advisor.nalin Posted November 3, 2014 Report Share Posted November 3, 2014 Hi All, If anyone has questions regarding financing your International studies, please do not hesitate to give me a call. I have been with CIBC for a long time, and have had lots of experience dealing with Canadian and international students. The link below shows the experience that a senior member of this community has had with me (trojjanhorse), should you require more please do not hesitate to give me a call. http://forums.premed101.com/index.php?/topic/78767-royal-bank-loc-recommendations/page-2?hl=nalin#entry898440 Nalin J. ** new number ** Phone:416-488-1155 ext 349 Link to comment Share on other sites More sharing options...
rmorelan Posted November 4, 2014 Report Share Posted November 4, 2014 Hi All, If anyone has questions regarding financing your International studies, please do not hesitate to give me a call. I have been with CIBC for a long time, and have had lots of experience dealing with Canadian and international students. The link below shows the experience that a senior member of this community has had with me (trojjanhorse), should you require more please do not hesitate to give me a call. http://forums.premed101.com/index.php?/topic/78767-royal-bank-loc-recommendations/page-2?hl=nalin#entry898440 Nalin J. Phone:416-757-6780 ext 345 curious about the international student's LOCs you offer. I assume there is a co-signer involved. What is the typical max LOC your bank offers international students, and what is the going interest rate - or is all of this dependent on the co-signer to a large degree? Link to comment Share on other sites More sharing options...
leviathan Posted November 5, 2014 Report Share Posted November 5, 2014 I got $200k at prime through Scotiabank, for what it's worth. That was 6 years ago now, so things may have changed. Link to comment Share on other sites More sharing options...
advisor.nalin Posted November 6, 2014 Author Report Share Posted November 6, 2014 curious about the international student's LOCs you offer. I assume there is a co-signer involved. What is the typical max LOC your bank offers international students, and what is the going interest rate - or is all of this dependent on the co-signer to a large degree? Our limits are listed below, the prime rate right now is 3%, and this is for both Canadian and International Students. We do require a Canadian Guarantor for international students. The gurantor has to be in good financial standing eg. credit scores, no bankruptcy, no proposals, or other financial mishaps. We do make exceptions based on your financial needs. International students do require more money because of higher fees, exchange rates and typically higher costs. Dentistry $275,000 @ Prime Doctor of Dental Surgery (DDS) Doctor of Dental Medicine (DMD) Link to comment Share on other sites More sharing options...
Dr. Jan Intor Posted November 7, 2014 Report Share Posted November 7, 2014 when I got my LoC 2 years ago the limit was 225K, could that be adjusted at this point to get additional amount for the remainder of studies? Link to comment Share on other sites More sharing options...
advisor.nalin Posted November 7, 2014 Author Report Share Posted November 7, 2014 when I got my LoC 2 years ago the limit was 225K, could that be adjusted at this point to get additional amount for the remainder of studies? From my experience, CIBC has increased prior amounts to the new limit, given that we have to reevaluate your application. I would have to review your file to get a better understanding as every case can be different. If you have specific questions please do not hesitate to give me a call at 416-757-6780 ext 345. Link to comment Share on other sites More sharing options...
武田信玄 Posted November 7, 2014 Report Share Posted November 7, 2014 what about medicine? what's the max amount? what's the interest rate? Link to comment Share on other sites More sharing options...
4lyfe Posted November 7, 2014 Report Share Posted November 7, 2014 yes how about a US MD school? will you need a co-signer that is Canadian that is in good financial standing? How about multiple co-signers, so that the income is higher (combined)? If you want to borrow the max, how much would the combined salary of the co-signer be? What is CIBC interest rate? Link to comment Share on other sites More sharing options...
JohnGrisham Posted November 7, 2014 Report Share Posted November 7, 2014 yes how about a US MD school? will you need a co-signer that is Canadian that is in good financial standing? How about multiple co-signers, so that the income is higher (combined)? If you want to borrow the max, how much would the combined salary of the co-signer be? What is CIBC interest rate? Yes you need a cosigner for sure, unless you have a past work history with strong savings. Interest is at prime for all banks. Link to comment Share on other sites More sharing options...
4lyfe Posted November 7, 2014 Report Share Posted November 7, 2014 Can the cosigner have a cosigner? Link to comment Share on other sites More sharing options...
advisor.nalin Posted November 7, 2014 Author Report Share Posted November 7, 2014 what about medicine? what's the max amount? what's the interest rate? It is the same limit of $275,000 at Prime which is currently at 3% Doctor of Medicine (MD), including residency programs (for example, Radiology, Anesthesiology, Osteopathy, Psychiatry) Link to comment Share on other sites More sharing options...
Dr. Jan Intor Posted November 8, 2014 Report Share Posted November 8, 2014 From my experience, CIBC has increased prior amounts to the new limit, given that we have to reevaluate your application. I would have to review your file to get a better understanding as every case can be different. If you have specific questions please do not hesitate to give me a call at 416-757-6780 ext 345. Thanks Nalin, I'll be in touch when I'm back in Canada. Another question I had regarding these LoC is what happens to them after we graduate? Can we continue to withdraw or it will be limited to basically just making payments? Link to comment Share on other sites More sharing options...
advisor.nalin Posted November 8, 2014 Author Report Share Posted November 8, 2014 yes how about a US MD school? will you need a co-signer that is Canadian that is in good financial standing? How about multiple co-signers, so that the income is higher (combined)? If you want to borrow the max, how much would the combined salary of the co-signer be? What is CIBC interest rate? Hi 4lyfe, For MD Schools outside of Canada, I need an approval from our back office to confirm if it is on our list of approved international universities (turn around time is a day or two). We want to ensure that we are using guarantors who have good credit history, no collections, past bankruptcies, no derogatory messages on their credit, good financial security, etc; this will best help the application. Every situation will be different, so it is better I get all details so I can advise you properly. Please note I cannot give specific details as 1) big brother is watching 2) I need to see the full picture, Calling me would be best at 416-757-6780 ext 345 Link to comment Share on other sites More sharing options...
advisor.nalin Posted November 14, 2014 Author Report Share Posted November 14, 2014 Thanks Nalin, I'll be in touch when I'm back in Canada. Another question I had regarding these LoC is what happens to them after we graduate? Can we continue to withdraw or it will be limited to basically just making payments? Hi sorry I missed this question, There are 3 options: 1) Convert your PLC into a Loan with the 12 months after granduation at interest only payments, then to include both interest and principal payments 2) Continue to use your Proffessional Edge line as a personal line of credit with payments of 3% of the outstanding balance or $60 which ever is greater 3) Continue to use your Line of credit with interest only payments My advice is to obviously make sure you are making your payments on time and are putting in more than the minimum to ensure that you get this paid off ASAP. This is a big debt and having this on your credit will affect any future applications (eg Mortgage). Link to comment Share on other sites More sharing options...
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