Guest Parii Posted April 13, 2006 Report Share Posted April 13, 2006 Hello there, I wonder if anyone can give me some idea and/or suggestions. One of the us schools wants to interview me and I seem to have pretty good chances: however, they asked for a financial statement of 250,000 USD. My bank will give me only about 1/2 of it (which is still not known whether that will happen). I don't know whether I am eligible for Canadian Student Loan or Provinical Student Loan. Does anyone know about that or have any experiences with these issues? For studying in USA will Canadian/Provicial Student loan be given to students? My interview is in a week and I have to provide them with some kind of documentation or they won't offer me anything! I am in such a pain.... Thank you for your help, pari Link to comment Share on other sites More sharing options...
Guest ssc427 Posted April 13, 2006 Report Share Posted April 13, 2006 You will not be able to get the whole thing at once. Basically this is 287K CDN. You will need to ask the school if they will allow you to prove some of it now, and the rest on a year by year basis. I looked into this because Stanford asks for the same thing. RBC will give you 150K CDN as a LOC providing BC student loans is willing to give you loans to study at Davis (this is the correct school?). I don't see why they wouldn't. When I went in to RBC they were able to look up which US schools qualified for BCSL. Then I think you can get an additional 40K/year from CANHELP. So that's 150K from RBC, 40 K from BCSL, 160 from CANHELP (BCSL and CANHELP are over the 4 years). This is 350K CDN, but spread out. See if they'll accept the RBC LOC for now. I was able to get the RBC LOC with nothing more than an acceptance letter from Columbia (no co-signer or anything) and I'll be able to keep it even if I decide to go to a different school. But I really hope you get UBC Parii!! That is alot of $$$ Link to comment Share on other sites More sharing options...
Guest konverse Posted April 14, 2006 Report Share Posted April 14, 2006 uh uh. nope. if you get the uc's go with that. money is money. opportunity u can't put a value on. if u don't believe give me a call we'll have a chat. LOC wise when i phoned up RBC they said with a cosigner i can increase my LOC up to 250k. that's not bad. see if u can secure that and maybe some other sources. take that to your interview and say you're doing your best to secure more funding. just go there and do the interview. one step at a time. they're just talking tough. Link to comment Share on other sites More sharing options...
Guest Parii Posted April 14, 2006 Report Share Posted April 14, 2006 Hi there, thank you for your comments. I have the interview after about a week with UC-Davis. Yes, they seem very though with money issues. Actually, because they will have to give the final decision on May 15; I have to sort out the money issues almost immidiately. I have lost my perspective at the moment and don't know what to do first.... BTW, I am not a RBC client; does this matter? Finally, I got an interview after so many rejections and now there are so many other issues to deal with... If I get a doctor one day; I will enjoy every second of any pain of it; I tell yea!! Every step ha to be a dramatized disaster for me somehow; but, I have fought quite hard this far I just have to make these banks pay me... Any ideas? :b take care, pari. Link to comment Share on other sites More sharing options...
Guest kellyl20 Posted April 14, 2006 Report Share Posted April 14, 2006 But you need to only show with $312,500, so wouldn't the above suggestion give you that? Or you would not get this in time? Yes, the US schools are quite strict about the $$, they meant what they say, and so financial statement is needed to say you do have at least that amount available. Link to comment Share on other sites More sharing options...
Guest Parii Posted April 17, 2006 Report Share Posted April 17, 2006 Hi ssc427 and others, Thank you again for your suggestion. I contacted the RBC (I am not a client there) and they said they will give me 150K provided I give them a statement from the school that I am at least being considered. I actually don’t need the money from them for now; All I need is a financial statement that they are willing to give me $$ in case I get into the school, which is still the biggest unknown. But, they have asked for a co-signer which may be a problem for me! I don’t know anyone with so much money who would be willing to sign! Another question I have to you; actually a few questions: 1. what is LOC? 2. How did you get the money from BCSL? I am very unfamiliar with these process and I apologize if I sound so primitive… Did you have to fill out some papers or an online application etc? How long did it take you to get their agreement? 3. Some question for the CANHELP. Also, for both (BCSL and CANHELP) did you need a cosigner etc? Thank you very much. Regards, pari Link to comment Share on other sites More sharing options...
Guest ssc427 Posted April 18, 2006 Report Share Posted April 18, 2006 1. what is LOC? Line of credit. This is what RBC is giving you when they say you can get 150K. 2. How did you get the money from BCSL? I am very unfamiliar with these process and I apologize if I sound so primitive… Did you have to fill out some papers or an online application etc? How long did it take you to get their agreement? go here to get a BC student loan. I assume this is where you're from.www.aved.gov.bc.ca/studentservices/ 3. Some question for the CANHELP. Also, for both (BCSL and CANHELP) did you need a cosigner etc? I can't help you here. I've only heard they will give you money. I've no idea how this works. Link to comment Share on other sites More sharing options...
