Canadian students: loans for US schools

[confused101]

Hi everyone

i am a canadian citizen and recently got accepted @ Ohio S.U.
I got a question for all those Canadians who are currently attending or starting this Fall at any US schools; what is your prime source of getting loans for your fees? line of credits? RBC bank? Scotia? anyone tried CANhelp? I am really confused at the moment where to go about getting my loans from.

Any one would like to share their experience with these institute? Thanks in advance.

cheers

---

Members don't see this ad.

 

[carizma12]

national bank will give opt students $30,000/year up to $120,000 for four years. the interest rate is currently prime.

depending which province you're from,you can also apply for government loans - in ontario, its OSAP.

 

[Squint]

Government student loans should be first choice - no interest accrues until graduation - then the bank loans.

 

[optogirl21]

I'm also curious about funding for school in the US. I've already looked into government loans and will definately be applying for those but they only give a limited amount (I think people who have received them in the past only got arounf $7-8000). So my question is, after government loans what did you guys go with to make up the rest? Bank loans or lines of credit? And why is CANhelp not that great (I've heard they aren't very popular)?

 

[confused101]

hey u guys..thanks...
i dont want to sound stupid..but are loans and line of credits two different things? if yes..then are students allowed to take 2 different line of credits from different banks?

 

[mtrlOATgal]

loans and personal line of credit is different- especially the repayment methods and calculation of interest- but this depends on which banks they are
i thought cibc, bmo, td and national bank also give lines of credits to professional students
apply to government loans first- i think they should give you more and should cover the tuition, of course this depends on the income you have and family income

banks' line of credits are best- i think td gives most after national bank

why dont you ask your od school? i;m sure they have resources to help you with that

 

[Waitlisted3]

national bank will give opt students $30,000/year up to $120,000 for four years. the interest rate is currently prime.

depending which province you're from,you can also apply for government loans - in ontario, its OSAP.

Do you know if they will give you this loan if you are going to a school in the US, or is it just for Canadian schools?

 

[j-dawg]

Hey,

I just finished doing my loan stuff so I figured I would share. I got a line of credit from RBC. The line of credit allows you to take out money and you only pay interest on what you have taken out. You do have to pay the interest on what you take out monthly though. The max for RBC is $125 000 for opto students and my interest rate is prime (haggled for it). You do need a co-signer for it though. I also applied to OSAP where I should get about $7500/year. I am trying to avoid CanHELP due to the high interest rates. Hope this helps...

 

[confused101]

thanks guys
j-dawg: which school are you planning to go to?
ohh btw i also got the same information from RBC representative tat i spoke to, however, my major concern is that would the RBC line of credit and OSAP be enough for opto school? for Ohio, which is like 60 K for first 2 yrs (but 80K in 3rd and 4th yr) , both osap and LOC wont be able to cover the entire length of the prgm. i am VERY stuck @ this point now... not sure if same co-signer can get the loans twice
do any of u here have any ideas how to go about from here?