GOALiswestern Posted May 25, 2011 Report Share Posted May 25, 2011 Hey, Can you get a LOC without a co-signer. I'm asking cause I went to national bank a while back and they said that I would need a co-signer, but a friend just got a LOC without a co-signer. I based alot of what I'm doing on the fact that I wouldn't be able to get a LOC ... Can you guys please let me know! I don't have time to go to the individual banks at the moment and speak to them, but this would greatly help! Link to comment Share on other sites More sharing options...
deathvvv Posted May 25, 2011 Report Share Posted May 25, 2011 Generally All the banks I have spoken to (the big 5 in canada) said you need a cosigner if you are going to the US. IF you were matriculating to a Canadian medical school, the banks are usually more generous and wont require an LOC. Because US medical schools are in another country, banks are more cautious because: 1) You may possibly default your loan and not come back to Canada 2) They dont know about the quality of US schools Unless you can be very persuasive, you need a co signer. There are no ways around it. Link to comment Share on other sites More sharing options...
GOALiswestern Posted May 25, 2011 Author Report Share Posted May 25, 2011 Hey, Do you know anything about American banks? Will they give a loan without a co-signer? thanks Link to comment Share on other sites More sharing options...
deathvvv Posted May 25, 2011 Report Share Posted May 25, 2011 For American bank, you need an American Citizen to cosign. Also, the interst rates for American banks are higher due to their bad economy (6-12%, compared to Canadian prime of 3%). Link to comment Share on other sites More sharing options...
GOALiswestern Posted May 25, 2011 Author Report Share Posted May 25, 2011 So, I'm blocked from applying to American schools cause I don't have a co-signer...man this sucks . Know anyother way I can finance myself from american school??? Thanks Link to comment Share on other sites More sharing options...
HBP Posted May 25, 2011 Report Share Posted May 25, 2011 So, I'm blocked from applying to American schools cause I don't have a co-signer...man this sucks . Know anyother way I can finance myself from american school??? Thanks Cost is one of the biggest problems with going out of Canada. The banks don't think it's worth the risk since they know you're unlikely to practice in Canada/return to Canada. I see your goal is Western... have you completely abandoned your hope? Link to comment Share on other sites More sharing options...
GOALiswestern Posted May 25, 2011 Author Report Share Posted May 25, 2011 haha...no that is still my main goal, but I just want to have some backups. Also, as you know we can start working on the Amerian med. applications. But if I can't even get a loan then there is no point for me to worry about the apps...but I want to make sure there is no other possible way for me to get money for Amerian Med. School, without a co-signer. So I don't regard not applying later! Thanks Link to comment Share on other sites More sharing options...
HBP Posted May 25, 2011 Report Share Posted May 25, 2011 haha...no that is still my main goal, but I just want to have some backups. Also, as you know we can start working on the Amerian med. applications. But if I can't even get a loan then there is no point for me to worry about the apps...but I want to make sure there is no other possible way for me to get money for Amerian Med. School, without a co-signer. So I don't regard not applying later! Thanks Maybe you're ballin enough to get a scholarship. Other than that, you'll need family to cosign/front you the money. Link to comment Share on other sites More sharing options...
deathvvv Posted May 25, 2011 Report Share Posted May 25, 2011 Awhile ago another person posted here who is also in a similar bind as you. But she was able to get money as a gift from multiple sources. You might want to look her up. Note: If you are balling to get a merit shcolarship from a US school you should be able to get into Western. Link to comment Share on other sites More sharing options...
GOALiswestern Posted May 25, 2011 Author Report Share Posted May 25, 2011 im not ballin for any scholarships ..haha...but yeah I will look her up!!! Link to comment Share on other sites More sharing options...
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