cgardiner Posted August 16, 2010 Report Share Posted August 16, 2010 If one were to apply to med school and get in.. How would one pay for it if they were on their own? *Going into my first year of undergraduate studies.. would it be wise for me to get a visa and start building my credit as long as I can control my spending? Link to comment Share on other sites More sharing options...
future_doc Posted August 16, 2010 Report Share Posted August 16, 2010 If one were to apply to med school and get in.. How would one pay for it if they were on their own? Go to any chartered bank in Canada with I.D. and proof of acceptance/enrollment and obtain a LOC for $200,000 on my personal signature! It is done every day. Link to comment Share on other sites More sharing options...
cgardiner Posted August 16, 2010 Author Report Share Posted August 16, 2010 Go to any chartered bank in Canada with I.D. and proof of acceptance/enrollment and obtain a LOC for $200,000 on my personal signature! It is done every day. Thats what I was thinking.. my parents were trying to tell me otherwise! haha thanks! Link to comment Share on other sites More sharing options...
rmorelan Posted August 16, 2010 Report Share Posted August 16, 2010 If one were to apply to med school and get in.. How would one pay for it if they were on their own? *Going into my first year of undergraduate studies.. would it be wise for me to get a visa and start building my credit as long as I can control my spending? No point really I think - if you get in a canadian school you will be just handed the 200,000 from banks you need regardless of the minor credit history you have. No need for a co-signer, or really anything else. On top of that you can easily get provincial student loans and so on from the school. Finances is really the last thing you have to worry about med school wise. If are going out of country then they won't be that forth coming but you will almost certainly need help in the for of a co-signer regardless for the amounts we are talking about and the fact that it is a risker situation for the banks. This isn't to say go nuts and spend piles of money - just that the money part of things will be taken care of in due course. Link to comment Share on other sites More sharing options...
future_doc Posted August 16, 2010 Report Share Posted August 16, 2010 Tell them that you won't need them, that if they don't cover your med school related expenses, goodbye and you won't look after them in old age, won't be their phtysician or use your contacts for them or let them see the grandchildren!! Your parents don't have a clue of what they are talking about. They should go back to school. Link to comment Share on other sites More sharing options...
rmorelan Posted August 16, 2010 Report Share Posted August 16, 2010 Tell them that you won't need them, that if they don't cover your med school related expenses, goodbye and you won't look after them in old age, won't be their phtysician or use your contacts for them or let them see the grandchildren!! Your parents don't have a clue of what they are talking about. They should go back to school. hehehe - I guess in most other fields their advise would make sense. Medicine/dentistry is just special - banks like us as we are ultimately high income/low risk. speaking of which I get mauled now everything I go into a bank as they try to force new products on me. Kind of strange experience Link to comment Share on other sites More sharing options...
future_doc Posted August 16, 2010 Report Share Posted August 16, 2010 I get mauled now everything I go into a bank as they try to force new products on me. Kind of strange experience The next time you go to the bank, let them know that you dropped out of med school and you will quickly learn that getting mauled really means! Link to comment Share on other sites More sharing options...
Starling Posted August 16, 2010 Report Share Posted August 16, 2010 Yeah, it's easy to get a massive line of credit if you have a med school acceptance letter in hand (although I suppose it would be tougher if you had a particularly terrible credit history). It's still a good idea to build credit for other reasons (renting an apartment, getting certain utilities set up etc.), and having a credit card is good for the sake of convenience. Just be really careful to pay it off in full and on time every month. I accidentally underpaid my bill by $30 once and they charged me ~$20 for that! (so just imagine if I had forgotten to pay the entire bill) Link to comment Share on other sites More sharing options...
future_doc Posted August 16, 2010 Report Share Posted August 16, 2010 With a credit card linked to the LOC, it should be paid on the last day of the deadline o n autopilot without thinking about. However, your words are meaningful and one has to be viligent and financially responsible always. Link to comment Share on other sites More sharing options...
shannn Posted August 16, 2010 Report Share Posted August 16, 2010 You should be building your credit regardless. Getting a good credit card once you turn 18 really helps. I suggest getting an MBNA Mastercard (i.e. SmartCash, best CC out there, and readily available for students) Link to comment Share on other sites More sharing options...
samy Posted August 16, 2010 Report Share Posted August 16, 2010 No point really I think - if you get in a canadian school you will be just handed the 200,000 from banks you need regardless of the minor credit history you have. No need for a co-signer, or really anything else. On top of that you can easily get provincial student loans and so on from the school. Finances is really the last thing you have to worry about med school wise. Well, I have tried for a 25k loan from National Bank and I had been refused without and even with a co-signer. It has really pissed me off ! I don't have any credit history and my first co-signer (my mom) has a 100% clean credit history and got rejected... I've tried again Friday with my aunt as my co-signer (she has a property of 400k $ + a good salary....) If I get rejected a third time... I'll simply try at another bank.... Link to comment Share on other sites More sharing options...
future_doc Posted August 16, 2010 Report Share Posted August 16, 2010 You are in med-pre @ McGill and as such, you asre not considered a med student. You sre simply a premed undergrad in the eyes of the banks. Moreover, although you are on fast track, you are not guaranteed a spot in McGill med - your spot is conditional. So, you do not qualify period for the LOC. That is the way it is. Life will dramaticallychange next year. You have no credit history. However, banks to make student loans with a solvent co-signer, even though it is not a professionasl student loan. Try RBC or TD, there should be no problem for a certain limit, I doubt it will be 25k, probably 8k per year. GL! Link to comment Share on other sites More sharing options...
future_doc Posted August 16, 2010 Report Share Posted August 16, 2010 hehehe - I guess in most other fields their advise would make sense. Medicine/dentistry is just special - banks like us as we are ultimately high income/low risk. Yes, lol, a parent is a wonderful, loving person whose advice is so important. How is a parent supposed to know that banks treat med students like demi-gods? And they wouldn't necessarily know of the intricacies of obtaining monies from the government and the forgiveness program for part of what the government provides. BTW, in Quebec, the govt does not care that the studsent owns a car, whereas in ON it is a totally different story. Link to comment Share on other sites More sharing options...
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