THX Posted October 10, 2008 Report Share Posted October 10, 2008 The Canadian dollar is going down the toilet, it's at 83 now. Suddenly the American Med schools seem a lot more expensive than they did 6 months ago. Link to comment Share on other sites More sharing options...
In_Valid Posted October 10, 2008 Report Share Posted October 10, 2008 *sobs*.... I didn't even think of that. I think Wayne State is out of the question now. Link to comment Share on other sites More sharing options...
Alastriss Posted October 10, 2008 Report Share Posted October 10, 2008 Haha I am holding onto my 10 dollar bill from my trip to the US, soon it will be worth a lot of Canadian dollars Yeah I really am worried about the dollar, Man, no-matter where I turn and no matter how good things start to look, something, somewhere goes for the worse. It's always grim on the premed treadmill. Link to comment Share on other sites More sharing options...
In_Valid Posted October 11, 2008 Report Share Posted October 11, 2008 Haha I am holding onto my 10 dollar bill from my trip to the US, soon it will be worth a lot of Canadian dollars Yeah I really am worried about the dollar, Man, no-matter where I turn and no matter how good things start to look, something, somewhere goes for the worse. It's always grim on the premed treadmill. its gonna be the next depression. Link to comment Share on other sites More sharing options...
Jochi1543 Posted October 11, 2008 Report Share Posted October 11, 2008 its gonna be the next depression. I wonder what this could mean for obtaining educational loans. I'd hate to be unable to obtain a sufficient LOC if I start next year. Plus my father (who would have to cover anything not covered by the LOC/PT job) is involved with investments and real estate, so there's always the possibility he could lose most of his money, as he did during the 1998 Asian crisis, so I'm kind of worried. On the upside, I suppose, the real estate prices are gonna plummet sometime soon, so I will actually be able to afford to buy a place in Calgary with a FT job, lol. Link to comment Share on other sites More sharing options...
a41 Posted October 11, 2008 Report Share Posted October 11, 2008 Yes I am very worried... Some of my classmates converted all of their money back when it was 1.10.... Link to comment Share on other sites More sharing options...
In_Valid Posted October 11, 2008 Report Share Posted October 11, 2008 On the upside, I suppose, the real estate prices are gonna plummet sometime soon, so I will actually be able to afford to buy a place in Calgary with a FT job, lol. way to be optimistic! Link to comment Share on other sites More sharing options...
xylem29 Posted October 11, 2008 Report Share Posted October 11, 2008 Yep - this will really screw things up any which way you look at it. When the CDN dollar was at parity or close to it, the US didn't seem too bad. Wayne is definitely going to be out of the question for a lot of people especially if the dollar drops even more, no sign that the economy is going to get better, not for the next year at least. Good thing guys, is there are other schools that will still be affordable and all of you should be able to get accepted into them. As for securing a LOC - this could also screw over a few people, as I was informed by an advisor that the banks may not be lending $150K LOCs to students going overseas anymore in a year or two. Best thing we can do is just keep on doing what we need to do to get where we need to go - not worry about the money issue, and things will work out I'm sure. Link to comment Share on other sites More sharing options...
UserName Posted October 11, 2008 Report Share Posted October 11, 2008 How would this affect me if i was to take a LOC from an American bank? I only have relatives in the States who can be co-singers on any LOC.. i have nobody in Canada who can do this.. so i suppose i'm already out of the question for Canadian LOC Link to comment Share on other sites More sharing options...
Jochi1543 Posted October 11, 2008 Report Share Posted October 11, 2008 How would this affect me if i was to take a LOC from an American bank? I only have relatives in the States who can be co-singers on any LOC.. i have nobody in Canada who can do this.. so i suppose i'm already out of the question for Canadian LOC It will affect you when you start repaying, since you'll be paying with the weak CDN dollar. I.e. your $1000 US monthly loan payment may turn into like $1400 Canadian if you are particularly unlucky. Link to comment Share on other sites More sharing options...
