Guest Ceds Posted August 7, 2004 Report Share Posted August 7, 2004 Hey everyone, Just had a question about SLOCs in general. For those of you who have had them prior to med school, which banks required cosrs and which didn't? Link to comment Share on other sites More sharing options...
Guest Kirsteen Posted August 7, 2004 Report Share Posted August 7, 2004 Hi there, I took out a LOC with the Royal Bank during my MBA and no cosigner was required. However, Queen's (my MBA alma mater) and the Royal Bank had arranged a special LOC program for us MBA-ers. That, and the nature of our program, i.e., that MBA graduates are generally employable, were probably the factors that contributed to them offering such a large LOC ($50,000) without a cosigner. I'm not aware of banks freely offering LOCs to students in arts and science programs, but it can't hurt to approach them and ask. Cheers, Kirsteen Link to comment Share on other sites More sharing options...
Guest marbledust Posted August 7, 2004 Report Share Posted August 7, 2004 I am not speaking from personal experience, so don't take what I say as necessarily 100% correct. In Alberta at least, there are LOCs available for undergrad students who aren't eligble for government loans. When my brother did his undergrad my parents' combined income disqualified him from recieving any loans. But since they were unable to help him very much, he was able to get a line of credit for approximately $5000 per year (far less than the student loan limits). He went through Royal Bank, although I have heard TD offers similar programs. But like the professional student LOCs, he had to make monthy interest payments throughout his undergrad. He also recieved a VISA card as part of the deal. I have no idea if you need a co-signer for these programs. Gotta love the banks' way of making money by forcing students to take out more money on the LOC for the monthly interest and other fees, thereby increasing the ultimate amount owed. Absolutely brilliant :lol Link to comment Share on other sites More sharing options...
Guest Jackie Nicole Posted August 9, 2004 Report Share Posted August 9, 2004 It all depends on what program you're in. I don't know about all banks, but I know for sure that Royal Bank offers LOCs to nursing students for up to $40,000 with no co-signer. I'm not 100% sure but I think they have the same kind of LOC for engineering students. RBC offers this type of LOC with no co-signer based on your current credit record and your estimated future income. I would check with all banks to see if they have the no co-signer LOCs for other programs. Good luck! Jackie Link to comment Share on other sites More sharing options...
Guest brandonitejr Posted August 9, 2004 Report Share Posted August 9, 2004 I received a LOC throughout my undergrad from RBC with no cosigner (I only required ~$10,000, but I think I could've gotten more if I had asked). They did, however, do an extensive credit check on me, and any blip, I assume, would have made me ineligible. I did receive a full scholarship to University which counted as "yearly income" which might have been the reason for no co-signer. I don't know if this helps... Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.