Canadians- How to Afford SGU for MD?

[Sailor_moon16]

Hey Guys !
So I was doing some math recently. Im a canadian student applying to sgu. Now according to the SGU Website , The tuition for the 4year md program is around 250-260k ( Im approximating and assuming tuition will increase in the next 4 years) Now this is in US dollars. Banks in Canada, as far as i know , do not give out LOC's in US dollars , but in CAD $. This is a BIG problem.If we assume the current exchange rate stays the same, the cost now becomes
250,000 US Dollar equals
323,937.50 Canadian Dollar
THAT IS SIGNIFICANT. No bank in the country covers loans for that much, all of them cover mostly up to 275k. How are current Canadian SGU students financing their education? I know most kids get scholarships but assuming that doesn't happen , what should a student do? Transfer to/settle with a cheaper school? ( I really do not want to do that) If any one can help it would be VERY appreciated. Im applying for scholarships but I need to know what to do if I dont get enough money to cover tuition. My parents are helping with living expenses and OSAP will help as well . If any current SGU students could help out ,I would be very grateful! 🙂

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[ConfusedChemist]

they are rich little kids that's how they do it

 

[deathelement]

The unfortunate thing is that you're living in Ontario and the only loans you get going overseas from OSAP is not from the province itself, it's the federal portion which is $210/week * X weeks of schooling (compared to Alberta who will loan you up to $150k outside of the LOC you can get). At most, OSAP will fund your living expenses. The likelihood is, you won't get a $250k or $275k loan as those are meant for Canadian medical students. International's highest available funding for medical school is $225k and that only exists at a few banks and the weaker Canadian dollar means you're short about $75k. Cosigner is absolutely needed but if you have a strong cosigner, they may be able to up the loan amounts.

 

[realaircanada]

Pretty sure that CIBC offers 275k for international students, with most other ones giving out 250k. I'm pretty sure all banks offer LOC's to international students as long as you have a cosigner, I believe there is a thread in the Australia forum with an actual financial advisor who confirms this, along with multiple other threads about LOC's. Some people have even mentioned that they have got more credit when they run out.