meshuga3 Posted July 8, 2014 Report Share Posted July 8, 2014 Hi I'm in a bit of a unique situation. I'm a current Ontario resident, and a Canadian permanent resident. I'm also an American citizen, and I went to medical school in the US, with US government loans paying tuition. I'm very, very interested in bringing those loans back to Canada to avoid currency conversion fluctuations in the 10 years I expect it will take me to pay them off. I'm wondering if anyone knows if the major banks will extend lines of credit or professional loans, etc. to someone in my circumstances, to pay off the my US loans. Thanks! Alex Link to comment Share on other sites More sharing options...
bloh Posted July 8, 2014 Report Share Posted July 8, 2014 Are you in a Canadian residency program? If yes, any bank would be happy to do the transfer on your behalf and reap the interest benefits. Link to comment Share on other sites More sharing options...
rmorelan Posted July 8, 2014 Report Share Posted July 8, 2014 Are you in a Canadian residency program? If yes, any bank would be happy to do the transfer on your behalf and reap the interest benefits. basically yeah. Only question I have is what is the amount of your US loans? There are still upper limits in Canada. Link to comment Share on other sites More sharing options...
meshuga3 Posted July 9, 2014 Author Report Share Posted July 9, 2014 Thanks for your replies. It's US med school tuition, so, get ready for it... 360,000. Sweet, I know. Alex Link to comment Share on other sites More sharing options...
Renin Posted July 10, 2014 Report Share Posted July 10, 2014 Thanks for your replies. It's US med school tuition, so, get ready for it... 360,000. Sweet, I know. Alex I don't think a bank is gonna cover you for the full amount, even with a co-signer. They might let you max out your LOC (typically about 200 to 250K). Good luck. Also, ouch. Link to comment Share on other sites More sharing options...
ubcredfox Posted July 15, 2014 Report Share Posted July 15, 2014 360K. Wow. I can't imagine how you think medicine is worth going into with that sort of debt burden. Hopefully you enter a lucrative speciality, and it stays lucrative. Link to comment Share on other sites More sharing options...
rogerroger Posted July 15, 2014 Report Share Posted July 15, 2014 Meh, I bet a Canadian bank will cover you. I've heard second hand of people getting 300K+ on a case by case basis. They might want a consigner. You will have a steady income presumably if you are a Canadian resident. So you are a safe bet for them even with 360K debt. Live like a resident as staff and no reason why someone with normal circumstances couldn't pay that off over the years. I've heard of larger debt than that from Canadians who went overseas... Link to comment Share on other sites More sharing options...
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