Alastriss Posted October 11, 2008 Report Share Posted October 11, 2008 I am a litle drunk but I am going on tis rant. Why the F*ck is the world out to get us. It's like its BAD NEWS EVERYWHERE. Like right now, Wayne state isn't even a Motherf*cking option right now. WHYYYY WHYYYYY WHYYY who is out to get us whyyyyyyy is the force not strong in us? is it not? BADLALJ;JA;FKJD SA;FKJD ;LFJD;LFJDS;LFJSD;JF ASDFSJAFDSFJAD;FJA;KFA Link to comment Share on other sites More sharing options...
njell Posted October 11, 2008 Report Share Posted October 11, 2008 I am a litle drunk but I am going on tis rant. Why the F*ck is the world out to get us. It's like its BAD NEWS EVERYWHERE. Like right now, Wayne state isn't even a Motherf*cking option right now. WHYYYY WHYYYYY WHYYY who is out to get us whyyyyyyy is the force not strong in us? is it not? BADLALJ;JA;FKJD SA;FKJD ;LFJD;LFJDS;LFJSD;JF ASDFSJAFDSFJAD;FJA;KFA I can feel the anger... At least you got some decent interviews... I still have another year before I can apply and my uni screwed me over and I think I'm sub-par to everyone else... .....You know what come to think of it why is the world out to get us. You know I try so hard but NOOOO the worlds like F**k You.... Hey I'm gonna get drunk as well!!! lol... Link to comment Share on other sites More sharing options...
xylem29 Posted October 11, 2008 Report Share Posted October 11, 2008 How would this affect me if i was to take a LOC from an American bank? I only have relatives in the States who can be co-singers on any LOC.. i have nobody in Canada who can do this.. so i suppose i'm already out of the question for Canadian LOC Well for one thing, interest rates go up when the economy is doing poorly. It's also not as "easy" to secure LOCs - so your relatives may have to be very financially stable as well to be approved. Link to comment Share on other sites More sharing options...
abcwxyz Posted October 11, 2008 Report Share Posted October 11, 2008 http://upload.wikimedia.org/wikipedia/commons/4/48/CAD_USD_Exchange_Rates.png You can't really do anything about it. It's gone up and down throughout history. Even if it was stable now, it may change in 10 years when you're done school and residency. The only upside is that you have the option of working in Canada or the USA in 10 years if either one will make your loan repayment significantly easier. Although you'll likely be permanently established with a family by then... Link to comment Share on other sites More sharing options...
UserName Posted October 12, 2008 Report Share Posted October 12, 2008 That's really awful for those of us who can only get Canadian line of credits.. at least if you get a US line of credit you can still enroll but pay a suddenly more expensive debt later.. but if you are not able to secure the money to actually attend to begin with .. then it's definitely a problem :S I REALLY wish they would just have a common currency for North America.. it would make so much business sense. business would be a lot less risky because u wouldn't have to worry about the extra risk of major currency fluctuations like this one!! if Europe can do it i'm sure Americans and Canadians can too! Link to comment Share on other sites More sharing options...
token Posted October 13, 2008 Report Share Posted October 13, 2008 I'm trying not to think about it. Problem is the BoC has pretty much zero incentive to prop up the dollar....remember how the manufacturing sector was freaking out when it hit parity and the central bank refused to do anything? I'm pretty sure they're fairly happy wiht the direction things are going now unfortunately. I'm one of those who is applying to both the states and Canada (though obviously I have a higher chance of getting in somewhere in the US). So I'll have to look at the exchange situation again when I actually have decisions to make. I don't think the dollar itself will keep you from getting a large enough LOC....if anything it would be due to how tight credit is right now. But, credit is still relatively freely moving in Canada, and (knock on wood) the people in charge will probably solve the crisis by May. Also don't forget, banks may not be willing to lend to someone getting a liberal arts degree at some ivy anymore, but potentially securing a future doctor customer for life? They'll make it work. Link to comment Share on other sites More sharing options...