Guest thatuvicguy Posted April 18, 2006 Report Share Posted April 18, 2006 Hi there, Unless you have some extenuating circumstances (ie. REALLY bad credit history), RBC should not be asking you for a co-signer. I was given $150,000 with an acceptance letter from a US school, no cosigner. You may need to speak to someone who is more knowledgeable about the medical student LOCs. There is someone in Toronto at the Dundas & University branch who is quite knowledgeable about them, his name is Kevin Fernandes. Get a hold of him if you are encountering staff who are giving you incorrect information. Cheers, thatuvicguy Link to comment Share on other sites More sharing options...
Guest ssc427 Posted April 19, 2006 Report Share Posted April 19, 2006 I echo whay uvicguy said. I was approved for my loan with nothing more than a US acceptance letter. And I have no Canadian credit whatsoever because I've been out of the country for 5 years. Link to comment Share on other sites More sharing options...
Guest osjx82 Posted April 22, 2006 Report Share Posted April 22, 2006 ok so I'm exploring options south of the border. 1) What is CanHelp????? 2) If you DON'T need a co-signer, then does it mean that no one else (other than yourself) is responsible should the following things happen? -you quit med school because you can't stand performing rectal exams -you lose all your limbs and suffer dissociative fugue -you are abducted and locked up in a tower forever, while having to wear an iron mask -you die before finishing med school etc. etc. Link to comment Share on other sites More sharing options...
Guest osjx82 Posted April 23, 2006 Report Share Posted April 23, 2006 can you take out multiple LOC's from different banks? or do banks not let you do that? Link to comment Share on other sites More sharing options...
Guest ssc427 Posted April 23, 2006 Report Share Posted April 23, 2006 can you take out multiple LOC's from different banks? or do banks not let you do that? I'm pretty sure no. But I never tried. The LOCs are given so readily because the bank risk analysis people tell them that anyone who gets past the brutal admissions process is a sure thing. If you are mentally unstable and you make it in kudos to you I don’t know what happens if you drop out but in general owing banks 100K+ with no way of paying it back is a bad idea. And if you are truly worried about rectal exams experiment with friends, family and pets first. Link to comment Share on other sites More sharing options...
Guest Parii Posted April 24, 2006 Report Share Posted April 24, 2006 ssc427, you sound quite experienced with that rectal exam.... Anyways, the bank of Nova scotia does not want to give me money without any Co-signer. I have a pretty good credit history. That really sucks because I don't have anyone who can be a cosigner. I have an appointment with RBC; don't know what to expect. CANhelp requires a cosigner too! ssc427; did you have to have a cosinger yourself? take care and thank you, pari Link to comment Share on other sites More sharing options...
Guest happy2bme Posted April 24, 2006 Report Share Posted April 24, 2006 I seriously have been having problems with Scotiabank for my business as well and have just left them this Fall to go to TD. I would never recommend Scotia to anyone for anything!!!!! No bank is perfect but Scotiabank's requirements for loans and their service charges are riduculous!! Link to comment Share on other sites More sharing options...
Guest ssc427 Posted April 24, 2006 Report Share Posted April 24, 2006 Yes - Scotiabank seems a little wierd. Same with CIBC. Here is the break-down of LOCs from each bank taken from the UBC website. RBC looks like the best to me, and no - I did not need a cosigner. Link to comment Share on other sites More sharing options...
Guest happy2bme Posted April 24, 2006 Report Share Posted April 24, 2006 Remember it is usually ALOT cheaper to get Term life insurance from an independant insurance broker, NOT the bank!!!! And your estate can pay off your loan for your cosigner and they can keep what ever is left over. The bank just pays off your loan and even though you may have forked over alot of money for insurance coverage over the years, if you only owe $10.00 on the loan that's all that the bank insurance covers, while the term insurance for usually less money will payout the entire 150,000 (or whatever you insured yourself for) If you are single with no dependants, you really don't need to have insurance unless you have a cosigner that would be saddled with your debt if you perished.... Link to comment Share on other sites More sharing options...
Guest Parii Posted April 25, 2006 Report Share Posted April 25, 2006 Hi there and thank you all for your comments; yes, I will definately switch from Scotia; I can't believe how paranoid they are! I have been their client for At least 9-10 yr!! ssc427: I actually meant to ask you whether you needed a cosigner for your Canhelp loan?? They did require one when I talk to them on the phone. thanks again, pari Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.