AntonellaM Posted May 12, 2008 Report Share Posted May 12, 2008 So I was just wondering, what do most dental students do? Get some from OSAP, bank (if so which), combination of both? Do the banks typically accept single applications or do you need a cosigner? How willing are banks to cover tuition? thanks for the help Link to comment Share on other sites More sharing options...
stesha Posted May 13, 2008 Report Share Posted May 13, 2008 Hi, you will likely use a combination of OSAP, bursaries/scholarships, and of corse the bank. Bank are very willing to hand you a lot of money, since your dental degree will provide you with excellent earning potential. I started dealing with Scotiabank, then switched to RBC. Both offer the same thing pretty much, maybe see if there is any difference in interest rates. When I went you could get a $30,000 a year credit line. Once you went over $60,000 then you needed a co-signer I believe. It may be different now. Anyways, they would be more than willing to help yo out, which is great, otherwise dental school is unaccessible to most people. Also, while in school you only have to make interest payments and not any principle, and for some amount of time after graduating too. The cost of a dental education can be daunting, but it is worth it, and yo pay them off surprising quickly! Link to comment Share on other sites More sharing options...
Dandoon Posted May 13, 2008 Report Share Posted May 13, 2008 Stesha, would you please tell us why you switched to RBC? Link to comment Share on other sites More sharing options...
AllSmiles Posted May 13, 2008 Report Share Posted May 13, 2008 You have to start making interest payments while in school?? Isn't it a lot? Link to comment Share on other sites More sharing options...
stesha Posted May 21, 2008 Report Share Posted May 21, 2008 Stesha,would you please tell us why you switched to RBC? I just wasn't happy with their service at the branch in London. The lady's name was Jan and she was quite rude. Link to comment Share on other sites More sharing options...
nodnol Posted June 5, 2008 Report Share Posted June 5, 2008 I was wondering if anyone knows when the deadline to apply for OSAP is? Link to comment Share on other sites More sharing options...
koft Posted June 5, 2008 Report Share Posted June 5, 2008 as i remembered you have 30 days past the starting date of the 1st term to apply for OSAP for the entire year, after that you can only apply for winter term / spring term. ________ BABY MAC Link to comment Share on other sites More sharing options...
waitingforever Posted June 5, 2008 Report Share Posted June 5, 2008 Does anybody know how long would it take you to pay off these lones after graduation? Link to comment Share on other sites More sharing options...
Masaki Posted June 6, 2008 Report Share Posted June 6, 2008 if you were to incure $200k debt, I think ppl usually pay it off in 4-5 years Link to comment Share on other sites More sharing options...
waitingforever Posted June 6, 2008 Report Share Posted June 6, 2008 Does anybody knows how much the interst on bank loan is approximately? Link to comment Share on other sites More sharing options...
Adversary Posted June 6, 2008 Report Share Posted June 6, 2008 Prime Rate (NOT prime +1 as normal undergrads get) which as of today is 4.75% Link to comment Share on other sites More sharing options...
waitingforever Posted June 6, 2008 Report Share Posted June 6, 2008 Is this per year? Link to comment Share on other sites More sharing options...
brightnshiny Posted June 6, 2008 Report Share Posted June 6, 2008 yep prime is yearly. Link to comment Share on other sites More sharing options...
brightnshiny Posted June 6, 2008 Report Share Posted June 6, 2008 for paying interest off though, you'll need to pay monthly. for example... if you borrow $10000 for a year, $10000 * 0.0475 = $475/yr, so $475/12 is $39.58/month just for the interest, unless you pay the principle off. Link to comment Share on other sites More sharing options...
Masaki Posted June 6, 2008 Report Share Posted June 6, 2008 ouch, and UBC dent is like 50k a year, so you'd be paying like almost $200 per month just on interest. Link to comment Share on other sites More sharing options...
nodnol Posted June 7, 2008 Report Share Posted June 7, 2008 as i remembered you have 30 days past the starting date of the 1st term to apply for OSAP for the entire year, after that you can only apply for winter term / spring term. Thanks for the info koft. So interest from the bank is 4.75% what is interest regularly? Link to comment Share on other sites More sharing options...
koft Posted June 7, 2008 Report Share Posted June 7, 2008 Thanks for the info koft. So interest from the bank is 4.75% what is interest regularly? Bank rate depends on the Central bank rate + 1.75% = Prime rate. 4.75% is the current prime rate. On any LOC it is most likely compounded daily. so on every $100 you borrow, you will have a monthly interst of $.40 / month on 4.75%. if the rate changes, the interest payment can increase or decrease. ________ Indica strains Link to comment Share on other sites More sharing options...
AllSmiles Posted June 8, 2008 Report Share Posted June 8, 2008 So if you aren't making any money and you don't have any savings (cuz you put it all on a very large deposit...ahem...) then you basically have to use your credit line to pay off the interest every month from taking money out of your credit line in the first place? That sounds screwy... Link to comment Share on other sites More sharing options...
Contach Posted June 8, 2008 Report Share Posted June 8, 2008 So if you aren't making any money and you don't have any savings (cuz you put it all on a very large deposit...ahem...) then you basically have to use your credit line to pay off the interest every month from taking money out of your credit line in the first place? That sounds screwy... Well, you don't necessarily have to pay the credit line.. you can just let it sit. Although it increases the amount you have on borrow and thus you are being charged interest on your accumulated interest (read: compounding interest). But yeah, same principle i suppose. Link to comment Share on other sites More sharing options...
koft Posted June 8, 2008 Report Share Posted June 8, 2008 So if you aren't making any money and you don't have any savings (cuz you put it all on a very large deposit...ahem...) then you basically have to use your credit line to pay off the interest every month from taking money out of your credit line in the first place? That sounds screwy... Yes it sucks .... well ask for OSAP and bursary from which ever school you are going to, at least then you don't have to borrow as much! that is what I did. Granted that I still owe a bit to OSAP! (but most of my colleagues who are in private practices paid off most of their LOC, and able to get their toys as well) ________ ARIZONA MARIJUANA DISPENSARIES Link to comment Share on other sites More sharing options...
celeron_266 Posted June 8, 2008 Report Share Posted June 8, 2008 just a question.... if i apply for LOC at a bank...will it be counted as "available funds" for student loan and bursary application...so that my chance of getting them becomes lower? Link to comment Share on other sites More sharing options...
AllSmiles Posted June 9, 2008 Report Share Posted June 9, 2008 That's a good question...i'm interested in this answer as well. Link to comment Share on other sites More sharing options...
Adversary Posted June 9, 2008 Report Share Posted June 9, 2008 Short and sweet : No. Don't list them. Link to comment Share on other sites More sharing options...
koft Posted June 9, 2008 Report Share Posted June 9, 2008 As far as i know, it doesn't affect it, because it is borrowed money, it is not your asset, or earnings. As long as it is not part of your savings.. it shouldn't affect it... But i haven't filled these form for awhile, so you might want to talk to your financial aids services to get the most up to date details. ________ Strain Index Link to comment Share on other sites More sharing options...
jayjaejai Posted June 10, 2008 Report Share Posted June 10, 2008 Hm,, sorry for sounding dumb,,, but what is an OSAP??? Link to comment Share on other sites More sharing options...
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