Canadian Students - Few questions

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Canadian26

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I have a few questions for those of you accepted into the states... What are you guys doing for paying for school? I went to RBC the other day, and they're trying to approve me for a line of credit of something like 180 000, I was just wonder what your guys routes where? And secondly, did any of you get cars in the states? If so how did you handel insurance? and did you buy the car from canada or the USA?

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You can get a total of $60,000 in provincial / Canada student loans as well for optometry in the U.S.
 
RBC said the same thing to me, something like $125,000. But IU requires a letter saying I have x amount of money in the bank. So since I don't have that money yet and I don't want to borrow it (cause I'd be paying interest), I find myself going back to RBC Monday...:confused:
 
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RBC said the same thing to me, something like $125,000. But IU requires a letter saying I have x amount of money in the bank. So since I don't have that money yet and I don't want to borrow it (cause I'd be paying interest), I find myself going back to RBC Monday...:confused:

Thats the same issue im having as well... My Parents had to co-sign my loan as well, b/c I have no assets. I didnt now what canadian student loans and possibly alberta student loans could cover up to 60 000. Im thinking now, of using that and just keeping my line of credit for emergencies.
 
(1) the $60,000 Canada / provincial loan is for the entire 4 years - so $12,500 per year maximum and you can't apply unitil May.
(2) If your parents had to co-sign a loan, you might as well let them borrow from the bank and re-lend to you. They could get an equity loan on the house at a cheaper rate and re-lend to you. Either way the bank is looking to them to repay it and the interest costs are not deductible by you. Only Canada loan interest is deductible for tax purposes.
 
Hey Fellow Canucks,

I ended up getting a student line of credit from my bank CIBC, i went to RBC but the ended up turning me down, even with my parents who are BOTH successful optometrists....completely bogus!

Anyway, I have had ALOT of trouble getting Canada Student loans, I had to get SCCO put on my province's list. The process took nearly 8 months...not joking, I still do not have my money, its a tad stressful.

I really plan on using my student line of credit for my expenses in the years to come.

I also bought a car down here, I bought insurance in California and I had to redo my driving test in order to get a California license...in all it was a worthwhile process.

Hope this helps. Goodluck:rolleyes:
 
RBC said the same thing to me, something like $125,000. But IU requires a letter saying I have x amount of money in the bank. So since I don't have that money yet and I don't want to borrow it (cause I'd be paying interest), I find myself going back to RBC Monday...:confused:

when you apply and are approved for a line of credit, the interest does not start accruing immediately from the date you are approved. Interest only begins to accrue when you use the available credit. For the purposes of demonstrating that you have sufficient funds you can just send the school a copy of your LOC documentation (showing available funds), or have the bank write a letter to that effect.
 
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