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maritimer

Bank loans for PA school?

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Hi Guys!

 

Question for you all. Would you recommend applying for a combination of government student loans/bank loans, or just bank loans? I'm thinking both. I've started looking at banks...but am having great difficulty with the banks even knowing what PA is. One bank I've found that seems on track is RBC, and that is whom I am working with. However, the amount of money they seem to be able to give you isn't very much, considering it is based off of cumulative debt. Needless to say, I do have previous student debt from my undergrad, so there isn't much available to give. For example, RBC will give up to $60 000. With past student debt approx 45 000, you can only get $15 000. I'm thinking government student loans, plus this won't even be enough.

 

PS I'm from Canada and will be attending University of Manitoba!

 

Any comments, suggestions, etc?

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I used to work at RBC and my buddy is a manager there. Together, he and I made RBC the first bank in Canada to offer the Professional Student Line of Credit product directly to PA students admitted to a Canadian PA program with no co-signer or collateral needed. The present amount is not as high as that for MD programs but that will also go-up in due time. If you are having difficulty with RBC just private message me.

 

 

 

Hi Guys!

 

Question for you all. Would you recommend applying for a combination of government student loans/bank loans, or just bank loans? I'm thinking both. I've started looking at banks...but am having great difficulty with the banks even knowing what PA is. One bank I've found that seems on track is RBC, and that is whom I am working with. However, the amount of money they seem to be able to give you isn't very much, considering it is based off of cumulative debt. Needless to say, I do have previous student debt from my undergrad, so there isn't much available to give. For example, RBC will give up to $60 000. With past student debt approx 45 000, you can only get $15 000. I'm thinking government student loans, plus this won't even be enough.

 

PS I'm from Canada and will be attending University of Manitoba!

 

Any comments, suggestions, etc?

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That's awesome PAstudent! We all owe you (and your friend at RBC) one! I think I will be ok with RBC+government student loans. I will need a co-signer. Once I go through all the paperwork, I will post back on here how it went. The Account Manager told me to wait until I see what I can get from government student loans (which the application isn't available until mid May) before I should see about bank loans--as they will see if they can cover the rest.

I used to work at RBC and my buddy is a manager there. Together, he and I made RBC the first bank in Canada to offer the Professional Student Line of Credit product directly to PA students admitted to a Canadian PA program with no co-signer or collateral needed. The present amount is not as high as that for MD programs but that will also go-up in due time. If you are having difficulty with RBC just private message me.

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That's awesome PAstudent! We all owe you (and your friend at RBC) one! I think I will be ok with RBC+government student loans. I will need a co-signer. Once I go through all the paperwork, I will post back on here how it went. The Account Manager told me to wait until I see what I can get from government student loans (which the application isn't available until mid May) before I should see about bank loans--as they will see if they can cover the rest.

 

That doesn't sound right. You should be able to get the Professional Student LOC for PA students with no co-signer. Tell your banker to look at RBC folio FPPL-7.

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PAstudent, you are the expert for sure! :P

 

And there is no reason why PAs should not be treated like med students with a lower linit! You are paving the way, creating history. :)

 

Well they base the limit on projected income. For MDs they use projected income after residency and they have a figure of over 200gs. For PAs there is no real data on this so they took the minimum amount that the Govt is allowing PAs to be paid (75gs) and used that. This is not appropriate, however, as the majority of PAs make much more than that and the limit based on income should really be about 100gs. But it will take time for RBC to have confidence in this.

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I have. RBC has projected income for PA as 60 000 under that Folio you mentioned. Therefore (in her words) the maximum you can get is 60 000 MINUS any other cumulative debt. And this is the problem. Most students who are accepted into PA school--like me--have previous student debt from their undergrad. So the actual amount they will give you is (60 000 - any other cumulative debt). So depending on your past student debt (government+bank student loans for undergrad), it can end up with them loaning you barely anything. HOWEVER, the Account Manager said there are always exceptions, and as long as I've done my research and support documentation for her to send off (which I have) it shouldn't be an issue.

 

I'll keep you posted of the outcome! Again, I appreciate your advice. Really helps to have someone like you around!

That doesn't sound right. You should be able to get the Professional Student LOC for PA students with no co-signer. Tell your banker to look at RBC folio FPPL-7.

