abelign Posted June 10, 2014 Report Share Posted June 10, 2014 Hey everyone, I'll be attending med school in the States which means I'm going to require a co-signer for a line of credit. In addition to that, it seems like banking institutions offer less to students going to an American med school. For example, I met up with a TD bank rep and he said normally for those attending med school in Canada, they'd be able to offer $250,000. But since I'm attending med school in America, they lowered it to $200,000. My question is, who here has been able to get $250,000 and if so, which banking institution did you use? Any help would be appreciated! Link to comment Share on other sites More sharing options...
keith_015 Posted June 11, 2014 Report Share Posted June 11, 2014 If you do a little hunting back, I was able to get $320k from RBC. That was as a secured (cosigner + collateral) LOC. Took in a paper with expected cost of attendance which at the time was ~$83K USD/year Link to comment Share on other sites More sharing options...
Hackintosh Posted June 12, 2014 Report Share Posted June 12, 2014 I had the same issue with TD. I'm in talks with CIBC which is agreeing to 275K with a cosignor. Link to comment Share on other sites More sharing options...
swell9 Posted June 13, 2014 Report Share Posted June 13, 2014 I had the same issue with TD. I'm in talks with CIBC which is agreeing to 275K with a cosignor. Do they need collateral too or just a co-signor? Also, is 275K really enough for US med school? 275K CAD is about 254K USD. Based on my online research, medical school in the US costs ~70,000 USD a year (all living expenses included), so the total needed would amount to 280K USD. Sorry for the questions, but I am really not sure if studying US medicine is feasible for me and trying to figure that out... Link to comment Share on other sites More sharing options...
Hackintosh Posted June 14, 2014 Report Share Posted June 14, 2014 Do they need collateral too or just a co-signor?Also, is 275K really enough for US med school? 275K CAD is about 254K USD. Based on my online research, medical school in the US costs ~70,000 USD a year (all living expenses included), so the total needed would amount to 280K USD. Sorry for the questions, but I am really not sure if studying US medicine is feasible for me and trying to figure that out... They only asked me for a co-signor. You are right about the cost after currency conversion. You may need to borrow the rest from relatives or beg the bank in your fourth year to give you a bit more. If you have some savings, then you would be expected to cover the remainder of the cost yourself. Link to comment Share on other sites More sharing options...
swell9 Posted June 16, 2014 Report Share Posted June 16, 2014 They only asked me for a co-signor. You are right about the cost after currency conversion. You may need to borrow the rest from relatives or beg the bank in your fourth year to give you a bit more. If you have some savings, then you would be expected to cover the remainder of the cost yourself. Hmm.. thanks.. Do you know if a cosigner requires a certain minimum income? Honestly, my potential cosigners (parents) do not make that much and I am worried they won't even be approved to begin with... Also If you don't mind can you state a ballpark of much your cosigners makes a year? Link to comment Share on other sites More sharing options...
Hackintosh Posted June 16, 2014 Report Share Posted June 16, 2014 Hmm.. thanks.. Do you know if a cosigner requires a certain minimum income? Honestly, my potential cosigners (parents) do not make that much and I am worried they won't even be approved to begin with... Also If you don't mind can you state a ballpark of much your cosigners makes a year? For cosignors they look for people with stable income greater than 40K. My cosignor has a stable income of 60K and some savings, but my LOC is still in the application phase and I don't know if that is enough for a cosignor. Link to comment Share on other sites More sharing options...
swell9 Posted June 16, 2014 Report Share Posted June 16, 2014 For cosignors they look for people with stable income greater than 40K. My cosignor has a stable income of 60K and some savings, but my LOC is still in the application phase and I don't know if that is enough for a cosignor. Thanks again man. You've been quite helpful. My parent income is just below 40K.. Do you know if it is possible to have 2 cosignors (2 parents for total income that is just above 60K) or would that question be more appropriately directed at the bank? Thanks Link to comment Share on other sites More sharing options...
Hackintosh Posted June 16, 2014 Report Share Posted June 16, 2014 Thanks again man. You've been quite helpful. My parent income is just below 40K.. Do you know if it is possible to have 2 cosignors (2 parents for total income that is just above 60K) or would that question be more appropriately directed at the bank? Thanks I'm not 100% sure but I think it is possible to have 2 cosignors. You can ask the financial advisor or the bank you plan on getting the LOC from. Good luck. Link to comment Share on other sites More sharing options...
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