Jump to content
Premed 101 Forums

Financing medical school in US


Recommended Posts

Hi, Guys. I am quebec permanent resident and i would like to apply to American medical schools. I graduated from McGill. My gpa is 3.6 and i will take mcat soon. My primary concern is that I don't have money to pay for medical school in the states. I've been living in Qc for a few yrs now, and i don't have friends who could cosign a bank loan. I am planning to work as a nurse for one year, but that money will be hardly enough to live in the states (not even paying tution fees)

 

So, does any of you know if there are banks in the states that give loans to Canadian PR or may be there are some programs that help to finance med school

If there is someone who has been in a similar situation, could you share how you handled it

 

thank you

Link to comment
Share on other sites

I sympathize with your situation. Do you not have a parent who can co-sign for you? Another relative? Perhaps a plea to the community?

 

You will need about 300K, perhaps more in the future as tuition and cost of living rises. I'm sorry to say, there are not much options available anywhere to get that kind of sum. Perhaps focusing hard to stay locally? I hear Quebec tuition is extremely cheap.

 

Another idea I once had, radical though and I don't know if it would have any weight at all, is to approach local, provincial, or federal government reps and negotiate a return of service agreement. Thankfully i never got this far, but it was definitely something I thought about.

 

Last, I am not proud to mention this, but if medicine is something you'll do anything for, perhaps a sugar relationship is something to think about. Yes, there are some morally issues at play here, but I'm sorry to say, the world we live in is a cruel and unfair place that pits us between a rock and a hard place sometimes.

 

Best of luck.

Link to comment
Share on other sites

If you walk into any Canadian bank with your acceptance letter in hand and speak to the right people, you'll get approved for $200,000 probably at prime + 0 (assuming you don't have any credit problems etc.). Depending on where you go to school, that could very easily be enough. I would try this approach before the sugar relationship idea :)

 

Good luck!

Link to comment
Share on other sites

After the 2007 recession, all banks restructured their med school loans to US schools to mandate a qualified co-signer. Unfair, I know.

 

I have a different understanding. I went talked to a loan officer at a Scotiabank in October, and it seems that a co-signer is only necessary if you have a low credit rating. If you have no credit rating or a good credit rating, you should qualify for a Professional Student loan if you can present a letter of acceptance.

Link to comment
Share on other sites

I have a different understanding. I went talked to a loan officer at a Scotiabank in October, and it seems that a co-signer is only necessary if you have a low credit rating. If you have no credit rating or a good credit rating, you should qualify for a Professional Student loan if you can present a letter of acceptance.

 

From my personal experience with CIBC, this is correct. All I needed was a letter of acceptance - no co-signer. And this is for any med school in Canada or the US.

Link to comment
Share on other sites

I have a different understanding. I went talked to a loan officer at a Scotiabank in October, and it seems that a co-signer is only necessary if you have a low credit rating. If you have no credit rating or a good credit rating, you should qualify for a Professional Student loan if you can present a letter of acceptance.

 

Are you sure this was for a US medical school?

 

 

For my understanding, when you leave Canada, you need a co-signer because it's difficult for the bank to recover the loan outside of Canada. So if someone doesn't pay, the bank goes after the co-signer. Maybe I will call Scotiabank and CIBC tomorrow.

Link to comment
Share on other sites

Thirty6ix and Theriverwhy thank you. At least you gave some hope. When I spoke to RBC they said that I would need a cosigner. But I will try scotia bank or cibc then. And since I will work as a nurse for one year before I can possibly start medical program, I hope I can have at least some credit:)

Link to comment
Share on other sites

http://www.cibc.com/ca/loans/prof-edg-st-pers-ln-credit.html

 

Received approval for the max. with an acceptance letter from Wayne State (although I'm still hoping I won't need it all if I get in in Canada). Unless I got really lucky, it's not a problem.

 

So, I called CIBC and they said that whether you need a co-signer or not depends on your yearly income. If you had a stable job for the last few years, they might be able to issue you a line of credit without a co-signer. Otherwise, for most students, they want a co-signer.

Link to comment
Share on other sites

  • 2 weeks later...
http://www.cibc.com/ca/loans/prof-edg-st-pers-ln-credit.html

 

Received approval for the max. with an acceptance letter from Wayne State (although I'm still hoping I won't need it all if I get in in Canada). Unless I got really lucky, it's not a problem.

 

Hey TheRiverWhy,

 

What was you financial situation like? Do you have any input as to why you think you qualified for the loan without the co-signer?

 

I am attempting to either qualify without one or somehow appeal to "the right person" at the bank to help me out.

 

Any advice?

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...