Can you get student loans (for USA)?

[farmin]

Can you get Canadian student loans instead of a bank loan? Does interest accumulate while you're in med school with a bank loan? The money turns me away from America. Can you afford American med school when your parents don't make more than 100k/yr? I look at the tuition on MSAR and it seems like its 50~60k/yr! For 4yrs that's 200-240k... But don't those bank loan out only around 200k? Where's the other possible 40k going to come from? And once you add living expenses its going to be even higher...

[medigeek]

You're looking at 300k, often needed upfront in an american bank... Banks can give out more than 200k... though provided you have a cosigner (with good credit and likely a fairly solid income).

I believe if the credit is poor or the income isn't there, a collateral agreement may be required.

[rmorelan]

Can you get Canadian student loans instead of a bank loan? Does interest accumulate while you're in med school with a bank loan? The money turns me away from America. Can you afford American med school when your parents don't make more than 100k/yr? I look at the tuition on MSAR and it seems like its 50~60k/yr! For 4yrs that's 200-240k... But don't those bank loan out only around 200k? Where's the other possible 40k going to come from? And once you add living expenses its going to be even higher...

 

For all LOCs yeah interest starts immediately. Canadian and US - fortunately that interest rate right now are quite low (they won't be forever though, a point that I think has to be continuously mentioned).

 

With a cosigner and collateral (often it is a house) you can get larger US loans - this is what usually happens. This is the main barrier to going to the US.

[bored]

^^ one can get a ~200,000 loan without a coworker for USA?

[medigeek]

For all LOCs yeah interest starts immediately. Canadian and US - fortunately that interest rate right now are quite low (they won't be forever though, a point that I think has to be continuously mentioned).

 

With a cosigner and collateral (often it is a house) you can get larger US loans - this is what usually happens. This is the main barrier to going to the US.

 

I don't believe collaterals are required if the cosigner was making like 100k/year and had good credit.

[rmorelan]

I don't believe collaterals are required if the cosigner was making like 100k/year and had good credit.

 

I would believe that - basically the question the bank is asking is if the cosigner can actually cover the loan as on paper you certainly cannot.

 

One word about this - this sort of arrangement restricts the co-signer quite a bit in terms of their credit as well. I mean they cannot exactly go get another loan anytime soon

[medigeek]

I would believe that - basically the question the bank is asking is if the cosigner can actually cover the loan as on paper you certainly cannot.

 

One word about this - this sort of arrangement restricts the co-signer quite a bit in terms of their credit as well. I mean they cannot exactly go get another loan anytime soon

 

I was at TD a couple weeks ago for something and I asked one of the senior workers about this since I'm interested in Ivy leagues in the US as well. They said a cosigner is required but a collateral agreement would not be required given good credit/solid income.