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  1. #1
    jasano is offline Junior Member 510 points
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    Canadians can forget loans for pre-med too.

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    I just got off the phone with a loan officer at the Royal Bank - a phone call in which yesterday's elation rapidly turned into today's disappointment. Professional loans for students do not apply to pre-med students and certainly not to international students. Even for medicine, it sounds as though you will need a co-signer, and won't exactly be privy to the same deals offered Canadian students, who have somehow won the lottery and actually get to study Medicine here at home.

    I should point out that my credit history is without blemish; I own property and have a very good income (at present) and I work in a professional capacity as a Registered Nurse: the bank officer told me that my credit rating was stellar - which I assume means pretty good. Chances are, if I can't get a loan, nobody can. Now, I might qualify for a loan for non-professional programs (at a substantially reduced offering and at higher interest), but would need a cosigner.

    Just be wary - Canadians are likely going to have to pay their way through pre-med as well. So those American sob stories that we sometimes hear on this forum can be commiserated well.

    Good luck to everybody in premed, and especially so with financing.

  2. #2
    jasano is offline Junior Member 510 points
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    I know that no one replies to any of my postings, but just in case you're reading the above, I should clarify that this is not a reflection on MUA - this is the bank policy towards Carribbean schools in general - in fact, any schools outside of Canada.

  3. #3
    greencooljey is offline Newbie 510 points
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    A cosigner is a must but BMO and CIBC FOR SURE provide bank loans for premed students at MUA (your cosigner must be qualified of course). OSAP also recognizes premed at MUA and gives some assistance. The bank treated premed as though it was med school (professional program) since the assumption is you will advance to med in 8 months anyways. I was informed by the bank that they require cosigners for anyone doing med out of the country since there is no real garuntee you will return to Canada - they need to be sure your not going to run off with the money I guess lol

  4. #4
    frananagor is offline Newbie 510 points
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    I am in thesame situation. I am a Canadian nurse too. Do you know how much money osap loan offers? I heard about 10thousand dollars per annum. I am not sure though. I have decided to apply to other Schools.

  5. #5
    greencooljey is offline Newbie 510 points
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    Osap gives just over 6000 for premed I think (I applied for 2 semesters). It gives about 10000 for med program for 2 semesters... Not sure if you can receive more for 3 semester years or not tho

  6. #6
    jasano is offline Junior Member 510 points
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    Franagor: I've been working part-time as a nurse due to back and neck issues the past year, earning just over 50,000$. I declared my income accurately, but the cost of living, course expenses, tuition, etc., meant that I still qualified for OSAP. You should definitely apply - with an interest rate of zero until your studies have concluded, you have everything to gain, and little to lose.

    OSAP can rest assured that I will pay back every penny (as I did the first time I took out a student loan) and that I have every intention of returning to Canada to practice medicine - unless I hit a wall of unassailable, bureaucratic red tape, preventing said return. Better still, I plan to work in a smaller, under-serviced community, where I can take in the sunshine and fresh air (provided of course that there is a Tim Horton's somewhere within driving range).

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