Filius Posted April 2, 2012 Report Share Posted April 2, 2012 So, it looks like I'll be heading down to Connecticut for med school in September, and I'm trying to negotiate a LOC. I've been doing my homework, and checking out some of the info here on this forum, and the general consensus seems to be that you don't need a co-signer if you have reasonable credit. I'd really like to avoid getting a co-signer, and so I'm going to be talking to BMO and RBC in the next few weeks. However, I'm a TD guy, and TD also happens to be the one Canadian bank that has branches down in Connecticut, which would be fantastically convenient. I approached them, and they're insistent that I need a co-signer, regardless of my high credit score. Has anyone had any luck on this front with TD? Link to comment Share on other sites More sharing options...
NLengr Posted April 2, 2012 Report Share Posted April 2, 2012 So, it looks like I'll be heading down to Connecticut for med school in September, and I'm trying to negotiate a LOC. I've been doing my homework, and checking out some of the info here on this forum, and the general consensus seems to be that you don't need a co-signer if you have reasonable credit. I'd really like to avoid getting a co-signer, and so I'm going to be talking to BMO and RBC in the next few weeks. However, I'm a TD guy, and TD also happens to be the one Canadian bank that has branches down in Connecticut, which would be fantastically convenient. I approached them, and they're insistent that I need a co-signer, regardless of my high credit score. Has anyone had any luck on this front with TD? TD is generally useless for med students. Link to comment Share on other sites More sharing options...
rmorelan Posted April 3, 2012 Report Share Posted April 3, 2012 TD is generally useless for med students. Really? Why do you say that? Link to comment Share on other sites More sharing options...
rmorelan Posted April 3, 2012 Report Share Posted April 3, 2012 So, it looks like I'll be heading down to Connecticut for med school in September, and I'm trying to negotiate a LOC. I've been doing my homework, and checking out some of the info here on this forum, and the general consensus seems to be that you don't need a co-signer if you have reasonable credit. I'd really like to avoid getting a co-signer, and so I'm going to be talking to BMO and RBC in the next few weeks. However, I'm a TD guy, and TD also happens to be the one Canadian bank that has branches down in Connecticut, which would be fantastically convenient. I approached them, and they're insistent that I need a co-signer, regardless of my high credit score. Has anyone had any luck on this front with TD? I had the same problem initially - you are talking to the wrong person at the back. You need specifically a professional student loan manager. This is a common problem with banks in general - you get the wrong message from the wrong person. Link to comment Share on other sites More sharing options...
NLengr Posted April 3, 2012 Report Share Posted April 3, 2012 Really? Why do you say that? They weren't very helpful or generous when I applied for an LOC. mind you that was a while ago. To be honest myself and my wife had major headaches with TD. They were less than worthless to deal with. Link to comment Share on other sites More sharing options...
PhoenixFlare500 Posted April 3, 2012 Report Share Posted April 3, 2012 I think most people I've talked to are with RBC or Scotia, but Idk if they have American branches. Link to comment Share on other sites More sharing options...
rmorelan Posted April 3, 2012 Report Share Posted April 3, 2012 I think most people I've talked to are with RBC or Scotia, but Idk if they have American branches. Yeah that sounds about right - those both have excellent programs. Link to comment Share on other sites More sharing options...
Filius Posted April 3, 2012 Author Report Share Posted April 3, 2012 I had the same problem initially - you are talking to the wrong person at the back. You need specifically a professional student loan manager. This is a common problem with banks in general - you get the wrong message from the wrong person. Oh! So, did you manage to get a TD LOC sans co-signer? How did you find the student loan manager - just asked your branch, or did you track him down online? The thing about RBC (and some of the others) is that they make it so easy to find the right person; I mean, they even have a list for each university. My banker just send it off to the underwriters and hoped for the best; the specialist sounds like the person I want to talk to. Link to comment Share on other sites More sharing options...
rmorelan Posted April 3, 2012 Report Share Posted April 3, 2012 Oh! So, did you manage to get a TD LOC sans co-signer? How did you find the student loan manager - just asked your branch, or did you track him down online? The thing about RBC (and some of the others) is that they make it so easy to find the right person; I mean, they even have a list for each university. My banker just send it off to the underwriters and hoped for the best; the specialist sounds like the person I want to talk to. Oh yeah eventually. The key is to contact the TD branch in any medical school town. They will know what to do. TD offers a no cosigner loan that is comparable to scotia or RBC. Trouble is you often have to do more juggling to get the first person first. Any medical school would have the contacts you need as well. I know all the ones in London for instance. Worst case I can get them to tell you the right TD contact. Link to comment Share on other sites More sharing options...
