Roronoaa Posted September 17, 2017 Report Share Posted September 17, 2017 Can you guys let me know which banks were easiest to get a loan from? I'm hoping to get into a Canadian school but if not I'll be going to the US. I have several interviews lined up in the coming weeks. Worried about finances since my family is middle class. Thanks. Link to comment Share on other sites More sharing options...
RadCdn Posted September 17, 2017 Report Share Posted September 17, 2017 I got a loan from National Bank. No other banks gave me a loan as my parents were not too well off and they had to co-sign. Once you leave the country, you will always need a co-signer. Link to comment Share on other sites More sharing options...
JohnGrisham Posted September 17, 2017 Report Share Posted September 17, 2017 Any of the big banks should be viable. Try CIBC or TD first. Make sure to explicitly make an appt with a medical student advisor. Then make sure that you still get prime for a USMD, you will just need a cosigner since its not in Canada. But you shouldnt have to do anything extra, youre not going to the carribean or the likes. Link to comment Share on other sites More sharing options...
Roronoaa Posted September 17, 2017 Author Report Share Posted September 17, 2017 Ok thanks for the replies. What worries me is my dad makes around 70k a year and doesn't have any assets other than our 2016 car (25k value). I've heard stories of people much better off than my family get rejected... Link to comment Share on other sites More sharing options...
indefatigable Posted September 17, 2017 Report Share Posted September 17, 2017 I think banks do some calculation based on income/debt (ex: retired means much less income). So an important question would be how much other debt a cosigner has. Link to comment Share on other sites More sharing options...
RadCdn Posted September 20, 2017 Report Share Posted September 20, 2017 I considered studying in the US and looked into this and talked to medical student financial advisors about it. Canadian banks are a bit strict, but that was 10 years ago for me. If your Dad has a steady income it's better than the situation I was in. My Dad had no steady income from a salaried job, but lots of assets. It caused problems for me. Banks prefer those that make a regular salary. I was rejected by 3-4 different banks, then approved by NBC (at prime). To this day, I don't know how NBC approved an LOC while all the others didn't. Also, I was only approved for a 150K loan. I went fully acknowledging that 150K would not be enough money. In the end, to my surprise, I spent far less than that. The whole situation may be different now though as all this was 10 years ago for me. Link to comment Share on other sites More sharing options...
refid Posted October 5, 2017 Report Share Posted October 5, 2017 Try CIBC and talk to someone who know what they doing regarding medical education loans. With the Canadian dollar fluctuating, you should really find additional sources as well. Link to comment Share on other sites More sharing options...
Roronoaa Posted October 14, 2017 Author Report Share Posted October 14, 2017 On 9/17/2017 at 5:26 PM, calcan said: I think banks do some calculation based on income/debt (ex: retired means much less income). So an important question would be how much other debt a cosigner has. my dad has no debt and good credit as far as I know. Link to comment Share on other sites More sharing options...
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