positivetension Posted February 22, 2015 Report Share Posted February 22, 2015 I've done a bit of searching and it seems that in order to get an LOC big enough to cover the tuition of an American school, you invariably need a cosigner. Is this always the case, even with amazing credit (which I have)? Even if my parents would be willing to sign, I would feel really uncomfortable making them liable for this. Link to comment Share on other sites More sharing options...
JohnGrisham Posted February 22, 2015 Report Share Posted February 22, 2015 By amazing credit, do you mean years of work and saved up money as a nontrad? Then it could be possible.. But that's something to talk to the bank about. Link to comment Share on other sites More sharing options...
Hackintosh Posted February 22, 2015 Report Share Posted February 22, 2015 Yes, you absolutely need a cosigner. Link to comment Share on other sites More sharing options...
rmorelan Posted February 22, 2015 Report Share Posted February 22, 2015 amazing credit isn't enough as you have no actual proof at that point you can pay back the loan (ie you have good credit but no income, and no assets). This is the main limitation to going the US route. Link to comment Share on other sites More sharing options...
cookiemonster99 Posted February 22, 2015 Report Share Posted February 22, 2015 going anywhere outside of Canada if you need a LOC would require you to have a co-signer. As rmorelan said there's no guarantee that you will come back to Canada(from the bank's point of view) if the banks give you that money which is why the banks need someone they can fall back on in case something happens. They don't have jurisdiction over you in another country to make you pay back your loan. Link to comment Share on other sites More sharing options...
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