Dr.Henderson Posted April 3, 2012 Report Share Posted April 3, 2012 I was under the impression that things were a bit different if you were going international (including the U.S.) route with regard to LOCs. I believe they do require a co-signer. Double-check in the American forums though, I could be off base. Link to comment Share on other sites More sharing options...
rmorelan Posted April 3, 2012 Report Share Posted April 3, 2012 I was under the impression that things were a bit different if you were going international (including the U.S.) route with regard to LOCs. I believe they do require a co-signer. Double-check in the American forums though, I could be off base. Drat, how did I miss that. Sorry! Thanks for much for catching that! Yeah you would generally need a co signer for that almost certainly for any out of country loan of significant amount - again sorry. The problem is that the risk is significantly higher for US schools and the banks require additional reassurances as a result - often reflected in the need for a co-signer. You still should be speaking though to a professional loan manager for medical school loans though as other aspects of the loan would still be off if you are talking to the wrong person. Link to comment Share on other sites More sharing options...
Filius Posted April 5, 2012 Author Report Share Posted April 5, 2012 Ah, I see. That is unfortunate, the whole out-of-country thing. I guess co-signer it is! But I'll have to look into the loan specialist regardless; that's a good point. Thanks for the help, all! Link to comment Share on other sites More sharing options...
dblu7 Posted April 5, 2012 Report Share Posted April 5, 2012 I was under the impression that things were a bit different if you were going international (including the U.S.) route with regard to LOCs. I believe they do require a co-signer. Double-check in the American forums though, I could be off base. I'm in Ontario, so the rules may be different (as said above), BUT I am also a "TD guy", and got their LOC w/t no issues (they basically threw it at me, and were very pushy to get a higher limit than what I wanted). The only thing is make sure you talk to the rep at the branch that handles professional school LOC's....if you just talk to someone about a random LOC (e.g. undergrad) they will outright deny you. Link to comment Share on other sites More sharing options...
rmorelan Posted April 5, 2012 Report Share Posted April 5, 2012 Ah, I see. That is unfortunate, the whole out-of-country thing. I guess co-signer it is! But I'll have to look into the loan specialist regardless; that's a good point. Thanks for the help, all! yeah it is - again sorry about that! I would still go to the specialist - they would get you the best arrangement regardless. Link to comment Share on other sites More sharing options...
pommect Posted April 10, 2012 Report Share Posted April 10, 2012 Are you going to Yale or Uconn? Congratulations! If it is Yale, they have a financial aid office, you may want to contact them. http://medfinaid.yale.edu/index.aspx Link to comment Share on other sites More sharing options...
Filius Posted April 10, 2012 Author Report Share Posted April 10, 2012 Yale! I was midway through an MSc, and got a little lucky on the MCAt - the Americans seem to weight that *much* higher than we do up here. And yes -- I'm definitely going to go through them for as much as I can; hopefully I can delay actually using my LOC as long as possible, or maybe even avoid it altogether. Thankfully, a few schools -- Yale, Harvard, and the Mayo, at least -- are "origin blind" when it comes to providing aid to students! Link to comment Share on other sites More sharing options...
futureGP Posted April 10, 2012 Report Share Posted April 10, 2012 Yale! I was midway through an MSc, and got a little lucky on the MCAt - the Americans seem to weight that *much* higher than we do up here. And yes -- I'm definitely going to go through them for as much as I can; hopefully I can delay actually using my LOC as long as possible, or maybe even avoid it altogether. Thankfully, a few schools -- Yale, Harvard, and the Mayo, at least -- are "origin blind" when it comes to providing aid to students! AWESOME!!!! You'll be a YALE MED STUDENT!! but yeah, my experience with TD was horrible --> the guy had no idea. Scotia seems to have a pretty standardized offer and it's easy to access the info from the internet (same with RBC). Link to comment Share on other sites More sharing options...
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