for the person who deals with it specifically.

    If you are local to Hamilton you can call our lady if you like. Are you in Ontario?

    FYI. One of our friends called her and was refused as he is an American. So, you must be a Canadian citizen (maybe landed is ok - not sure).

    Also, Teri Corporation or CANHelp (same firm) helps Canadians studying in the States or abroad. IF your school is recognized and accredited by them. Most schools are that you would be thinking of.

    Good luck. Let me know if I can tell you something else. There really wasn't too much too it - except it saved our lives!! S-

  5. #5
    you5 is offline Junior Member
    Join Date
    Feb 2003
    Posts
    84
    Downloads
    6
    Uploads
    0
    Images
    13
    Thanks
    0
    Thanked 0 Times in 0 Posts

    thanls a lot

    unfortunately i am from montreal, but i will follow your advice to find the right person at the banl of montreal.

    unfortunately CANhelp only help canaidan citizen, as i am a landed immigrant i am not eligible so far, i wonder why while landed immigrant in the US are eligible to their stafford loans.

    i will attend SABA med school so i hope that royal bank will consider SABA as eligible for student line credit, otherwise i won't have other choice that considering other med school against my wish.
    but that's life.

    thanks a lot for your very good advice.

    You5

  6. #6
    Join Date
    Sep 2003
    Posts
    277
    Downloads
    3
    Uploads
    0
    Thanks
    0
    Thanked 0 Times in 0 Posts

    ok

    Hi.

    OK. Try Montreal with the Royal first. IF they say no, then let me know and I will give you the phone number of the lady we dealt with. It's worth a phone call if she will support you.

    If you have a co-signer, look at Bank of Montreal as well. I know they do it too.

    Good luck. S-

  7. #7
    you5 is offline Junior Member
    Join Date
    Feb 2003
    Posts
    84
    Downloads
    6
    Uploads
    0
    Images
    13
    Thanks
    0
    Thanked 0 Times in 0 Posts

    thanks so much

    Hi peacefuljourney,

    thank you so much for your advice and support.
    i hope that i will not need the phone number, it will means that everything
    will be going well.

    You5

  8. #8
    you5 is offline Junior Member
    Join Date
    Feb 2003
    Posts
    84
    Downloads
    6
    Uploads
    0
    Images
    13
    Thanks
    0
    Thanked 0 Times in 0 Posts

    desapointed

    Unfortunately, i did all the banks in montreal and none of them is willing t give me 100000 dollars, they all tell me that they have no guarantee that ill come back in canada...
    i have an excellent credit history,no debt,never had any loan before except 3200 dollar from quebec ministery of education and that<s it.

    what should i do

  9. #9
    you5 is offline Junior Member
    Join Date
    Feb 2003
    Posts
    84
    Downloads
    6
    Uploads
    0
    Images
    13
    Thanks
    0
    Thanked 0 Times in 0 Posts

    desapointed

    Unfortunately, i did all the banks in montreal and none of them is willing t give me 100000 dollars, they all tell me that they have no guarantee that ill come back in canada...
    i have an excellent credit history,no debt,never had any loan before except 3200 dollar from quebec ministery of education and that<s it.

    what should i do

  10. #10
    baz
    baz is offline Newbie
    Join Date
    Oct 2003
    Posts
    8
    Downloads
    0
    Uploads
    0
    Thanks
    0
    Thanked 0 Times in 0 Posts

    RBC LOC

    Hello,

    I was just accepted to Ross to begin Jan 2005. I would really like to contact this lady in Hamilton for the Line of Credit. Could I get her name and number.

    Thank you
    Baz

Page 1 of 2 12 LastLast

Similar Threads

  1. Has anyone found anything?
    By skpm2md in forum Financial Aid Forum
    Replies: 0
    Last Post: 11-04-2008, 04:13 PM
  2. Money Money Money Moneeeeeey
    By Scout in forum American University of the Caribbean (AUC)
    Replies: 2
    Last Post: 12-28-2006, 09:18 PM
  3. money, money, money,...MONEY?!!!! TERI or MEDI
    By jiveturkey in forum Saba University School of Medicine
    Replies: 12
    Last Post: 10-26-2004, 03:31 AM
  4. found this useful.....
    By Anonymous in forum USMLE Step 2 CK Forum
    Replies: 1
    Last Post: 09-17-2003, 01:50 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •