Canadian getting funding for OD school

Discussion in 'Optometry' started by canadahgirl, Jan 4, 2009.

  1. canadahgirl

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    I'm getting kind of worried. I am a 2nd year OD student from Canada. I have been receiving funding through a line of credit from National Bank for the last two years, however I am worried that I may not get funding for 3rd and 4th year.

    When I first applied, they told me I would be able to get $30,000 a year for up to four years.

    Well when I went to re-apply last year, they told me that I have maxed out, and $60,000 is the most I can get.

    Well how am I supposed to finish my schooling and pay them back if I can't pay my way through school?

    They said one of the factors is because I am going to a US school and they are afraid I won't return to Canada to pay off my loans. My parents are currently co-signers, but they don't exactly make A LOT of money.

    So what can I do? RBC already denied me the first time, which is why I went to National Bank.

    Im getting really worried that I may not be able to complete school because I can't get funding for it. :(
     
  2. qwopty99

    qwopty99 Optometrist
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    What a Catch-22.

    The line of credit - was it made in writing? i.e. 4 years @ 30 000 per.

    This is really a tough one.

    Anyone can help out with this?
     
  3. jefguth

    jefguth Senior Member
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    I doubt that it would matter, simply b.c. you have to reapply each year....

    I doubt definitely make them aware of my displeasure with their surprise, and then shop around to every other bank. I know my friends have borrowed more from other banks.

    If that doesn't work, well you could always get your parents to refinance their house!
     
  4. fonziefonz

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    Hmm. I have a line of credit from them too. So far so good. I'm going to renew in May I think (going into 3rd year then). I'll let you know how it goes.
     
  5. Qukc

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    Does the US school offer you any financial help? No scholarship or bursary available?
     
  6. Jenboo23

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    Nope. Otherwise I'd get on that!
     
  7. stonegoat

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    When I went to school CIBC offered their "Professional Edge" student line of credit. The max was $60,000, and no co-signer was required. It made it possible for me to fund my training.
     
  8. fonziefonz

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    I think all the banks I went to wanted a co-signer.
     
  9. Squint

    Squint Squint
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    You have also tried prov/fed government loans as well, I presume. You can get up to $18,000 per year.
     

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