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Financing Us Med School


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Hey guys. Long time lurker. I'll be heading to a US DO school this fall and i was wondering if anyone had any advice on what bank i should be taking out a loan from. I'm from the GTA and i'll personally be heading out to the banks next week. Just posting here hoping if i can narrow my search down a bit and if anyone who has been through the same process has any advice for me. 

 

Thanks!

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BMO treated us well, but I think you'll get the same deal pretty much everywhere. Canadian banks are still not really budging on giving you more $ for a US school. I know some other folks had great experience at CIBC -- personally had a god-awful one, but I'm sure its an isolated case.

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  • 3 weeks later...

BMO treated us well, but I think you'll get the same deal pretty much everywhere. Canadian banks are still not really budging on giving you more $ for a US school. I know some other folks had great experience at CIBC -- personally had a god-awful one, but I'm sure its an isolated case.

 

Thank you for the response! So far i've only contacted RBC. I'll try to get in touch with the other banks soon as i can.

The other question i had... seeing how our currency is right now, do you recommend getting a US private loan instead? I have a US cosigner and the US loan ends up being ~7% interest i.e. higher than what our banks offer. With Canadian loans, given that i'll lose so much in principal considering the bad Canadian dollar, i'm trying to figure out which path will ultimately be better financially. 

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  • 2 weeks later...
On 2017-6-8 at 5:05 PM, hartk48 said:

May I ask roughly how much the banks in Canada offered you? what is the interest rate? and I am assuming unlike OSAP they dont wait until your out of school to apply interest.. correct? 

TD 250K at Prime (need a strong cosigner+assets)

CIBC 275K at Prime (need a strong cosigner) 

RBC 150K at Prime+something (need a strong cosigner)

Yes interest accrues immediately. Some expects you to pay the interest while you're in school, while others don't. This seems to be branch dependent. 

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On 5/30/2017 at 1:52 AM, prehealth101 said:

 

Thank you for the response! So far i've only contacted RBC. I'll try to get in touch with the other banks soon as i can.

The other question i had... seeing how our currency is right now, do you recommend getting a US private loan instead? I have a US cosigner and the US loan ends up being ~7% interest i.e. higher than what our banks offer. With Canadian loans, given that i'll lose so much in principal considering the bad Canadian dollar, i'm trying to figure out which path will ultimately be better financially. 

can you get both (not to increase the amount, but just because the Canadian portion is at a lower interest rate. So big Canadian loan and then whatever US).

I am bit confused by what you mean by principal being lost but that may be just the wording :) 

 

 

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On 5/30/2017 at 1:52 AM, prehealth101 said:

 

Thank you for the response! So far i've only contacted RBC. I'll try to get in touch with the other banks soon as i can.

The other question i had... seeing how our currency is right now, do you recommend getting a US private loan instead? I have a US cosigner and the US loan ends up being ~7% interest i.e. higher than what our banks offer. With Canadian loans, given that i'll lose so much in principal considering the bad Canadian dollar, i'm trying to figure out which path will ultimately be better financially. 

You'll want to secure both likely and then just use first your Canadian loan and then American one. 

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