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  1. #1
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    Financial Assistance or Transfer

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    Hi.

    Both my husband and I are studying at Comenius University in Bratislava. He is in 3rd year and I'm in 2nd. We have 2 small kids (3 & 4 years). We originally choose this school as we have an (old - ok very old) family house in the area and we thought it would keep our cost of living down.

    Comenius is accredited by the WHO and recognized by the Canadians so we get Canada student loan max ($10,000 CDN) which just about covers tuition. We really need to come up with another $15,000 CDN on the very low side to make this work. I can't find money anywhere.

    There is a group called CANhelp (we call them Can't help) or Teri Corporation or international education foundation (they go by all 3 names) and they will loan up to $25,000 USD for medical students per year. AND even to Canadians studying abroad. Trick is your school must be accredited by them. The form seems simple, but Comenius is not accredited. Apparently we don't have enough North Americans to make it worth their while.

    Royal Bank, CIBC and TD all have lines of credit for Canadians, but you must be a Canadian resident still OR have a co-signer. As 2 adults with excellent credit rating, I don't feel I need to ask my retired parents to co-sign for us.

    I've heard of some Canadians getting these lines of credit. How is that possible?

    Please any suggestions would be very welcome.

    Our options as they stand now are:

    1. Someone take a year off to work while the other person continues in meds
    2. Mat move to another school, only so he can get loans to support all of us (leaving our children without their dad)
    3. All of us move to another school, meaning the kids would have to readjust etc.

    How is that the Americans can get tons of cash and we are supposed to do what? The banks were the worst to deal with.

    I guess I can also research residency and see if I can claim Canadian residency even though we must be away from Canada for over 8 months a year and have not fully reside there for 3 years now.

    Hey maybe one of the mafia families will loan me money... more porsche suv's and mercedes per capita here than in Toronto.

    Cheers guys. Thanks for whatever advice/ideas you have.

    S-

  2. #2
    dt
    dt is offline Elite Member 510 points
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    ummm...

    If you are studying in another country, I believe you are still considered a "resident" of the province you last reside in. I know that for BC, if you go out of country to study, you are still considered a resident of BC -- especially for the Medical Services Plan (5 years max coverage outside of country, but that clock can be reset each time you reenter Canada and stay for a certain length of time) and income tax (be sure to claim your tuition each year - unused protion can carry forward).

    I believe Royal Bank and Bank of Montreal both have a "professional" line of credit. Also some credit union.

    I suppose you dont have any RRSP or other equities left...


    dt

  3. #3
    dt
    dt is offline Elite Member 510 points
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    residency

    I am thinking that you are considered a resident of Canada unless you officially declared non-resident status (with CCRA). And I dont see why you would have done that when you went out of country to study.

  4. #4
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    Residency

    Thanks so much for your replies.

    We just reveiwed residency requirements as far as Canada is concerned from 2 perspectives:

    1. the Canada immigration act
    2. a lawyer

    And the bottom-line is that we must be in Canada for half the year in order to be considered residents according to law. We did not claim non-residency status.

    BUT when I contacted the bank(s) again, they suggested that their concept of residency is not necessarily identical to that of the law. I suppose that could be good or bad.

    Maybe we just need to go higher in the food chain within the bank. We are dealing with the branch manager in the case of TD & Royal (Hamilton). Maybe if we dealt with someone in Toronto, they would have more experience with this type of thing.

    Is anyone willing to share the name of their banker that was able to execute a line of credit or loan for Canadian meds students abroad? Perhaps we need to work with someone that has experience in this area.

    What do you think?

    S-

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