Dr.Luv Posted May 23, 2007 Report Share Posted May 23, 2007 Can anybody please provide me with some information on loans and line-credit and any other way to pay for the ridiculously expensive US tuition? What are the best loans to take with the lowest interests and how much do I actually have to subsidize on my own? Link to comment Share on other sites More sharing options...
jazzy_h2o Posted May 24, 2007 Report Share Posted May 24, 2007 You best bet is a line of credit...check out RBC bank and Scotia Bank....they give large sums of money to med students (between 150 and 200 thousand)...plus if you are from ontario there is always OSAP which will help with some living expenses Link to comment Share on other sites More sharing options...
excalibre Posted May 24, 2007 Report Share Posted May 24, 2007 I guess this depends on whether you have a cosigner in the US, but I was told that if you take your loans out in the US, then later when you are working in the states, a large proportion of your debt is tax deductible since it was educational costs. Apparently, if you take the loan out in Canada you can't do this, or it is difficult to or something. Lots of hearsay, but can anybody corroborate this? Link to comment Share on other sites More sharing options...
dialntin Posted June 14, 2007 Report Share Posted June 14, 2007 CanHELP is a pretty good option specifically for Canadians who do not have a US co-signor, they accept a Canadian guarantor instead. The amount can be up to 40k/annum Link to comment Share on other sites More sharing options...
Red@8 Posted June 14, 2007 Report Share Posted June 14, 2007 MD management is your best bet. $200k loc and you don thave to service the interest unti lyou are done residency. RBC, Scotia, etc you have to service the interest. ONly problem with MDM is that if you are a cdn student going to the states you need a cosigner. Link to comment Share on other sites More sharing options...
amu Posted June 16, 2007 Report Share Posted June 16, 2007 i have been to practically every bank, and it appears as though no bank in canada will give a loan big enough to fund education OUTSIDE of canada. RBC used to do it, but now they've changed their policy. I've applied for canhelp, and I chose this one because it doesnt require a US co-signer (unlike other US intitutions) and you can defer interest payments until repayment starts (which is 6 months after graduation). I was wondering if anyone knows of any other alternatives to Canhelp. How does the interest rate compare to some of the other loans offered, like MD management. Link to comment Share on other sites More sharing options...
hippie Posted June 16, 2007 Report Share Posted June 16, 2007 I think the only way to work it out for the states is with 2 line of credits.... Interest wise, only a US based loan( US cosigner a must) will deferr the interest until you graduate.. Link to comment Share on other sites More sharing options...
Red@8 Posted June 20, 2007 Report Share Posted June 20, 2007 MDM will increase you from a $200k loc if you can proove need. You can also try provincial/federal student loans. I know for Alberta they give you up to $95 000 for medicine. Thats $300k or more right there. RBC offers another $200k loc and so does scotia. Theoretically you can have over $750K for your 4+ years. Link to comment Share on other sites More sharing options...
Jochi1543 Posted June 20, 2007 Report Share Posted June 20, 2007 Red@8, are you sure that you can just keep piling them on? Wouldn't they look at your credit history at subsequent banks and notice that you already have all the $$$ you need and will not be a good candidate in terms of repayment? The banks will also see the provincial student loans - I know even my Toyota lender could see them. Link to comment Share on other sites More sharing options...
Red@8 Posted June 21, 2007 Report Share Posted June 21, 2007 Well i think it depends on your credit history and the timing of when you do it. My history is as good as you can get so I have had no problems in securing money. I dont have 4 LOC's but i am still getting offered them from the banks. If you have not so great credit history then you could theoretically try and get all of the LOC's within a 48 hour period. This is do-able. The credit history office/equifax dont get your recent loans for a few days. So if you were to go to RBC get $200k and then a few hours or next day go to scotia. Scotia would have no idea you just got $200k from RBC. Link to comment Share on other sites More sharing options...
Jochi1543 Posted June 21, 2007 Report Share Posted June 21, 2007 If you have not so great credit history then you could theoretically try and get all of the LOC's within a 48 hour period. This is do-able. The credit history office/equifax dont get your recent loans for a few days. So if you were to go to RBC get $200k and then a few hours or next day go to scotia. Scotia would have no idea you just got $200k from RBC. Damn, you're the man. I like to scheme and get around things, too...wanna take over the world together? Link to comment Share on other sites More sharing options...
Red@8 Posted June 22, 2007 Report Share Posted June 22, 2007 Damn, you're the man. I like to scheme and get around things, too...wanna take over the world together? heheheh well I am not suggesting anyone do what i said. I mean you can but I am not sure if it is illegal or not. They know that people can do that but i am not sure if they dont care or just not enough people doing it for them to worry about it. I am busy this week. How does next week sound for a world take over? Link to comment Share on other sites More sharing options...
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