Getting a loan for medical school

[palmpalm]

No, but this is my first choice. I think I might have found someone who can cosign for me but without putting up any equity/security, which is something the banks have also been saying they might want. So hopefully, next week, i'm gonna reapply with a cosigner, but without equity/security, and, hopefully, i will be approved. Cross your fingers for me

 

 

 

Have you revoked all your US offers already? You might want to try and see if this would change if you attended a US school, because if it changes things, it sounds like that'd be the only way out for you.

[blinknoodle]

How did it end up going with the cosigner without equity?

[palmpalm]

How did it end up going with the cosigner without equity?

 

It didn't . Every single bank I applied at (RBC, Scotia, BMO, TD, CIBC, I don't even remember anymore all of then...) told me my cosigner was not eligable to be a cosigner without equity because their income was too low. Now I am trying to apply for the CanHELP loan program at http://www.iefc.com/canada/can_index.cfm but for the amount of money I need they also require a cosigner and I have a feeling they won't like the income of mine either. I might, at least, be able to get some money from them without a cosigner. I will keep the discussion updated as soon as there is some news..

[The Bunny]

This may be a completely stupid question but when applying for loans, are medical students considered as undergraduate or graduate students?

[White-Tiger]

This may be a completely stupid question but when applying for loans, are medical students considered as undergraduate or graduate students?

 

Usually undergrad. But most banks have special plans for med/dental students.

[palmpalm]

Hey all,

 

Thanks so much for all your help. I really didn't have a choice so I had a very stressfull week and was able to find a cosigner who is willing to put up equity. Boy am I lucky! Without them I would be totally screwed. RBC has said they approve us (this was over the phone) and I am going in to do the paperwork with my cosigner on Wednesday. On the one hand I am relieved on the other hand I feel like there is a lot of pressure now because I've got someone's house involved. Ce la vie.

 

Any tips/advice from those currently with RBC? Stuff I can ask for stuff I should ask for? What I am entitled to?

[flying kumquat]

I have heard of people getting the $120/yr avion card for free in the past. I was laughed at when I asked. You should be able to get the monthly account fee waived (something like $3.50/mo). I would highly recommend getting overdraft protection for ~$3.50/mo, because the NSF fees are at least $35 and RBC will be making monthly interest withdrawals from your chequing account (disclaimer: I can be somewhat forgetful). RBC would probably also like you to have life insurance, but I don't think it's mandatory. I'm not sure how your particular situation might affect this though.

[palmpalm]

hey all,

 

thanks for all of your help. i ended up getting the full loc, no-fee banking on a u.s. account and a canadian account, and i got the platinum avion at half fee (60 bucks instead of 120 bucks).

[hippie]

How much was the equity worth palmpalm?

[palmpalm]

How much was the equity worth palmpalm?

 

a lot...................

[hippie]

That means i am in deep trouble if I get accepted in the states...don't know anyone who is that rich to cosign me .....

[palmpalm]

That means i am in deep trouble if I get accepted in the states...don't know anyone who is that rich to cosign me .....

 

 

Fear not! I found out about this and they offered me $45,000.00 U.S. dollars up front the other day http://www.internationalstudentloan.com/canadian_student/index.html

[Jochi1543]

That means i am in deep trouble if I get accepted in the states...don't know anyone who is that rich to cosign me .....

 

I don't think it's a problem that arises when you go to the US, only outside North America.

[palmpalm]

I don't think it's a problem that arises when you go to the US, only outside North America.

 

Oh contrare. If you are going anywhere outside of Canada, including the U.S., all the banks I spoke with require a cosigner. The reason they required equity from my cosigner was because their income was not considered high enough. which I found weird because their income is much bigger than the average Canadian income. ce la vie.

[Jochi1543]

Oh contrare. If you are going anywhere outside of Canada, including the U.S., all the banks I spoke with require a cosigner. The reason they required equity from my cosigner was because their income was not considered high enough. which I found weird because their income is much bigger than the average Canadian income. ce la vie.

 

Really?

 

I guess I'll have to borrow from daddy.

[baw83]

I formerly banked with RBC but got absolutely crap customer service when I tried to set up a 150k LOC with them. So i inquired at Scotiabank and in 2 days had access to the funds and a free full benefits Visa Gold, and free cheques. I have since changed all of my banking to Scotia. If any of you are starting at Dalhousie and need to arrange for a loan i would highly recommend Ameta Rantala at Scotiabank on Spring Garden Rd. as a personal banker.

[turn_a_square]

have you considered a secured loan? first of all, have a look on http://www.moneysupermarket.com/loans/

 

you may qualify with your parents home. like if they agree to secured the loan against their property, an you make the repayments to them. maybe doing it this way you would to wait until the term is over (an your able to afford it) to start the repayments...

 

im not all THAT sure as you may hve guessed

[athenamathew]

I'm 28 years old just had a newborn baby and am currently in the process of going to college. I'm desperately trying to find is additional help while I'm going to school, help with my finances since working fulltime with a newborn is going to be hard but, I have heard from friends you can get assistance from the government while your getting a education. My financial condition is not good and I just need some help on finding recourses on the net. Please can someone help me?

[Ollie]

I'm 28 years old just had a newborn baby and am currently in the process of going to college. I'm desperately trying to find is additional help while I'm going to school, help with my finances since working fulltime with a newborn is going to be hard but, I have heard from friends you can get assistance from the government while your getting a education. My financial condition is not good and I just need some help on finding recourses on the net. Please can someone help me?

 

Google the province you live in plus "student loans" and that should take you to the appropriate website with all the info on how to apply for government student loans.

[amandalynddoh]

I already have a degree in Tourism Management but it’s not what I really want to do. If the government did not have some sort of college financial assistance, how would that affect American society? Would private lending institutions be motivated to dish out college loans? Can you get government maintenance grant and tuition fee loan if you go to the Open University and study full time?

[KennethToronto]

I already have a degree in Tourism Management but it’s not what I really want to do. If the government did not have some sort of college financial assistance, how would that affect American society? Would private lending institutions be motivated to dish out college loans? Can you get government maintenance grant and tuition fee loan if you go to the Open University and study full time?

 

I'm not sure what you're talking about, but in the US, there's the Stafford subsidized and unsubsidized loans, similar to Ontario's OSAP. US schools also provide bursaries and loans for any calculated unmet need.

 

"Credit crunch" aside, private lenders are very motivated to lend money to medical students because it's a safe investment given the low rates of attrition and capacity of students to repay the loans after graduation (same deal w. law students).