relf Posted January 16, 2008 Report Share Posted January 16, 2008 so ive just talked to reps from RBC, TD, and CIBC, and the max they will give out is $150k and they require a co-signer...is this the norm? also, what types of things have people been able to negotiate in the terms of their LOC (e.g. grace period, overdraft protection, etc)? thanks! Link to comment Share on other sites More sharing options...
hippie Posted January 16, 2008 Report Share Posted January 16, 2008 It looks this is the new norm. I know many people who actually managed to get LOCs without cosigner for schools in the states and even in the Caribbean, however when I called both RBC and BMO they made it clear that there is no way on earth i'm getting a loc without a cosigner.... Let's hope things won't get even worse with the US going into recession Link to comment Share on other sites More sharing options...
Jochi1543 Posted January 16, 2008 Report Share Posted January 16, 2008 It looks this is the new norm. I know many people who actually managed to get LOCs without cosigner for schools in the states and even in the Caribbean, however when I called both RBC and BMO they made it clear that there is no way on earth i'm getting a loc without a cosigner.... Let's hope things won't get even worse with the US going into recession Same here...the person I knew who got it w/o a cosigner to go to Australia went with RBC, but when I called, they told me to shove it. Link to comment Share on other sites More sharing options...
Alastriss Posted January 16, 2008 Report Share Posted January 16, 2008 This may be a stupid question, but can't the cosigner be canadian and be your parents? Link to comment Share on other sites More sharing options...
hippie Posted January 16, 2008 Report Share Posted January 16, 2008 The cosigner has to be a canadian citizen or permanent resident and it can be anyone as long as they ar established. ie:have the cash or a house. Link to comment Share on other sites More sharing options...
THX Posted January 17, 2008 Report Share Posted January 17, 2008 Is this new? I know that up to last year one could get a LOC w/o co-signer if they spoke to the right person. (ie. had to deal with someone who dealt with medical/dental student loans). If this is the case, it must be fall-out from the credit crunch. Link to comment Share on other sites More sharing options...
KennethToronto Posted January 17, 2008 Report Share Posted January 17, 2008 I called RBC up a while back and got the impression that students studying at CANADIAN medical schools would not require a co-signer up to 150K whereas if you're attending a US school (one on their list no less) you must have one to secure the 150K (potentially 200K if you have good signers). I would really suggest anyone contemplating such a loan to calculate your monthly interest payments on a 150k-200k loan - it's rather scary. Link to comment Share on other sites More sharing options...
hippie Posted January 17, 2008 Report Share Posted January 17, 2008 It is scary, but paying back is very feasible. American students manage it wile they pay an interest of 7.5 and up. why wouldn't we manage it with an interest of 4.5? Link to comment Share on other sites More sharing options...
KennethToronto Posted January 17, 2008 Report Share Posted January 17, 2008 It is scary, but paying back is very feasible. American students manage it wile they pay an interest of 7.5 and up. why wouldn't we manage it with an interest of 4.5? Interest of 4.5? Last I read it was around 6%-6.25%. I don't have all the information but I do believe lots of American students manage it because they either qualify for generous financial aid at most schools (which will significantly lessen the burden) and perhaps the unsubsidized Stafford loans are more favourable than our Canadian LOCs? Plus, it seems like the average indebtedness of US students at most schools is around $100k whereas Canadian students will most likely have to borrown $200k in LOCs and $32k in OSAP. Link to comment Share on other sites More sharing options...
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