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  1. #1
    solace is offline Member 511 points
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    How much loan should I take?

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    I am a canadian (toronto) student. I will be coming down to saba sept 2010 and was going to finalize my loan within the next few weeks(because my dad/co-signer will be leaving after that)..therefore I do not have much time.

    I wanted to know how much loan/money should I take out...i dont want to fall short within the 4 years for anything..also i dont want to take out an unneccessary huge amount that would be a ridiculous surplus accumulating interest.

    I will be coming alone and I am your average student...no ridiculous spendings, just a decent lifestyle to get in and out in 4 years . I dont expect to be coming for an island resort lavish vacation.

    I am assuming the banks will give me loans in canadian dollars. I am thinking towards RBC or TD. Any advice about the amount needed from those currently there or have recently completed would be appreciated.Thanks

    Also I will be grateful for any other tips or deals I shoud know before going it to finalize my loans.Any better options. Thanks

  2. #2
    sgMD is offline Senior Member 525 points
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    I think we'll spend around 190K Canadian by the end of the 4th year. You can get $150,000CA student loan (or more if your co-signer has high income) and $40,000CA from OSAP (if you're eligible). This should suffice. But then everything depends on where you'll end up rotating. If you end up in NYC, who knows how much you're going to spend over rent/etc...

    PS: you've made the right choice among the Caribbean schools.
    University of Toronto - BSc (Hons) 2009
    Saba University School of Medicine - Jan 2010
    Semester 1[X] 2[X] 3[X] 4[X] 5[X]
    USMLE 1[X] 2 CS[X] 2 CK[X] 3[ ]

  3. #3
    solace is offline Member 511 points
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    Thanks for the reply. I think i will go with 150K from TD and apply to osap for the rest.

    Do you tell OSAP that you are getting 150K from bank? or do osap before bank loan?


    Quote Originally Posted by sgMD View Post
    I think we'll spend around 190K Canadian by the end of the 4th year. You can get $150,000CA student loan (or more if your co-signer has high income) and $40,000CA from OSAP (if you're eligible). This should suffice. But then everything depends on where you'll end up rotating. If you end up in NYC, who knows how much you're going to spend over rent/etc...

    PS: you've made the right choice among the Caribbean schools.

  4. #4
    sgMD is offline Senior Member 525 points
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    Quote Originally Posted by solace View Post
    Thanks for the reply. I think i will go with 150K from TD and apply to osap for the rest.

    Do you tell OSAP that you are getting 150K from bank? or do osap before bank loan?
    You tell OSAP... They will give you a max of 10K per year. This is the max they give out to ontario students studying abroad... If you were from Nova Scotia, you'd get 24K or something though... haha

    Plus, I've heard from so many people that TD give them hard time with the loans and co-signing process... I had a very smooth experience with RBC but I went to the right person. Make sure you go to the right person for TD... don't just go to your personal banker. Find the person in charge for student line of credits. I can give you the contacts of the lady I went to in RBC. You can PM me.

    Best,
    University of Toronto - BSc (Hons) 2009
    Saba University School of Medicine - Jan 2010
    Semester 1[X] 2[X] 3[X] 4[X] 5[X]
    USMLE 1[X] 2 CS[X] 2 CK[X] 3[ ]

  5. #5
    solace is offline Member 511 points
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    sgMD, I sent you a PM

  6. #6
    thinker001 is offline Junior Member 510 points
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    i was told by the Saba lady that interviewed me that it's gonna be 140.. where does that 190 come from?? I know it's in CAD but that's still a big difference.

  7. #7
    solace is offline Member 511 points
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    Thinker001, I think sgMD was taking into account all the other associated living costs/expenses for the full four years, esp in the US where you will be moving around alot.And if you get a placement in a very expensive part of say newyork,...then you may need more money...its always better to be a little over then have interruptions in you degree. Also banks give 150K here in Ont...and we can pull 40K from osap(at max)..so it makes sense to take both..since osap...does not take payments/interest till after you graduate...so thats a plus.

  8. #8
    thinker001 is offline Junior Member 510 points
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    the thing is she gave me that figure including all living expenses and stuff.. but maybe she excluded the two clinicals years because of the variability in location? that's possible.

  9. #9
    solace is offline Member 511 points
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    I am aware there are many factors such as assets and credit history in looking at a co-signer. But assuming the credit score is well...as a very very rough estimate:

    1)what should the income be for a co-signer, if you want to take the 150K LOC offered by banks in ont....what income was sufficient for your co-signer...if you do not know the general estimate
    2) does co-signer have to be parents? can it be an aunt or uncle...? I mean will they ask why not parents?

    I am having trouble finding a suitable co-signer...

  10. #10
    solace is offline Member 511 points
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    bump....anyone

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