hodori Posted July 11, 2016 Report Share Posted July 11, 2016 Are banks really picky about your cosigners? Link to comment Share on other sites More sharing options...
Pauls Posted July 11, 2016 Report Share Posted July 11, 2016 Are banks really picky about your cosigners? Your cosigner needs to have full time job and be Canadian citizen. Banks also want collateral and good income (60k+). Link to comment Share on other sites More sharing options...
LFOHarmonics Posted July 11, 2016 Report Share Posted July 11, 2016 I was denied loans from TD and CIBC this year for a DO school because my cosigner didn't have a full time job (my mom's on medical leave). So without current paystubs and shit they didn't think she'd be able to cover the interest. So. Yea. Job. Enough to cover interest. Link to comment Share on other sites More sharing options...
hodori Posted July 11, 2016 Author Report Share Posted July 11, 2016 Thank you all for the reply. I appreciate it. My brother is a dentist in Canada and he owns his clinic but he is also in quite a lot of debt so I wasn't sure if he would be a suitable cosigner. Link to comment Share on other sites More sharing options...
djdents Posted July 11, 2016 Report Share Posted July 11, 2016 It is relatively difficult to get a loan for studying in the states. Although it depends on your cosigners. I was not approved for a loan and at the time of the application I had a full time job and both my parents (cosigners) also had a full time job. Also international tuition are significantly more than than the 250k max loc for international schools. So, not only do you need strong cosigners but you need a way to prove that you can somehow fill the 100-150k gap. Link to comment Share on other sites More sharing options...
hodori Posted July 11, 2016 Author Report Share Posted July 11, 2016 It is relatively difficult to get a loan for studying in the states. Although it depends on your cosigners. I was not approved for a loan and at the time of the application I had a full time job and both my parents (cosigners) also had a full time job. Also international tuition are significantly more than than the 250k max loc for international schools. So, not only do you need strong cosigners but you need a way to prove that you can somehow fill the 100-150k gap. Hi djdents, Thank you for your reply! I was wondering did you try applying to every Canadian banks for LoC? By the way, I was planning on applying to dental school in Australia in case anyone who managed to get a LoC for Australian dental school can give me their opinion. Thank you! Link to comment Share on other sites More sharing options...
djdents Posted July 11, 2016 Report Share Posted July 11, 2016 Yes, you should speak to a professional student loc specialist because a regular banker will know next to nothing about this. Link to comment Share on other sites More sharing options...
2020Dental Posted July 12, 2016 Report Share Posted July 12, 2016 Hodori I was told by the person I dealt with at the bank that if I had a dentist cosign for me, it wouldn't matter how much debt they had, they could get me approved for a LOC. Link to comment Share on other sites More sharing options...
hodori Posted July 12, 2016 Author Report Share Posted July 12, 2016 Hodori I was told by the person I dealt with at the bank that if I had a dentist cosign for me, it wouldn't matter how much debt they had, they could get me approved for a LOC. Really glad to hear that. Thank you for letting me know! Link to comment Share on other sites More sharing options...
dol336 Posted February 25, 2017 Report Share Posted February 25, 2017 Hi hodori which bank is that ? Link to comment Share on other sites More sharing options...
TheStakesareHigh Posted February 26, 2017 Report Share Posted February 26, 2017 Just to pipe in, It's especially difficult to get an international LoC. Avoid RBC as they charge prime + a certain percentage. Start looking immediately after you receive an acceptance letter. As mentioned above, go to a banker who specializes in professional LoCs. Cheers, Link to comment Share on other sites More sharing options...
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