Canadian Students + Loans...

[Bighead]

So, how do all you Canadians finance your American Medical Educations?

Here is my situation, and I'm kinda stuck as to what I need to do.

I have an acceptance from Wash U, and the way their international student policy works is that I either need to cough up the full 4 year amount into an escrow, or a letter of credit for that amount.

I most certainly plan on taking loans. Here's where things get complicated. The way I understand it is that with TERI or whoever, I only get 1 year's money at a time. Clearly this leaves 3 years of funding unaccounted for. I somehow doubt that Wash U will say "Oh, well we know you'll have the money later", or that this will even be OK with US Customs for getting my visa...

So how did you guys do this? Are all you Canadians down there (who arent US Citizens) basically running on putting your family in serious debt? Or is there some other source of funding / loan that I dont know about?confused:

Thanks for all the help guys. This site has been good to me.:

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[Hot-n-Aml]

Hi Bighead,

I am sort of in the same position as you. I have accepted a seat at UPitt, and I am applying for the Teri. UPitt has not requested all 4 years of funding, considering that Teri is a year by year thing. So I'm sure if you talk to the admin. people at your school, they will have to understand...it's worth a shot.

As for myself, my problem is totally different. I have already applied for the Teri, and I'm in the final stretch to full approval. The final step involves Upitt signing a confirmation form, telling Teri that I will be attending. However, some national law states that dental schools cannot sign this until the student is registered for courses, which is in August! Therefore, I will be in the dark about my funding for 4 more months! Now, I'm trying to compromise with both sides, so I'll see what happens.

So, are you having this same problem...? Or are there any other Canadians out there with this issue?


Anyway, I hope your funding situation works out Bighead...money is such an issue and it's the worst when it's standing in front of your future.....so good luck!

Hot-n-Aml
____________________________________________________
University of Pittsburgh, SDM, Class of 2007

 

[Mocha]

Hi guys, I'm just wondering why you decided on a TERI loan instead of CanHELP? What about bank loans, did you look into them, although I know they won't cover everything,

Mocha

 

[Hot-n-Aml]

Hey Mocha,

I am actually getting my loan from CanHelp...which is a member of Teri. As for bank loans, CIBC has the professional edge program that I am looking into as well.

Are you in dental school or going to be next year? How do you plan on funding your education?

Thanks for the input....!

Hot-n-Aml

_______________________________________________
University of Pittsburgh, SDM, Class of 2007

 

[Mocha]

I've put down my deposit a while ago at UPenn and I'm from Vancouver. I just received the CanHELP papers today so I'm going to take a look at those. I'm also checking the banks and looking at various private resources. Just wondering, why did you decide on going with TERI?

Mocha

 

[LestatZinnie]

the only thing i can think of is CANHELP. not sure if banks would lend you that much money unless you have good cosigners. i have a friend in the bank and she had to refuse a loan to a person going to UBC cuz his parents werent wealthy enough.
i'm from vancouver too, and UBC's tuition is already scaring the heck out of me. tuition in private US schools is, for me personally, unthinkable. imo, it might be worth while to apply to canadian schools first before going to US, since you end up with same thing in the end and the outlook for new grads isnt so rosy in major cities now. it may take twice instead of once to get in canadian school, but just think about how the couple hundred grands you save. even if you graduate early in states, you may not be able to make that much dough despite a year or two of headstart. to have that kind of debt on my back is just unthinkable for me. talked to a couple of dentists, and they dont recommend spending that much dough either. that is, they say, you have rich parents to bankroll you, or a clinic to inherit once you graduate.

just my 2 cents, your mileage may vary

 

[caninus]

Mocha,
I'm from vancouver too. i got accepted at UOP and am shopping for loans as you are. Send me a pm and we can share the experiences if you want.
I tryed several banks and didn't get too much. Did you try BCSAP? As I understand, they will give you up to CAN$ 22,500/year. CanHelp is ok because they give you an option of a Canadian co-signer. If you have an American who's able to co-sign, you can go with Sallie Mae Signature Loan, Cityassist,...
As my tuition and living expenses at UOP are pretty high, I'm trying to combine several loans.
Soemone in the previous treads mentioned Royal Bank and a line of Credit of 100K. When I asked them, they said they don't even have a Professional Student Loan. Strange. Anyone else with a similar experience??

 

[Frank Cavitation]

caninus,

I have a LOC from Royal Bank, and it's for professional students. However with my case there was a specific lender in charge of this; other loan managers don't know about it. They also did not need a co-signor. Hope this helps.

 

[caninus]

Thanks Frank Cavitation,
I typed "Royal Bank Prof Stud loans" in my search engine and it gave me exactly the loan you are talking about. It's a special loan between RBC and UWO and it works only for students at UWO. Looks like they don't have loans for other schools, especially in the US. If I'm wrong, correct me (I hope someone will correct me).
Thanks