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Financing a US medical education


Guest Hello

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Guest Hello

Hi all,

 

I am strongly considering Johns Hopkins for medical school. I'd like to ask any Canadian students in the U.S. for their experiences getting the necessary funds for that escrow account. My parents are willing to sponsor me, but I'd like to lessen the burden for them as much as possible.

 

I've gone through some of the past threads and remember reading about a person who received money from the the B.C. government. Should I look to my provincial or federal government for aid? Where can I find more info on this?

 

Also, in regards to loans, is it easy to get large loans from Canadian or U.S. banks? Any suggestions on where to go (I've heard of CanAid)? I know you are supposed to watch for interest rates, when they want you to return the money, etc...but don't have any experience in this area.

 

Do I need to do all this before I establish the escrow account, or can I still look for aid afterwards?

 

Thanks very much for any suggestions.

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I didn't have to establish an escrow account. I got loans from TD and my parents are financing half of my education for now. The BC government gave me 6000 (CAD) which isn't a lot but helps. CanHelp has a horrible interest rate but other than that I don't know much else about it.

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Guest shudvbeenafarmer

Hi Moo,

How did you get a loan from TD? My Dad looked into getting a loan from his bank CIBC and they said no way b/c they don't give loans to Canadians studying in the US. Do you have dual citizenship? Well I guess you don't, because then you would be eligible for FA from the US govt. Does it differ from bank to bank or province to province? I am in Ontario and hoping to get into MSSM off the waitlist and want to be prepared if it happens. Thanks so much for your advice.

 

And Hello!!! --- congrats on John Hopkins!!!! Let me know what you find out cause I am hoping to be in the same boat in terms of looking the best way to finance med school in the US.

--Farmer

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My parents took out a line of credit. My parents are financing about half of my education and the other half comes from TD. I'm not a US citizen. Interest is about 4.5%.

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Guest shudvbeenafarmer

so then you didn't get a student loan? ie. the bank wouldn't lend the money to you personally? your parents took out a line of credit from TD and are lending it to you, so you owe your parents and not the bank?

 

can you clarify? i didn't think canadian banks gave student loans to those going to study outside of CAnada.

 

Thanks moo.

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well part of my financing is from student loans (the BC govt) and a part is from my parents line of credit. That's right I pay my parents back when I'm done with all this.

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Guest shudvbeenafarmer

Thanks for the clarification guys. I will look into it more, especially RBC. Malsa, did you get a student loan from them?

 

Thanks so much!

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Guest malsa

No student loan as of yet, but I am looking into getting one. I've talked to a rep there, and the loan terms seem the same for Canada and the States.

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Guest dr deelish

I'm a little niave as to how this works ... I've purused some of the sites for the US med schools (mind you, the posh private schools :D ) and I've seen statements with regard to demonstrating up to $200,000 USD in an ESCROW account to pay for the cost of tuition .. :rolleyes

 

Is this for real?! other than selling my house, how can I afford a US education? While banks may give you money, I don't think what you get from a bank will be anywhere near the amount needed to satisfy the requirements ... am I completely off the mark on this?

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The schools which want you to establish an ESCROW account are few. I think I know of only Cornell and Hopkins that do this, but there may be others. Anyway, my point is, most schools do not make you pay up front like that.

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  • 2 weeks later...
Guest ocean11

NYMC also requires an Escrow account OR you have to PROOVE that you can pay the tuition, thus taking out a $200,000 loan in US funds... even if you had 1,000,000 Canadian dollars in your bank account they would demand that you change it into US dollars.

 

This is onoe of the reasons I chose to go to Finch/Rosalin Franklin over NYMC (got accepted to both). Rosalin Franklin is much more fair, you pay 3 times a year regardless if you're Candian or a US citizen.

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Guest LoveMcGill

U. Penn. also wanted US$200,000 from me in an escrow account. RBC was willing to talk to me about “significant support” for any medical school within both U.S. and Canada. Your best bet would be to personally talk to an RBC account manager specifically dealing with medical students; surely a financial plan could be found.

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