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Roronoaa

Which bank will most likely approve a loan for USMD?

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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.

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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.

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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...

 

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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. 

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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. 

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