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  1. #1
    Moejr is offline Newbie 510 points
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    Funding for MUA?

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    Hello People, I just got accepted for the jan, 2019 term. I have been having a lot of difficulty securing a line of credit because of my poor credit score. Undergrad wasn't that easy. However, my sister is a physician in States and Im in Canada. Is there absolutely no way that she can cosign a loan for me? Please help??!?!!! Or any other way?

  2. #2
    scotia is offline Junior Member 510 points
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    You wouldn't be able to secure a line of credit enough to fund MUA regardless of your credit score without a cosigner in Canada. None of the big banks will fund Caribbean education without a cosign. The best option would be have your sister get in touch with whoever you want your loan from and ask if there's any way she could be that cosigner. I suspect the banks would want tangible assets they would be able to go after which might not be possible if she has none in Canada.

  3. #3
    don1 is offline Moderator 547 points
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    agree with Scotia. Most I could get was 50K with Rbc without a cosigner. Canadian banks rarely give large loans without cosigner now. I would try what Scotia suggests. I would even try a few different branches of the same bank, ideally close to a university. I found ones close to a university know more about loaning to students and may be more willing to go the extra mile to get the loan approved.
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  4. #4
    Doc Mobile is offline Junior Member 510 points
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    Co-signer

    Quote Originally Posted by Moejr View Post
    Hello People, I just got accepted for the jan, 2019 term. I have been having a lot of difficulty securing a line of credit because of my poor credit score. Undergrad wasn't that easy. However, my sister is a physician in States and Im in Canada. Is there absolutely no way that she can cosign a loan for me? Please help??!?!!! Or any other way?
    I can relate to your situation. I was accepted into a big-3 Caribbean school but my financial profile was very weak. I became resentful that my family members wouldnít come to my aid, really believing that I deserved to become an MD at that time and that school. In hindsight, I realize that could have been a very bad choice, racking up a larger pile of debt than I had already, plus potentially straining the relationships with my family. I had to let it go then. Later, my finances improved substantially and a better option came available. I can see why I needed to wait. Attending school is your decision and also your financial responsibility. If my sibling asked me to co-sign, I would refuse, not because I donít love them, on the contrary. Try to stay debt-free! Once you have, you wonít want to go back. Be patient. Regards

  5. #5
    don1 is offline Moderator 547 points
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    I suppose everyones situation is different. When I started American banks would give Canadian loans but for a high percentage rate and upfront fees. After my first semester they stopped giving out loans. I had a lot of financial stress during medical school and my sibling ended up cosigning a loan for me to finish. Some family members I would not personally cosign for, but if I believed they would finish or pay back their loan if they didn't complete their training I would cosign. I would also have to consider that If I cosigned for someone else a lot of my credit would tied up for years making it harder to get a house or finance a major purchase. It is tough to blame others for not wanting to cosign for you but I would feel the same in your situation. For myself, I got into a lot of debt but paying it off now quickly now that I am done and working.

    Quote Originally Posted by Doc Mobile View Post
    I can relate to your situation. I was accepted into a big-3 Caribbean school but my financial profile was very weak. I became resentful that my family members wouldn’t come to my aid, really believing that I deserved to become an MD at that time and that school. In hindsight, I realize that could have been a very bad choice, racking up a larger pile of debt than I had already, plus potentially straining the relationships with my family. I had to let it go then. Later, my finances improved substantially and a better option came available. I can see why I needed to wait. Attending school is your decision and also your financial responsibility. If my sibling asked me to co-sign, I would refuse, not because I don’t love them, on the contrary. Try to stay debt-free! Once you have, you won’t want to go back. Be patient. Regards
    MUA Forum Moderator

  6. #6
    Doc Mobile is offline Junior Member 510 points
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    Loans and Cosigners

    Quote Originally Posted by don1 View Post
    I suppose everyones situation is different. When I started American banks would give Canadian loans but for a high percentage rate and upfront fees. After my first semester they stopped giving out loans. I had a lot of financial stress during medical school and my sibling ended up cosigning a loan for me to finish. Some family members I would not personally cosign for, but if I believed they would finish or pay back their loan if they didn't complete their training I would cosign. I would also have to consider that If I cosigned for someone else a lot of my credit would tied up for years making it harder to get a house or finance a major purchase. It is tough to blame others for not wanting to cosign for you but I would feel the same in your situation. For myself, I got into a lot of debt but paying it off now quickly now that I am done and working.
    Glad that worked out well. For your happy ending, I know of several that werenít. We usually donít hear of those stories, itís not anything people want to talk about openly.

  7. #7
    don1 is offline Moderator 547 points
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    Thanks. I agree. When things work, it is great. I have spoken with many classmates over the years and most have finished and enjoying life. There are a few that have not made it through for some reason or another and it is very unfortunate. Not finishing your training can rob you of your time and money. That said, rarely there are those that find that medicine is not for them after they start their training and do something else; and it was worthwhile for them to try medicine to figure that out.



    Quote Originally Posted by Doc Mobile View Post
    Glad that worked out well. For your happy ending, I know of several that weren’t. We usually don’t hear of those stories, it’s not anything people want to talk about openly.
    MUA Forum Moderator

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