Candian Loans

[Sunshine12]

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Hey guys, I just had a quick question..do you all get your loans from Canadian banks? If so, which ones has the best rates? Thank you in advance guys

 

[dentalWorks]

Hey guys, I just had a quick question..do you all get your loans from Canadian banks? If so, which ones has the best rates? Thank you in advance guys

are you a canadian looking to go into USA dental school?

There was a thread about this last December...
http://forums.studentdoctor.net/showthread.php?t=782001

 

[Derk]

Hey guys, I just had a quick question..do you all get your loans from Canadian banks? If so, which ones has the best rates? Thank you in advance guys

RBC has a health student line of credit that starts at $150k @ prime. The limit can be expanded as you need it though (up to $500k). To my knowledge, I think the other major banks should be offering a similar program..but you'd have to check with them! Definitely go in to talk to someone about what they can offer you. One thing to note is that if you are going to school in the US, you will require a co-signer.

You can also apply for student loans/grants from your provincial government. I can only speak for Alberta, so I am not sure how the other provinces work...but in Alberta you can apply through the Student Finance Board. They offer loans and grants, however, I am not sure what they will give you..just have to apply and find out? I am sorry I can't give you more information on that because the application opens in June =(

You can PM me if you want more information about this stuff, if you'd like!

 

[Sunshine12]

Thanks dentalWorks and Derk - and yea, I just got into d-school in the states this week.

 

[CANgnome]

RBC has a health student line of credit that starts at $150k @ prime. The limit can be expanded as you need it though (up to $500k). To my knowledge, I think the other major banks should be offering a similar program..but you'd have to check with them! Definitely go in to talk to someone about what they can offer you. One thing to note is that if you are going to school in the US, you will require a co-signer.

You can also apply for student loans/grants from your provincial government. I can only speak for Alberta, so I am not sure how the other provinces work...but in Alberta you can apply through the Student Finance Board. They offer loans and grants, however, I am not sure what they will give you..just have to apply and find out? I am sorry I can't give you more information on that because the application opens in June =(

You can PM me if you want more information about this stuff, if you'd like!

up to 500k? are you sure? 😱

 

[Derk]

up to 500k? are you sure? 😱

This is what I have been told by my account manager at RBC, he said he's only seen RBC deny an increase request for over $500k because the bank was suspicious about where the money was going. If you are able to secure the initial $150k (under the health line of credit), you can increase the limit if have maxed it out and you require the additional funds. They will likely require proof that you need the increase, such as your tuition, living expenses etc.

However, to secure the initial $150k for education in the US is not completely easy. Essentially, you need a co-signer, which is not always the easiest thing to get or to be approved for. This is because it is much more difficult for them to track where the money is going over the border and thus they usually need a co-signer that they have a substantial relationship with and/or is rock solid. If we were doing school in Canada, you pretty much just need your acceptance letter! >_<

But in the end, hopefully you won't have to take out $500k because even at today's low rates at prime, that's over $1000/month in interest payments!

 

[yangwang]

This is what I have been told by my account manager at RBC, he said he's only seen RBC deny an increase request for over $500k because the bank was suspicious about where the money was going. If you are able to secure the initial $150k (under the health line of credit), you can increase the limit if have maxed it out and you require the additional funds. They will likely require proof that you need the increase, such as your tuition, living expenses etc.

However, to secure the initial $150k for education in the US is not completely easy. Essentially, you need a co-signer, which is not always the easiest thing to get or to be approved for. This is because it is much more difficult for them to track where the money is going over the border and thus they usually need a co-signer that they have a substantial relationship with and/or is rock solid. If we were doing school in Canada, you pretty much just need your acceptance letter! >_<

But in the end, hopefully you won't have to take out $500k because even at today's low rates at prime, that's over $1000/month in interest payments!

Just got off the phone with RBC. Limit for RBC is $200k, STRONG co-signer required (low debt/income ratio, must have good income, bring T4) Interest rate with RBC is prime + 1% = 4%. Funds are released on a semester basis. :S

I also called TD, TD has a better deal with interest rate at 3% and 1 year grace period after graduation during which time you only have to make payments on your interest. However, you also need a co-signer and the co-signer must reside in the same address as you.

