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desiallstar

LOC Options for US

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Hey PM101 crew, so as the acceptances are starting to roll in steadily for us Canadians applying to the US I'm sure some of us have been considering how we're going to pay for this.

 

I was wondering if anyone had starting hunting down LOC's?

 

My experience is as follows:

 

CIBC/National Bank = pretty useless

 

RBC: 150 K max, prime + 0.5%, unltd chequing account, rbc visa + short flight to NYC, no payments till after residency, cosigner required

 

Scotia: will contact tomorrow and post

 

Was anyone able to find a better deal or perhaps something that didn't require a cosigner?

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i got $225 K from CIBC at prime but if you go outside of Canada, no bank will give u a loan without a cosigner unless you have property or assets of ur own

 

scotia doesn't offer LOC to students going outside of Canada

 

best bet would be TD/BMO/CIBC, they all offer prime instead of prime + 0.5%, reason I went with CIBC was coz TD and BMO only gave me 200K

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Hey PM101 crew, so as the acceptances are starting to roll in steadily for us Canadians applying to the US I'm sure some of us have been considering how we're going to pay for this.

 

I was wondering if anyone had starting hunting down LOC's?

 

My experience is as follows:

 

CIBC/National Bank = pretty useless

 

RBC: 150 K max, prime + 0.5%, unltd chequing account, rbc visa + short flight to NYC, no payments till after residency, cosigner required

 

Scotia: will contact tomorrow and post

 

Was anyone able to find a better deal or perhaps something that didn't require a cosigner?

 

Almost all of them will require a cosigner if you are leaving Canada. Best on I found was CIBC for $225K at Prime. The rest all had a very high interest rate/restrictions on how much you could spend in the first year. CIBC said they'd work with you to figure out what you need instead of assigning a hard cap.

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Hmmm maybe I have to revisit the CIBC branch, the lady I had talked to had no clue in the world about what my options were for an international LOC. Were any of your reps in the Toronto area?

 

I applied online, and talked to their phone reps to set up the application. They referred it to a local branch to get paperwork signed etc etc

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RBC says that they can only give up to $150K on their website but i've been speaking with several representatives, and in fact they are the ones that give the most - at $250K.

 

For US Schools, your school must be on a pre-approved list if you're hoping to get a loan from RBC.

 

After meeting with a few TD Canada reps, I've heard rumours that TD is about to launch a revamped version of their Professional Degree LOC in which they are also raising the bar from $200K to a maximum of $250K. An ETA was not given, however.

 

I didn't pick up such hints from Reps of BMO. They are adamantly stuck at $200K.

 

All Banks i've spoken to, require a Canadian Citizen Co-signer. And from the looks of it, the co-signers must be "credit worthy". I.e. have minimal Revolving credit, good income to debt ratio, and without previous commitments such as other student LoC or Mortgages.

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I use RBC. Another great thing, if you open an account with RBC Bank (the USA division), you can send transfers between your LOC/Canadian chequing account to the RBC Bank USA account for FREE and they are instantaneous. You get unlimited transfers between the accounts. The US account is only like $2/month.

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does your cosigner actually have to be someone without even a mortgage? seems kind impossible to find... anyone here have dual citizenship and access to american loans as well? seems like they have a significantly higher interest rate - almost 7 percent... maybe its really worth tracking down a cosigner!!

congrats to everyone who has been accepted so far!

 

may we see many more canadians on their way soon!

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does your cosigner actually have to be someone without even a mortgage? seems kind impossible to find... anyone here have dual citizenship and access to american loans as well? seems like they have a significantly higher interest rate - almost 7 percent... maybe its really worth tracking down a cosigner!!

congrats to everyone who has been accepted so far!

 

may we see many more canadians on their way soon!

 

My parents are my cosigners. They both have mortgages and we were able to be approved. The max they gave me was $150 000. At the time, the max for Canadians in Canada was 200K. Not sure if that has changed now. I am a US permanent resident and Canadian citizen and have access to US loans as well, but they are really expensive 7-8% interest so I am trying to stay clear of them. If you use federal loans, interest begins to accrue on the entire loan which is given to you upfront immediately (unlike an LOC where interest occurs on the balance only). Also, no payments are required on the federal US loans, but the interest you accrue is added to the amount you owe and also accrues interest.

