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Thread: Finances? SGU?

  1. #1
    Silenthunder is offline Senior Member
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    Finances? SGU?

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    Hey all,

    I've started thinking about financing medical school. Are there any canadians out there who are taking out loans for medical school? Other than Teri/CANHELP, are there other loans which I should be considering? What is the max amount you can get from Royal/TD/Scotia/CIBC?
    Do you need a cosigner?

    I've read a couple of the other threads on this topic, but they confused me a bit more.

    Cheers,

    Silenthunder

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    Kirst is offline Senior Member
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    Hi,

    I don't have any specific details, but below are some of the loan options available for Canadian students.

    "IEFC Teri's CanHELP 781-834-5334
    Current interest rate = Prime - 0.5%

    Canada Student Loan Services, BC Student Assistance Program 866-587-7452
    Maximum funding available for international studies in medicine = $5,600 CAD through federal program per year (2 semesters)
    Absolute cap at 340 weeks (80 months) or $35,000 CAD
    Women in medicine = Not a grant or bursary, just an extension to absolute cap

    Medical Student Line of Credit
    Bank of Montreal and Royal Bank of Canada both offer credit limits upto $125,000 CAD with interest rate of prime. You must be a Canadian citizen or permanent resident. Book an appointment at the nearest branch and take the offer of admission letter with you."

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    urgent

    Hi.

    With respect to the Royal Bank and B of M, do they extend credit to students studying abroad with NO co-signer? We have solid credit history. I thought you had to be Canadian residents for this - which doesn't make sense. IF they are loaning money to off-shore studnets de facto we don't have residency as we are out of the country more than 6 months in a year.

    If you know of anyone - even a rumour that this line of credit might work for us, please tell me the exact branch you or your friends are using and I'll give them a ring at Christmas.

    thanks for the input.

    S-

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    fianances

    I just re-read your question and my own search for funds has taken a rather desperate turn.

    Anyhow, in response to my posts I've learned that Royal Bank loaned a colleague - a line of credit really - $125,000 CDN. Not bad. Without a co-signer.

    CIBC & BofM and TD also have programs, but we have personally been rejected from CIBc & TD. But we are going to go after this again at Christmas. Maybe we will try in Toronto (rather than Hamilton) - others have posted that they have got lines of credit from the same institutions that rejected us.

    CanHelp is ok if your school is approved. Ours isn't. There is a 'disbursement' fee. Just add that in to the cost of financing - if you are lucky enough to have options to choose from. Right now, we are not in a position to squabble about rates or terms. The Godfather option is looking better and better each day. Make the most of the country's assets I always say...

    Good luck. S-

  5. #5
    SKL
    SKL is offline Member 510 points
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    also watch out

    that if the line of credit allow the student to just pay interest only, rather than interest & principal. When I looked into CIBC & TD like 2 yrs ago, their lines of credit needed to make a monthly payment of 3% of total loan balance. So be careful the payment terms.

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    baz
    baz is offline Newbie
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    Royal Line of credit

    Hi,

    I am trying to get a student line of credit from Royal, but they are saying I need to resident of country I am to school.

    Question
    1. For carribbean schools (e.g Ross) would I say the school is based in the US or on he Island?

    2. What royal bank product am I specifically looking for?

    Baz

  7. #7
    SKL
    SKL is offline Member 510 points
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    Royal Line of credit

    Quote Originally Posted by baz
    Hi,

    I am trying to get a student line of credit from Royal, but they are saying I need to resident of country I am to school.

    Question
    1. For carribbean schools (e.g Ross) would I say the school is based in the US or on he Island?

    2. What royal bank product am I specifically looking for?

    Baz
    I think you should double check with Royal Bank, I believe they want to lend money to Canadian resident, and not the resident of the school that you go to (like Dominican or US).

    You should ask for the student line of credit, or also the normal personal line of credit. but student line of credit is better, I think they let you to pay interest only when you are enrolled in school. Just tell them you are canadian resident planning to go oversea study for a few years for medicine.

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