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Well they base the limit on projected income. For MDs they use projected income after residency and they have a figure of over 200gs. For PAs there is no real data on this so they took the minimum amount that the Govt is allowing PAs to be paid (75gs) and used that. This is not appropriate, however, as the majority of PAs make much more than that and the limit based on income should really be about 100gs. But it will take time for RBC to have confidence in this.

 

Sounds like an education process to the banks. Once they realize jobs are out there and the pay scale, all should fit together nicely.

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Update!: Bank (RBC) was able to give me what was required for tuition+school fees/registration for the length of the program, plus a little more! The rest will be determined by savings/government student loans. Thank goodness! :)

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Update!: Bank (RBC) was able to give me what was required for tuition+school fees/registration for the length of the program, plus a little more! The rest will be determined by savings/government student loans. Thank goodness! :)

 

Good thing that it all worked out for you. I'm going to do the opposite and try for government student loan first then the bank afterwards. I hope the the government student loans are processed fast :S

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I think it is all pretty situational. Your biggest expense (besides tuition/fees obviously) are going to be rent...unless of course you don't have to pay. Do you have to pay for parking? What about cell phone, food, credit line interest, utilities, etc.

I'd suggest making a spreadsheet of all your expenses and try to estimate to the best of your ability what each bill you will have and it's cost per month, and add this up for the year. That's what I did. The bank needed it anyways before they could assess me for a credit line. Good luck!

For McMaster, how much money should I budget for (excluding a car)...is 20K enough for living, fees, books, transportation (GO etc..)?

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So My government assessed need = $0 :mad:

 

Okay I'm in the process of applying for a student loan through RBC. Sent in an online application and also called to see if Physician Assistant was under the Professional Designation which the rep said it wasn't.

 

ahhhh...we'll see what happens

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So My government assessed need = $0 :mad:

 

Okay I'm in the process of applying for a student loan through RBC. Sent in an online application and also called to see if Physician Assistant was under the Professional Designation which the rep said it wasn't.

 

ahhhh...we'll see what happens

 

The rep is wrong. My buddy was a branch manager at RBC (he has now been promoted to regional manager) when we got this done. It is under the professional designation under folio FPPL-7

 

Most RBC employees are likely to look at you and go "PA? Never heard of it" as are most people in general. Then even when you explain it they think you are nuts because why would an "assistant" practice medicine.

 

All you need to do to qualify for the PA student professional student LOC is show proof of admission/enrollment. Then you should be approved.

 

If you are still having trouble send me a private message and I will put you in touch with my buddy at RBC who will make sure it gets done.

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Thank you for the information!

 

I did read your previous post for maritime and it worked out for him - I'll let you know how it goes.

 

The rep is wrong. My buddy was a branch manager at RBC (he has now been promoted to regional manager) when we got this done. It is under the professional designation under folio FPPL-7

 

Most RBC employees are likely to look at you and go "PA? Never heard of it" as are most people in general. Then even when you explain it they think you are nuts because why would an "assistant" practice medicine.

 

All you need to do to qualify for the PA student professional student LOC is show proof of admission/enrollment. Then you should be approved.

 

If you are still having trouble send me a private message and I will put you in touch with my buddy at RBC who will make sure it gets done.

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The RBC rep called me and even though he doesn't know what a PA is or means he did find it under the professional degrees required for the Royal Credit Line for Students – Professional Designation. YEY! :o

 

I was approved with no co-signer needed.

 

Now I'll be a broke student again! :D Excited for fall!

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The RBC rep called me and even though he doesn't know what a PA is or means he did find it under the professional degrees required for the Royal Credit Line for Students – Professional Designation. YEY! :o

 

I was approved with no co-signer needed.

 

Now I'll be a broke student again! :D Excited for fall!

 

haha. Congrats. :) Enjoy your last summer of freedom! Do some cool stuff.

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Does anyone have a direct contact at RBC? I have tried calling the 1800 number and local banks but everyone is on the same page- they have never heard of a PA and according to their list of eligible programs, PA isnt one of them. Thanks!

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Hi Beowulf15. RBC used to have a professional line of credit for physician assistants but they just removed this professional status in September 2017. As far as I know for student credit lines, you will have to rely on undergraduate or graduate student credit lines instead of a professional one. There is some work being done to bring the physicians assistant professional student line of credit back at RBC but this is not guaranteed for the near future.

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