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Thread: TERI

  1. #1
    Desidoc is offline Member
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    TERI

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    Hi,

    I was just hoping if someone who applied for this loan can give me some inside scoop???? Are they totally tough on individuals applying for loan? And how badly do they look upon a credit card payment that went to collection agency, but then was promptly paid?

    I was just wondering

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    IndianBabu is offline Senior Member 510 points
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    hey

    Hey Desidoc,

    I'm in the middle of applying with TERI (CanHelp), and in order to qualify for their loans, you need a FICO score (an arbitrary score that is placed on you based on your previous credit history) over 650 (out of 900). This is not too hard to get, but if you are curious to find out your FICO score, go to:

    https://www.econsumer.equifax.ca/ca/.../sp_detail.jsp

    You can find out your own FICO score, and see where you stand in terms of your credit application.

    Good luck,
    IndianBabu
    SGU SOM, Class of 2009
    An ex-samosa technician with a big heart from Canada.

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    KDog is offline Member
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    Teri

    Have you compared the Teri with a student line of credit (i.e Royal, Scotia etc.)? I am curious as to which is better over the long term. I will be looking at these options myself in the next month or so.

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    IndianBabu's Avatar
    IndianBabu is offline Senior Member 510 points
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    Teri

    Quote Originally Posted by KDog
    Have you compared the Teri with a student line of credit (i.e Royal, Scotia etc.)? I am curious as to which is better over the long term. I will be looking at these options myself in the next month or so.
    Hey KDog,

    TERI is much better, in the sense that you DO NOT have to make monthly interest payments, UNLIKE the student line of credit from Bank of Montreal, Nova Scotia, Royal Bank.

    This is a huge advantage, since by 3rd or 4th year, those interest payments are gonna be huge burden on you, unless you have family members who can pay it for you.

    I would definitely try to get as much as possible from TERI, and then seek other options.

    Good luck,
    IndianBabu
    SGU SOM, Class of 2009
    An ex-samosa technician with a big heart from Canada.

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    KDog is offline Member
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    Teri it is!

    Thanks IndianBabu,

    I am currently selling a chiropractic business that I purchased 4 years ago in Toronto. My bank is saying just tell us what you need. I wasn't aware of the interest payments immediatly. For the Teri Loan how mucch will they lend per year (assuming AUC at 9000/semester, tuition only)? I guess you have to wait until formal acceptance to apply. Is this coorect? I am applying for Jan 05, and won't be out of my business until December.

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    Stitches is offline Member
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    teri

    Correct me if I'm wrong guys, but I recall the Teri Canhelp program can loan up to $25,000 U.S. for single signer, and up to $40,000 if you have a cosigner. This is for every two semesters. Check their website; there should be a link from your school's webpage. Hope this helps. Good luck!

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    drzed is offline Member
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    Interested in your chiro practice:

    Quote Originally Posted by KDog
    I am currently selling a chiropractic business that I purchased 4 years ago in Toronto.
    I'd be interested in finding out more information on where exactly your practice is located and further details regarding this sale. Feel free to PM me with your contact info.

    -z

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    eenie is offline Member
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    Loan

    Does the TERI loan have interest? Do you accumulate interest as you study?

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    interest

    Yes, the TERI loan takes a lot of interest, and they charge you a guarantee fee of 5-7.5% on the principal you get. In other words, they charge you a ton for borrowing a ton of money.

    Make TERI your last resort, if all else fails....otherwise, make sure you pay off your TERI loan when you graduate as fast as possible.

    Good luck!

    IndianBabu
    SGU SOM, Class of 2009
    An ex-samosa technician with a big heart from Canada.

  10. #10
    KDog is offline Member
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    Teri

    I was under the impression that it was $25,000 per academic year. Stitches posted that it is for every 2 semesters, is this correct seeing that there are 3 semesters per year?

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