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Paying for US dents


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Hey,

I was wondering if anyone knew, in the case that you're a canadian student and you want to go to US to study dents, what do people usually do for financing? Are there banks that give you loans for going to US to study there without a co-signer?

Any help is appreciated :D

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I think, at this financial crisis, it would probably be a bad time to go to US dental school.

Even before the financial crisis, it was hard to get fundings. But now, I found that it is much worse. :mad:

 

Previously, I heard that RBC lends money without co-signer. However, all the major banks (RBC, TD, BMO, Scotia) that I have talked with so far said they need a co-signer. I haven't tried different branches of each bank though.

 

Also, CanHelp was used to lend money to Canadian students, but they now want a US citizen/PR co-signer.

 

The last hope is... If you are from BC, Alberta, or Ontario, your provincial goverment may lend you money, but the amount would only be about 7k CAD/yr.

 

So it seems that if you want to go to US dental school, the ridiculously high tuition must be paid through private sources. (ie. from your parents or relatives)

 

This is what I have found so far. Does anyone know any other source of funding?:confused:

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You think you may know that, but you should really talk to others before you make such a 'conclusion.' Afterall, you are just one person, and you shouldn't expect to be able to know everything by yourself. Knowing is different than thinking. You can pay for your education solely on loans, because other people have done it. I know someone attending NYU at the moment, she told me that she is taking out over 300k in loans.

 

Tell us exactly what you looked into.

 

Banks (ie. private loans) will give you a lot of money: you just need a willing co-signer.

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First of all, Contach, you completely missed the point of the initial question from Mugenn.

 

Are there banks that give you loans for going to US to study there without a co-signer?

 

Apparently, Mugenn was looking for the way to get loans WITHOUT a co-signer. So, I answered the question based on the situation where you don't have a qualified co-signer supporting you.

 

Banks (ie. private loans) will give you a lot of money: you just need a willing co-signer.

 

You are so true Contach. If you are going to states for dental education, you JUST NEED a qualifeid co-signer to get private loan from finanacial institutions. But what if I don't have one?? - This is what Mugenn was asking.

 

Because I am on the same boat as Mugenn, I tried to get loans from banks without a co-signer. So I have contacted following bank branches in my neighborhood in Vancouver.

 

TD bank: on Canada Way near Boundary Rd.

BMO: on Granview hwy & Rupert St.

RBC: on Kingsway & near Joyce St.

Scotia: over the phone, don't remember the branch

 

These branches said "NO" to my question. They all wanted a co-signer.

BUT, different branches may have different terms, and maybe allow you to get loans without a co-signer. That is WHY I said "I have not tried different branches of each bank though" on my previous answer.

 

Also, at the end of UBC open house, there was an opportunity to talk with bank managers from BMO, RBC, TD and Scotia. So, I went there to make sure about it one more time. They all said I NEED a co-signer.

 

This is what I have done so far to reach my "conclusion," as you say. What could you have done more?

If you know something that I haven't tried, please let us know because I need to get bank loans without a co-signer.

 

In addition, I have NOT made any type of solid conclusion. I left rooms for change if you read my answer one more time.

 

So, Contach, please read questions and answers carefully before making any "conclusion" about someone else's reply.

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  • 4 weeks later...

thanks for sharing that chiral, i did look into it more and i think RBC is in fact the only bank that does give out loans without a co-signer in canada according to their website - i'm not sure as to why the branch you said you asked said no, but for sure at least some branches would do it judging from their website.. one thing is that it might be only applicable to when you are doing studies at a Canadian university, that the website wasn't clear on

In any case, thanks for your help!!

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thanks for sharing that chiral, i did look into it more and i think RBC is in fact the only bank that does give out loans without a co-signer in canada according to their website - i'm not sure as to why the branch you said you asked said no, but for sure at least some branches would do it judging from their website.. one thing is that it might be only applicable to when you are doing studies at a Canadian university, that the website wasn't clear on

In any case, thanks for your help!!

 

I showed up at an RBC branch with an acceptance letter from a US school this past December. They said that they ask for co-signers for US schools to make sure the students actually pay them back. They're just covering their a$$e$ in the event that a student doesn't come back to Canada, which is understandable. And, unless you think you're not good for the money, there's no reason to fret over a co-signer.

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  • 2 weeks later...

wow so umm, conclusion: "if youre not filthy rich you pretty much can't make it to US (other than with help of fairy godmother aka scholarhip which most likely wont be happening unless youre einstein and mother teresa in one)"

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Oh yeah? which bank?

 

Both my sister and I have "Professional Student" LOCs through RBC. Shes up to $200,000 and I'm sitting at $60,000. We both received funding without needing a co-signer, which was important for us since our parents wouldn't have the security to take on that type of risk. From conducting my research 4 years ago, RBC was the most generous with their lending and the least strict in approvals.

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hmm as far as my research goes, no one is going over 150 000... which pays for like.. 2 years or so at NYU -__-...

 

From my own experience, the LOC cap is a soft cap. My sister was capped at $150,000 for 4 years but she maxed out after 3rd year needed additional money. She spoke to a rep from RBC who specialized in Professional Student LOC's and got it bumped up to $200,000. Personally, I know of a guy in my class who's LOC is $80,000 when RBC says my speciality is suppose to be capped at $60,000.

 

One thing to consider is RBC takes your current student loan into consideration. So if you're eligible for $25,000 a year as a professional student, but your government loans are valued at $10,000, RBC will initially only approve you for $15,000.

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