Dr.Watson Posted May 5, 2016 Report Share Posted May 5, 2016 Hey guys I'm looking for some advice for how to approach paying for dental school in the fall. I'm wondering if it's a good idea to get as much as I can from Canada Student loans before going to the bank for something like a line of credit? My mom tells me that the government will often reimburse parts of the loans they give to you, which would lessen the load a bit hopefully. I know they aren't going to give me 50k a year, which is probably close to what I'm going to need (I haven't crunched the numbers yet) Any advice would be greatly appreciated Link to comment Share on other sites More sharing options...
ydogyy1 Posted May 5, 2016 Report Share Posted May 5, 2016 Depending on your needs the government will give some bursaries as part of your student loan. I think both together will cover about ~$10k-15k per year and the rest will need to be funded through other means (line of credit, family, own funds etc.) That max loan amount will vary from one province to another. I think the order of operations shouldn't have too big of a impact - whether you'd be applying for student loan first then line of credit or the vice versa. I got my line of credit stuff sorted out first because I just wanted to get it out of the way. Link to comment Share on other sites More sharing options...
aravis Posted May 6, 2016 Report Share Posted May 6, 2016 You're right that you should try to get as much out of student loans as possible. But it really doesn't hurt setting up a line of credit anyway. A perk many bank LOCs come with is a no annual fee credit card. If I were you, I would set up a line of credit so that you have it in place in case you need it. There aren't any consequences to never using your LOC. Link to comment Share on other sites More sharing options...
Dr.Watson Posted May 6, 2016 Author Report Share Posted May 6, 2016 Thanks for the help, guys Link to comment Share on other sites More sharing options...
stressed1948 Posted May 12, 2016 Report Share Posted May 12, 2016 You're right that you should try to get as much out of student loans as possible. But it really doesn't hurt setting up a line of credit anyway. A perk many bank LOCs come with is a no annual fee credit card. If I were you, I would set up a line of credit so that you have it in place in case you need it. There aren't any consequences to never using your LOC. Absolutely - having access when it doesn't cost you anything seems like a safe bet Link to comment Share on other sites More sharing options...
rmorelan Posted May 12, 2016 Report Share Posted May 12, 2016 Absolutely - having access when it doesn't cost you anything seems like a safe bet ha, as long of course as you have the self control to actually not use it or use it appropriately. Unlike that some of my classmates and their overly fancy cars Link to comment Share on other sites More sharing options...
MolarBond Posted May 12, 2016 Report Share Posted May 12, 2016 Does anyone have any recommendations for a good bank to go through for an LOC? I am so lost when it comes to financing my education right now... Link to comment Share on other sites More sharing options...
rmorelan Posted May 12, 2016 Report Share Posted May 12, 2016 Does anyone have any recommendations for a good bank to go through for an LOC? I am so lost when it comes to financing my education right now... sure, you can start with the two major players - Scotia and RBC. Each school will have their own rep - where are going to school? There are a few well known contacts for each. You can always PM me with any questions. This stuff is important and you don't want to feel lost in it ha Link to comment Share on other sites More sharing options...
Anat Posted May 13, 2016 Report Share Posted May 13, 2016 Here is the contact info for someone at RBC involved in LOC's for dental student at the Masonville branch in London, His name is Corey Hutchinson and contact info below! Corey.hutchinson@rbc.com. 519-660-7662 Link to comment Share on other sites More sharing options...
andy_ac1992 Posted May 14, 2016 Report Share Posted May 14, 2016 Does anyone know how the new Ontario Free Education thing for low-income families will work for Dental School starting in 2017? Link to comment Share on other sites More sharing options...
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