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  1. #1
    jasano is offline Junior Member 510 points
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    Canadian Students and Loans

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    Just wondering what loans people are finding for the premed program and beyond. Are any of the major banks, for example, offering loans and if so, what are the repayment terms? When it comes to Ontario Student loans, my income will most certainly be too high for the premed program, but I might later be eligible for the medicine end of things. Can anyone explain how the application process works for OSAP and whether or not the process can be started outside the province?

  2. #2
    Dr.Cosmos is offline Junior Member 510 points
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    Hey, I applied at TD bank for a Med school student loan and was approved right away. I had the option of using that money for the pre med program too. However, I used most of my savings for that, as I do not want to incur any interest yet. I also applied for OSAP and was approved but yet to receive any funds as I just recently sent in all the documents. You can apply for a pre med program in OSAP but you'd have to apply it as an out of province school option or something.

  3. #3
    floreat is offline Newbie 510 points
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    Quote Originally Posted by Dr.Cosmos View Post
    Hey, I applied at TD bank for a Med school student loan and was approved right away. I had the option of using that money for the pre med program too. However, I used most of my savings for that, as I do not want to incur any interest yet. I also applied for OSAP and was approved but yet to receive any funds as I just recently sent in all the documents. You can apply for a pre med program in OSAP but you'd have to apply it as an out of province school option or something.
    how did you get the med loan from TD without a letter of acceptance? you said you have the option to use the med loan for pre-med... but don't you have to go through pre-med first before you can get the MD acceptance?

    just curious because I am going through TD as well, but I was told I'll have the do the $10,000 student line of credit first for pre-med (and pay everything else myself or with government student loans), and then after I pass pre-med and get into the MD I'll apply for the med line of credit then.

    did you find some way around this?

  4. #4
    Dr.Cosmos is offline Junior Member 510 points
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    Quote Originally Posted by floreat View Post
    how did you get the med loan from TD without a letter of acceptance? you said you have the option to use the med loan for pre-med... but don't you have to go through pre-med first before you can get the MD acceptance?

    just curious because I am going through TD as well, but I was told I'll have the do the $10,000 student line of credit first for pre-med (and pay everything else myself or with government student loans), and then after I pass pre-med and get into the MD I'll apply for the med line of credit then.

    did you find some way around this?
    Hey, I just applied for a private student loan and they approved me, and I had the MUA head office send me a letter of acceptance for med school with a conditional acceptance that I finish premed or something.

    You can request Katie Lau to draft you an Enrollment Verification Letter for your bank. My loan officer looked confused at first but when I explained, she proceeded to file the application.

  5. #5
    floreat is offline Newbie 510 points
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    Quote Originally Posted by Dr.Cosmos View Post
    Hey, I just applied for a private student loan and they approved me, and I had the MUA head office send me a letter of acceptance for med school with a conditional acceptance that I finish premed or something.

    You can request Katie Lau to draft you an Enrollment Verification Letter for your bank. My loan officer looked confused at first but when I explained, she proceeded to file the application.
    thank you so much! I was hoping you'd say something like that. that makes the loan process so much easier now

  6. #6
    jasano is offline Junior Member 510 points
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    Thanks to everyone who replied. I deal with the TD bank currently - so I would need a letter from the school of medicine? I think I can handle financing things out of pocket for the premed program, but I may need some funds when medicine starts. Any other banks offering loans? I was thinking of switching everything over to Scotia bank as they have branches in Nevis.

  7. #7
    inquiringmind is offline Junior Member 510 points
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    Hi! You might want to look into BMO with respect to securing a student line of credit. I think you could get OSAP to cover some of the expenses as well provided you get a conditional letter of acceptance. I'm with TD bank as well but I am seriously considering switching to BMO.

  8. #8
    jasano is offline Junior Member 510 points
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    What about Scotia Bank? I don't deal with them anymore, but the thing is, they have branches in Nevis. Anyone know whether Scotia Bank offers anything in the way of student lines of credit? The official at the school mentioned something about a loan service through the school? Maybe I should get in touch with her. I hope to pay out of pocket as much as possible, and only use loans as a last resort - is it possible to arrange for one and let it sit in case I need it later?

  9. #9
    frananagor is offline Newbie 510 points
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    Dr Cosmos,

    Which TD bank branch approved your loan. I had spoken to them on line but they stated that they do not grant any loans to school outside Canada. Please I am desperate. You can email me details if you do not mind. How much did you get from Osap? FYI: Ihave already been aceptd into the med. programme for 2012 Jan.

  10. #10
    jasano is offline Junior Member 510 points
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    If you've been accepted directly into the medical program, then you might want to check out the Royal Bank - they definitely offer loans to students studying abroad. I thought that the TD bank did as well. This is from the TD's website under student lines of credit FAQ:
    Student Services

    "3. Can I apply if the post-secondary institution is out of country?

    Yes, provided that your co-borrower resides in Canada." ~ from their website.

    So, I would go and speak to the loan officer in the bank personally because I think they look at these things on a case by case basis. As you are from Canada, you also should qualify for Canadian Student Loans - you may want to look into these as well.

    I hope this helps.

    By the way, what are you doing for health insurance? Do Canadian students need health insurance apart from the government plan? I've been trying to get an answer to this one for months

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