Canadians... help me please...

DJI · Jan 19, 2016

I'm stuck. While I won't hear back from UoT and Western until mid/late Feb on whether or not I got an interview, it's quite likely I'll be attending a US institution. The problem is, after calling RBC they informed me that $150,000 CAD (with a cosigner) was the full amount they could offer for the 4 years. Considering a US school costs in the range of $500,000-650,000 CAD (all expenses and with the current exchange rate), how can I finance my education? Has anyone else been through this experience?

darknightzzz · Jan 19, 2016

move to america now as a tourist, do fake marriage, become a resident, take out american loans without a cosigner and screw rate exchange.

DJI · Jan 19, 2016

darknightzzz said:
move to america now as a tourist, do fake marriage, become a resident, take out american loans without a cosigner and screw rate exchange.

Sad day when this is currently your most viable option. Any other (preferably legal) ideas anyone?

darknightzzz · Jan 19, 2016

DJI said:
Sad day when this is currently your most viable option. Any other (preferably legal) ideas anyone?

legal idea:

move to america now as a tourist, find your true love here through tinder, do real marriage, become a resident, take out american loans without a cosigner and screw rate exchange.

bodmon · Jan 20, 2016

find an american cosigner for a loan in the states

Syphilis · Jan 20, 2016

Have you contacted other banks?

DJI · Jan 20, 2016

Syphilis said:
Have you contacted other banks?

In the process.

bodmon said:
find an american cosigner for a loan in the states

How should I go about getting someone I've never met to offer me half a mil of collateral?

Syphilis · Jan 20, 2016

DJI said:
In the process.

How should I go about getting someone I've never met to offer me half a mil of collateral?

Try Scotia, depending on the strength of your co-signer, they may be able to offer 275K, and please let us know of your results!

DJI · Jan 20, 2016

Syphilis said:
Try Scotia, depending on the strength of your co-signer, they may be able to offer 275K, and please let us know of your results!

Thanks, I definitely will. The problem would then become how does one pay for the other 2 years of school?

AlbinoPolarBear · Jan 20, 2016

DJI said:
Thanks, I definitely will. The problem would then become how does one pay for the other 2 years of school?

Find a girl in your dental school class that has American citizenship.

1070752 · Jan 21, 2016

I'm Canadian. If your parents help you, tell them to take out a second mortgage. Second apply for OSAP and Scotiabank ($275k). Don't worry about the other two years, you can find other loans in the future, and the exchange rate will change.

Loving123 · Jan 21, 2016

1070752 said:
I'm Canadian. If your parents help you, tell them to take out a second mortgage. Second apply for OSAP and Scotiabank ($275k). Don't worry about the other two years, you can find other loans in the future, and the exchange rate will change.

Why is second mortgage better?

DJI · Jan 21, 2016

1070752 said:
I'm Canadian. If your parents help you, tell them to take out a second mortgage. Second apply for OSAP and Scotiabank ($275k). Don't worry about the other two years, you can find other loans in the future, and the exchange rate will change.

The exchange rate will likely stay the same or become worse in the next few years. I don't think it would be wise to hope for a positive change in a random variable. Which leads me to my next point. Paying for 2 years of school without having assurance for the other two years could turn out very badly for me if I end up not being able to take out another $250 - 275k loan. Is this what you were planning on doing?

AlbinoPolarBear · Jan 22, 2016

Have you given thought to Australian dental schools? The CAD to AUD exchange rate is 1:1 right now. Tuition at Melbourne dental school is around 70k and with 20k living expenses it's 90k. So 360k for your education.

Canada and Australia have the reciprocal agreements in which they will accept each other's dental degrees. You would just need to pass the Canadian boards to be eligible to practice.

DJI · Jan 22, 2016

AlbinoPolarBear said:
Have you given thought to Australian dental schools? The CAD to AUD exchange rate is 1:1 right now. Tuition at Melbourne dental school is around 70k and with 20k living expenses it's 90k. So 360k for your education.

Canada and Australia have the reciprocal agreements in which they will accept each other's dental degrees. You would just need to pass the Canadian boards to be eligible to practice.

I have! It's quite likely that if I can't get enough money together I'll be applying there next year

samsonlite · Jan 22, 2016

Yes, I've heard 275k is pretty standard at banks, and that you can even increase the loan when you're in third/fourth year. American cosigner would help with US banks.

DJI · Jan 22, 2016

samsonlite said:
Yes, I've heard 275k is pretty standard at banks, and that you can even increase the loan when you're in third/fourth year. American cosigner would help with US banks.

Banks are informing me that the largest loan I can take out is 80% of my cosigners non-liquid assets. Can you explain why or how banks would consider increasing your loan if your cosigner can't put up more than, say 300k, of collateral?

1070752 · Jan 29, 2016

DJI said:
The exchange rate will likely stay the same or become worse in the next few years. I don't think it would be wise to hope for a positive change in a random variable. Which leads me to my next point. Paying for 2 years of school without having assurance for the other two years could turn out very badly for me if I end up not being able to take out another $250 - 275k loan. Is this what you were planning on doing?

The exchange rate will not stay the same. As oil rebounds, so will the $CAD. Case in point this week. CAD went from .67 to ~.72 due to the rise of oil. Well of course, you need to have a plan on getting the other $250-275k loan, but you don't need to worry about it right away. As I said, the second mortgage would definitely help (and interest rates are really low so that is a great deal imo).

Johnwickk · Jan 30, 2016

DJI said:
I'm stuck. While I won't hear back from UoT and Western until mid/late Feb on whether or not I got an interview, it's quite likely I'll be attending a US institution. The problem is, after calling RBC they informed me that $150,000 CAD (with a cosigner) was the full amount they could offer for the 4 years. Considering a US school costs in the range of $500,000-650,000 CAD (all expenses and with the current exchange rate), how can I finance my education? Has anyone else been through this experience?

Alberta student loans gives you the most. If you become a resident of alberta, you can get 45-50k a year, and then the rest you can use from the LOC like RBC or Scotia. Id perfer scotia since they give more 😀. Good luck

MaKiak22 · Dec 29, 2016

I am in the same situation at the moment. Talked to RBC yesterday, they said only 150k!!! I don't know how im gonna pay for school!! Anyone got any solutions?

Toasted · Dec 31, 2016

I was able to get a student line of credit for both TD (200k) and CIBC (225k) at prime. Look into those banks..

dentalgoal team · Dec 31, 2016

CIBC is the most lenient in terms of student line of credit! They give 275k at prime.

Canadians... help me please...

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