Bank refused me loan to pursue Pharmacy - need advice

[quartel]

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I'm a Canadian intending to do a Bachelor of Pharmacy in Australia in 2010. I went to my bank they said my credit is okay but I will need a cosigner. So I asked my dad to cosign but then he called me up today and said the bank refused to give out the loan. I'm devastated and unsure how I'm supposed to move forward from here. My mother is disabled and it seems like my father doesnt make enough income to be a valid cosigner for the banks. I don't have any family and obviously there is a friend that can be a cosigner for me.

OSAP gives out only $210/week for pursuing studying abroad. The bank loans were going to give me $20000/yr for each yr of Pharmacy. Tuition is $22000 AUD so it would of worked out comfortably if I got the loan.

The one positive I can think of is that I still have time to think of some kind of solution.

I dont have anyone to turn to other than the people on this forum. Can you suggest to me any possible solution? Is there anyone else that was in my situation that can possibly give me advice?

 

[ThinkTooMuch]

is there a reason you wont pursue pharmacy school in canada?

 

[aRnonymous]

is there a reason you wont pursue pharmacy school in canada?

It's very hard to get in

I'm in a situation like you. I'm accepted to medical school in the US but banks don't want to give me enough loans. Your only option is to find someone else to co-sign for you, or go to different banks and hope they will let your dad cosign

 

[quartel]

I knew I wasn't alone in my situation. I think the banks are being conservative now that the economy is not doing so great. I know a person that got loans to study medicine abroad 6 yrs ago and the banks just threw money at him even though his cosigner wasn't wealthy.

I'm going around to different banks to see what they can offer me but push comes to shove I'll be taking a line of credit against the equity of my parents' house if that is possible. I just cant be sitting idly by while this country and it's failing economy murders my chances of a future. Best wishes to you and if you want to talk about this further and discuss ideas further we can chat a bit on the phone, check your pm.

 

[tabishis]

I knew I wasn't alone in my situation. I think the banks are being conservative now that the economy is not doing so great. I know a person that got loans to study medicine abroad 6 yrs ago and the banks just threw money at him even though his cosigner wasn't wealthy.

I'm going around to different banks to see what they can offer me but push comes to shove I'll be taking a line of credit against the equity of my parents' house if that is possible. I just cant be sitting idly by while this country and it's failing economy murders my chances of a future. Best wishes to you and if you want to talk about this further and discuss ideas further we can chat a bit on the phone, check your pm.

Do you know anyone in Australia? Relatives or friends that are Australian citizens? You can apply for loan with an Australian bank and have them co-sign. Or how 'about relatives/friends in USA? Apply to Pharm school here and get a co-signer for loans.
Or ask your bank and see if they can give you student loans to study in Austarlia.
I'll keep looking and let you know if there's any other way to get student loans.

 

[quartel]

Do you know anyone in Australia? Relatives or friends that are Australian citizens? You can apply for loan with an Australian bank and have them co-sign. Or how 'about relatives/friends in USA? Apply to Pharm school here and get a co-signer for loans.
Or ask your bank and see if they can give you student loans to study in Austarlia.
I'll keep looking and let you know if there's any other way to get student loans.

I dont have any family in Australia but thanks for the suggestion!

From what Ive heard one strategy is to become a permanent resident of Australia then apply for loans at Aussy banks. However that would be a breach of contract of my acceptance to Pharmacy school. If I became a local/permanent resident my tuition would be halved and there is a good chance they would boot me outside the school. Then I would have to get accepted into pharm all over again. I'm sure being a local would greatly improve my chances of being accepted into med/dent/pharm but im not really interested in wasting any more time delaying the process. I need to get it done asap so i can start earning. I'm already 26, by the time I'm done I'll be 31. I dont have the luxury of time or money to gamble with this idea.

 

[quartel]

rejected by 3 different banks with co-signer for a 50k pharmacy loan for studies abroad in Australia. I've been accepted to JCU and Queensland for B. Pharm.

Anyone have any bright ideas? I could really use some. Seriously.