getting loan

[medpak]

Hello,

I didn't know what the best platform for this question is.. but would one get loan from banks if the parents are on OW (social assistance) or were taking OW one year prior to enrollment in medical school?

Thanks a lot for the help!

[Meridian]

If attending a Canadian medical school, the major Canadian banks will give a med student up to $275K LOC with no co-signer required. You can still access LOC's from Canadian banks for med school outside of Canada, but a co-signer is typically required. 

The banks will apply financial tests against your co-signer(s) as if they were applying for the loan. The banks will look at your parents capital, access to free cash, as well as past and current employment income. Being on social assistance a year ago would show up as recent past employment history.   If they are working now and the income is sufficient to cover a $275K LOC it should be OK.

[RadCdn]

I had a difficult time getting a loan. I studied in Israel which was not that expensive compared to Aus or Ireland or most UK schools. My Dad was not an acceptable co-signer for most banks. We finally got a loan from the National Bank of Canada somehow. Every other bank rejected us. From what I recall, my LOC went up to $125 K or $150 K. Due to financial constraints, I had to be very careful of where I applied or even considered studying. US schools were not an option because of cost. 

[medpak]

It looks like I won't be able to get a loan due to financial reasons... which leaves me with the option of going back to my home country and doing  MBBS there.. then perhaps applying to the UK or US!