THX Posted October 23, 2008 Author Report Share Posted October 23, 2008 Bah, Canadian dollar broke 80cents today. It's now 0.79543 US Link to comment Share on other sites More sharing options...
Jixe Posted October 23, 2008 Report Share Posted October 23, 2008 Bah, Canadian dollar broke 80cents today. It's now 0.79543 US You can thank the drop in prime rate for that effect. It's a win-lose situation. Prime rate's only 4% now. Link to comment Share on other sites More sharing options...
In_Valid Posted October 23, 2008 Report Share Posted October 23, 2008 Wayne State tuition = 73417 per year Link to comment Share on other sites More sharing options...
Dayne67 Posted October 23, 2008 Report Share Posted October 23, 2008 Yeah, the Canadian dollar seems to be taking a bit of a nose-dive. It was $1.10 US last year and now it's $0.79. It's good for the manufacturing sector but bad for Canadians wanting to study meds in the US. Wayne's tuition (for the time being) is $73417 (Canadian) per year. If you tack on at least another $17,000 for living expenses and fees, you have at least $90,000 per year. So, that's tentatively $360,000 for four years + interest.......wow, that's a lot. Link to comment Share on other sites More sharing options...
THX Posted October 23, 2008 Author Report Share Posted October 23, 2008 I think the solution to the cost of attendance is to simply forsake an apartment and live under a bridge for the next four years. While the Canadian dollar is crapping out, it should works it way back up to at least 85cents by year's end and hopefully 90 by summer time. Beyond that it's anyone's guess. Link to comment Share on other sites More sharing options...
In_Valid Posted October 23, 2008 Report Share Posted October 23, 2008 Yeah, the Canadian dollar seems to be taking a bit of a nose-dive. It was $1.10 US last year and now it's $0.79. It's good for the manufacturing sector but bad for Canadians wanting to study meds in the US. Wayne's tuition (for the time being) is $73417 (Canadian) per year. If you tack on at least another $17,000 for living expenses and fees, you have at least $90,000 per year. So, that's tentatively $360,000 for four years + interest.......wow, that's a lot. I want a Ferrari. =\ Link to comment Share on other sites More sharing options...
In_Valid Posted October 23, 2008 Report Share Posted October 23, 2008 I think the solution to the cost of attendance is to simply forsake an apartment and live under a bridge for the next four years. While the Canadian dollar is crapping out, it should works it way back up to at least 85cents by year's end and hopefully 90 by summer time. Beyond that it's anyone's guess. I will go halfsies on a dorm room with someone. One of us will have to live in the closet though. = | Link to comment Share on other sites More sharing options...
abcwxyz Posted October 23, 2008 Report Share Posted October 23, 2008 Can you convert your loan balance between Canadian and US dollars? For example borrow entirely in US dollars and make payments in US dollars? For those intending to practice in the states, wouldn't this effectively make the exchange rate a non-issue with the sole exception being the relative difficulty of securing a LOC for the now-more-valuable US dollar amount? Link to comment Share on other sites More sharing options...
Jixe Posted October 23, 2008 Report Share Posted October 23, 2008 Can you convert your loan balance between Canadian and US dollars? For example borrow entirely in US dollars and make payments in US dollars? For those intending to practice in the states, wouldn't this effectively make the exchange rate a non-issue with the sole exception being the relative difficulty of securing a LOC for the now-more-valuable US dollar amount? What difference would it make? You could just convert your Canadian dollar funds to US dollar funds immediately if you'd like. If you borrow $150k USD from somewhere, you're essentially borrowing more in Canadian dollars. The real problem everyone will be encountering is the fact that $150k CAD will not cover their 4-year tuition since it's worth something like $118k USD. That being said, it wouldn't be wise to convert the entire $150k to USD immediately. Four years is a long time... Link to comment Share on other sites More sharing options...
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