To negotiate the LOC with both banks you need to bring acceptance letter + proof of attendance (confirmation from schools they received your enrollment deposit)

Please supplement this if I am missing something. I am going to the banks in 2 weeks.
Good luck guys

 

[Derk]

Just got off the phone with RBC. Limit for RBC is $200k, STRONG co-signer required (low debt/income ratio, must have good income, bring T4) Interest rate with RBC is prime + 1% = 4%. Funds are released on a semester basis. :S

I also called TD, TD has a better deal with interest rate at 3% and 1 year grace period after graduation during which time you only have to make payments on your interest. However, you also need a co-signer and the co-signer must reside in the same address as you.

To negotiate the LOC with both banks you need to bring acceptance letter + proof of attendance (confirmation from schools they received your enrollment deposit)

Please supplement this if I am missing something. I am going to the banks in 2 weeks.
Good luck guys

For RBC, prime+1 is for the professional student LOC...they shooould be able to get you the medical&dental LOC (http://www.rbcroyalbank.com/RBC:TaDNzawWAA4AC3AktPs/student/medical/plan.html), which is at prime. They also offer the 1 year grace period. Hopefully they can offer you this LOC instead of the +1!

I think BMO also offers a similar LOC, if you want to try to play them off of each other. However, I am not 100% sure how well you will be able to do this because I think for most branches, their lending limit is $75k (I THINK). So, they will likely be filling out your application for you and have to send it to Toronto for them to approve of it...it is definitely a laborious and stressful process! =\

I hope you have some smooth sailing and it all works out for you!!! Goood luck!!

 

[buffdent7]

I went to RBC about a month ago, used my dad as a co-signer, got $200,000.00 line of credit and I have access to all of it right now. Interest is 3% and same rules apply with the grace period of a year to just pay interest. They also told me that $200,000 is the maximum but I have heard from others they will give you more if you need it. A friend of mine went to a different branch of RBC in the same city and could only get $150,000 which would be released on a yearly basis, and we are attending the same school... I think it all depends who you talk to.

Also, Alberta student loans will give up to $150 000 over the course of four years for dental and medical students. They just increased it this year. that totals $350,000 and I'm hoping that will be enough.

hope this helps.

 

[Sunshine12]

I love this forum, I'll definitely look into it as soon as exams are done 🙂

 

[RedDevilDDS]

I went to RBC about a month ago, used my dad as a co-signer, got $200,000.00 line of credit and I have access to all of it right now. Interest is 3% and same rules apply with the grace period of a year to just pay interest. They also told me that $200,000 is the maximum but I have heard from others they will give you more if you need it. A friend of mine went to a different branch of RBC in the same city and could only get $150,000 which would be released on a yearly basis, and we are attending the same school... I think it all depends who you talk to.

Also, Alberta student loans will give up to $150 000 over the course of four years for dental and medical students. They just increased it this year. that totals $350,000 and I'm hoping that will be enough.

hope this helps.

Buffdent, may I ask you which branch you spoke to? would you mine PM me about the bank branch information?

I'm struggling with my RBC branch, and she's only issuing 150k and prime+1% which is horrible.

Thanks in advance 😀

 

[RedDevilDDS]

This is what I have been told by my account manager at RBC, he said he's only seen RBC deny an increase request for over $500k because the bank was suspicious about where the money was going. If you are able to secure the initial $150k (under the health line of credit), you can increase the limit if have maxed it out and you require the additional funds. They will likely require proof that you need the increase, such as your tuition, living expenses etc.

However, to secure the initial $150k for education in the US is not completely easy. Essentially, you need a co-signer, which is not always the easiest thing to get or to be approved for. This is because it is much more difficult for them to track where the money is going over the border and thus they usually need a co-signer that they have a substantial relationship with and/or is rock solid. If we were doing school in Canada, you pretty much just need your acceptance letter! >_<

But in the end, hopefully you won't have to take out $500k because even at today's low rates at prime, that's over $1000/month in interest payments!

Would you mind giving info on your RBC branch (by PM)? my branch is just horrible 🙁