Medschool Loan Denied - Options?

[HopingForTheBest1282 0]

Hello,

I'm posting this on behalf of my girlfriend. My girlfriend got accepted to Colorado's School of Medicine. Her MCAT is about 512.

As a Canadian, she was not able to find any scholarships in the US and so applied for a line of credit in Canada with Bank of Montreal (BMO). Unfortunately, BMO today denied her loan application because her parent's debt ratio is too high. I have been trying to find any other options for her. For example, if we go to another bank would they consider? Or if a credit application has been denied once you can't apply again at all for a certain period?

Another option I felt is she could defer her admission for a year. Her parents might be able to position themselves better for a loan in that case. But this will depend on the school entirely. I don't want her to lose her position as it was extremely difficult to get here.

There are loans like MPOWER in the US but she is also only eligible for them after being in the states for two years. Would appreciate *any* leads!

[newnsa98 11]

Has she considered getting a loan from a US bank?

[ChemPetE 62]

I’m sorry to hear that. I have no knowledge of how best to proceed in this circumstance, but you may also increase your audience and chance of someone having a thoughtful solution by posting on SDN or r/medicalschool or r/premed as well, which tend to have a much more US focused audience.

[hvem 14]

14 hours ago, newnsa98 said:

Has she considered getting a loan from a US bank?

You might need an American citizen to co-sign for you to get a loan from an American bank. ( but someone else might be able to verify whether this is true) 

[JohnGrisham 1,742]

On 7/3/2020 at 1:44 AM, HopingForTheBest1282 said:

Hello,

I'm posting this on behalf of my girlfriend. My girlfriend got accepted to Colorado's School of Medicine. Her MCAT is about 512.

As a Canadian, she was not able to find any scholarships in the US and so applied for a line of credit in Canada with Bank of Montreal (BMO). Unfortunately, BMO today denied her loan application because her parent's debt ratio is too high. I have been trying to find any other options for her. For example, if we go to another bank would they consider? Or if a credit application has been denied once you can't apply again at all for a certain period?

Another option I felt is she could defer her admission for a year. Her parents might be able to position themselves better for a loan in that case. But this will depend on the school entirely. I don't want her to lose her position as it was extremely difficult to get here.

There are loans like MPOWER in the US but she is also only eligible for them after being in the states for two years. Would appreciate *any* leads!

Keep trying other banks, Scotia and CIBC may be better able to support.  Unfortunately, this is something she should have sat down with the parents before applying to see how their financials would fare (you always need a co-signer  for school outside of canada). Any well off relatives willing to also co-sign to help out? very unlikely but never know.

Deferring will be your only option if you cant secure a loc, hopefully the school accepts! 

Getting a US loan is likely going to be a no-go in her situation, you will need an american co-signer.

 

[cruttery 0]

I know in past years, CIBC has been the only bank to offer LOCs to CSAs. The terms weren't as good as what was being offered to Canadian students (prime compared to prime minus 0.25, $275k compared to $325k, etc) but at least it's something.