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Started by watercresent
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watercresent

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10+ Year Member
I was wondering how the majority of Canadians attending school in the United States are financing their education, anyone find a good line of credit rate?
 
(1) Federal & Provincial Student loans up to $60,000
(2) Have Dad give you a loan financed by an equity line of credit on the house - cost about 3.00%
 
Have you looked into RBC Student Loans? I know a lot of people who went for that and I was thinking about it for myself as well, actually.
 
I had a question about the provincial loans. Do they only give you the amount of your tuition? Also, don't the application forms come out rather late (June/July) ?
Thanks!
 
I think that provincial loans cover part of the tuition and applications are in mid-March, from what I know. If you plan to attend school in the U.S. I think you can only get federal OSAP loans.


https://osap.gov.on.ca/OSAPPortal/e...OSAP/WhatisOSAP/HowMuchAidCanYouGet/index.htm

this might help too


opto1989 said:
I had a question about the provincial loans. Do they only give you the amount of your tuition? Also, don't the application forms come out rather late (June/July) ?
Thanks!
Click to expand...
 
There is a max of around $60,000 for the four years or $15,000 per year. School tuition in the U.S. is over $30,000 for most. This is an expensive eduction for a profession that doesn't pay a whole lot for this kind of expense plus 8 years of post secondary. If you like it - great - but not a sure road to quick big bucks.
 
Government student loans are interest free until 6 months after graduation. Loans from banks have no interest free period.
 
did anyone looked into the interest rate of rbc line of credit?
When i looked at it, it was prime (3%)+1%.
Apparently rbc gives 3% to medical and dental but any other professions such as optometry gives 3%+1%.
Is that true, or am i getting ripped off?
 
Squint said:
Government student loans are interest free until 6 months after graduation. Loans from banks have no interest free period.
Click to expand...

I don't know how it is in Canada but most loans here in the USA, the unsubsidized ones accrue interest immediately. They just cut the subsidized ones except for the health professions student loans which are interest free until after graduation.
 
I have heard of optometry students getting the medical student loan, maybe try to convince RBC to give you this, if you are persistent.


zaizian said:
did anyone looked into the interest rate of rbc line of credit?
When i looked at it, it was prime (3%)+1%.
Apparently rbc gives 3% to medical and dental but any other professions such as optometry gives 3%+1%.
Is that true, or am i getting ripped off?
Click to expand...
 
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