Canadian dilemma! to attend us school or apply again to Cdn schools

[cluelesspredent]

Hi,
I want to get some advice regarding my situation. Here is my story:
- I'm a Canadian with a seat in a dentistry school in US and waitlisted at Canadian schools
- My average is 92% and DAT is 23AA/21RC/26PAT.
- i believe the biggest waitlist movement for Canadian schools has passed so my chances of getting accepted is very slim..
- this was my second time applying and it was my gap year after UG

When I applied to US schools, I applied because I thought that I would be able to secure a LOC. However, my family is experiencing some unexpected financial problems that is making it very hard to secure a LOC to attend the US school. BUT my parents are saying that they would still be able to pay for my tuition by selling the house.. which I don't want them to do. But I also get very depressed to think that I would have to take another gap year to apply to schools again if I don't attend the US school. It was just really hard to see everyone around me moving on in life when I'm stuck in the same loop with an unclear future. And I don't know if I will apply again to US schools, but if I do, I will be losing my scholarship offer of 13k/yr from the US school I currently hold a seat in.

And I felt like my interviews at the Cdn schools went ok so I don't really know how else i would prepare for my interview to make it better if I were to apply again (But there is clearly room for improvement considering I got waitlisted with my relatively high average and DAT score).
I just want some advice on what I should do.. or hear about what you would do if you were in my shoes. Attend the US school while it will be a big financial burden on my parents or apply again for 3rd time to Cdn schools (but probably will be pretty devastated and discouraged.. and be anxious for the possible rejection yet again from Cdn schools).

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[2thsaver]

I'm Canadian as well. Which Canadian school were you waitlisted at? And which US school did you get accepted to? I'm applying to UWO this year and to about 15 US schools. My average is right in the range for UWO, but retaking my DAT before I apply.

But regarding your question, can you not get a loan to go to the American school? CIBC said if I got accepted to certain schools, they'd give me a $275,000 line of credit.

 

[2thsaver]

Nvm. I breezed through your comment and missed you couldn't get a line of credit. But how many banks have you talked to?

 

[FlyingSky]

Your family problems makes *YOU* unable to secure a LOC? You really tried every big bank for a student loan?
You should keep trying with the banks, would make it easier for you to make a decision...
Would they be selling the house if you got accepted to a canadian school?

 

[oralcare123]

I think you would be waisting your time applying again to canadian schools. Research again how else you can pay for school and just accept help of your parents. Not a lot of people have parents like yours

 

[cluelesspredent]

@2thsaver - I dont want to tell you which US school just in case they check the forum and track me down lol. I got waitlisted at UofT and UWO.

@FlyingSky - I would need a cosigner to get the loan for the US. My parents were going to be my cosigners but they are no longer strong cosigners to be able to get the loan approved. The banks here don't require a cosigner for LOC to attend Canadian schools so I would have no problem securing a loan if I attend school here. I have tried several banks already and they are all saying the same things..

@oralcare123 - thanks for your input

 

[#kalel]

I know how stringent Canadian banks can be when it comes to issuing a LoC. My girlfriend was in the exact same situation as you a year ago, and she had to give up her spot to an American dental school. She reapplied only to Canadian schools this year, and was accepted to McGill.
As bad as it may seem, in the long run it might even be financially more beneficial to wait a year and pay the low Canadian in-province tuition as opposed to paying the full OOS US tuition. The year lost in salaries is more than made up for (in my girlfriends case, almost triple) by how much more you would have to repay in loans in the current scenario.

Best of luck.

 

[Medstart108]

I know how stringent Canadian banks can be when it comes to issuing a LoC. My girlfriend was in the exact same situation as you a year ago, and she had to give up her spot to an American dental school. She reapplied only to Canadian schools this year, and was accepted to McGill.
As bad as it may seem, in the long run it might even be financially more beneficial to wait a year and pay the low Canadian in-province tuition as opposed to paying the full OOS US tuition. The year lost in salaries is more than made up for (in my girlfriends case, almost triple) by how much more you would have to repay in loans in the current scenario.

Best of luck.

Yeah but again there isn't a guarantee of a spot next year. If your parents are willing to help I would just take the offer in the US and go for it. I can't imagine what the stress must be like to go through a 3rd round of Canadian apps especially knowing you turned down a US offer.

 

[FlyingSky]

@2thsaver - I dont want to tell you which US school just in case they check the forum and track me down lol. I got waitlisted at UofT and UWO.

@FlyingSky - I would need a cosigner to get the loan for the US. My parents were going to be my cosigners but they are no longer strong cosigners to be able to get the loan approved. The banks here don't require a cosigner for LOC to attend Canadian schools so I would have no problem securing a loan if I attend school here. I have tried several banks already and they are all saying the same things..

@oralcare123 - thanks for your input

I understand now, cant you find some other cosigners? I mean is it allowed, like an uncle/aunt... family friend, brother in law?

@Medstart108 but his parents have some financial problems and would be selling their house to help him, thats why hes in a dilemma

 

[#kalel]

Yeah but again there isn't a guarantee of a spot next year. If your parents are willing to help I would just take the offer in the US and go for it. I can't imagine what the stress must be like to go through a 3rd round of Canadian apps especially knowing you turned down a US offer.

I'm just going by what his situation actually is, not what's ideal. In an ideal world, everyone's parents are rich and can support the full amount of the CoA. But that's not the case here as he clearly stated multiple times, else OP wouldn't have had to ask the forums now would he?

The adjudicators at Canadian banks are next level, if there is even a hint of risk in issuing a LoC, they will reject the application altogether. When they ask for a strong cosigner, they're not asking for some off-the-market co-cosigner that can pay for some of the loans. They are asking often seeking for an immediate family member (i.e. no cousins, uncles, aunts, etc) with combined yearly income of 100k+ that can pay it off in full in worst case scenarios.

 

[oralcare123]

Is it just my bad experience, but it was a lot easier for me to get accepted in US school, then canadian

 

[cluelesspredent]

@#kalel - was it your girlfriend's third time applying when she got accepted to McGill? How did she spend her gap year during the application, if you don't mind sharing? (Ie. Work, more schools, backup plans?)

@FlyingSky - I don't have any relatives/family connections in Canada

@oralcare123 - it was a lot easier for me as well. Easier acceptance but 2x or 3x the cost to even out the difference I guess lol

 

[Medstart108]

I know that his parents will have to sell their home, but honestly you can pay them back when you are actually a dentist. They are willing to make that sacrifice for you, because they care about you and want you to succeed and are willing to do everything in their power to make sure you get your dreams. Its not as if you won't have a job once you graduate and implicitly you are obviously going to take care of your parents in their old age. A bird in the hand is better than 2 in the bush, I wouldn't let this one go. Yeah, you might get in next year but if you don't you will regret it so much.