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Scotia will give you their usual professional student loan (50k/year, 4 years) if you are going to the US. You do need a cosigner though.

 

:eek: ...lies! Well, actually, I spoke to a rep over the phone and I got no love. Which brings up an interesting question...if one branch offers you say, 150K, is it possible that another can offer you more?

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:eek: ...lies! Well, actually, I spoke to a rep over the phone and I got no love. Which brings up an interesting question...if one branch offers you say, 150K, is it possible that another can offer you more?

 

If you are talking to the right people it is supposed to be standardized - trouble is if you are not talking to the right professional loan officer then you can get a lower amount than the max even for US loans.

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If you are talking to the right people it is supposed to be standardized - trouble is if you are not talking to the right professional loan officer then you can get a lower amount than the max even for US loans.

 

Hmmm. At RBC I was offered a measly 150K-with no guarantee of an increase. The rep seemed like he was a familiar with the proceedings. But how would I know if he's all huff and no puff?

 

Has anyone gotten more than 150K from RBC for US studies?

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If you are talking to the right people it is supposed to be standardized - trouble is if you are not talking to the right professional loan officer then you can get a lower amount than the max even for US loans.

 

point in case...went to BMO the other day. I was given no specific limit-apparently it depended on my cosigners :rolleyes: Left that branch as quickly as I could.

 

Went to another busier branch and was offered 200K.

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point in case...went to BMO the other day. I was given no specific limit-apparently it depended on my cosigners :rolleyes: Left that branch as quickly as I could.

 

Went to another busier branch and was offered 200K.

 

were you offered 200k without a cosigner? if so.. time to run over to BMO!

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were you offered 200k without a cosigner? if so.. time to run over to BMO!

 

I stand corrected...I was ELIGIBLE for 200K at BMO. My cosigners (parents) have a mortgage and meager debt and so in the end, I was only offered 50K. I told them to cram it. What am I going to do? Finish 1st year then come back to Canada and pick my nose?

 

Amongst all the banks that offer loans for US studies (TD, BMO, RBC, NBC), I see a trend that they don't give a crap about MD or DO or DDS...they want cosigners with hard cash! The fact that you will be making serious coin in the future matters little...it's what you're 'worth' RIGHT NOW.

 

Only NBC was able to offer me 200K with my parents as cosigners. RBC sat at 150K-and they won't budge since this is official policy.

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rbc has policy, omg, maybe my experience was idiosyncratic, but if lying on loan agreements, 250 k extensions in violation of their own contract... explicitly... then wow, maybe there's a huge variation, cause seriously, theyre so insanely unethical, libertine with handing out cash, to the point of bordering on, do u guys follow the law at all... that i'm still shocked by them

 

hard cash or non-liquid assets i guess (own home), yeah, honestly, doing a masters is in part to buy me time, to ummm, avoid the bank so to speak, since i'm already a pretty high end app, and a few things i finnish, aside from ma, would land me money at a mid to high tier... im surprised banks are so cheap, altho i was a canadian student... in my thought process, do's with us residencies get high paying jobs, so co-signer.. why not give u the 250-300... seriously more if u need it that bad, they hand canadian md students.

 

I stand corrected...I was ELIGIBLE for 200K at BMO. My cosigners (parents) have a mortgage and meager debt and so in the end, I was only offered 50K. I told them to cram it. What am I going to do? Finish 1st year then come back to Canada and pick my nose?

 

Amongst all the banks that offer loans for US studies (TD, BMO, RBC, NBC), I see a trend that they don't give a crap about MD or DO or DDS...they want cosigners with hard cash! The fact that you will be making serious coin in the future matters little...it's what you're 'worth' RIGHT NOW.

 

Only NBC was able to offer me 200K with my parents as cosigners. RBC sat at 150K-and they won't budge since this is official policy.

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