Financing for Canadian Students

[mwsung]

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hello

For those Canadian students out there who have gone through the financial matter, I need your advice.

1. It seems most Canadian banks have professional student line of credit program, but open to only students attending Canadian schools. Do you know any banks that accept US schools? Do I have to have income or co-signer or parents signatures etc..? I am going to call each bank, but also wanna hear from you too.

2. How does the student visa work? When I get accepted, school send me the I-20 (?) and then...?

3. If I get loans from CanHelp, does the money go directly to the school?
Then, how do I use it from there...?

sounds kinda stupid, but these are my concerns now. Please help.
Any other relevant info is highly appreciated.
Thank you.

 

[The Musketeer]

hello

For those Canadian students out there who have gone through the financial matter, I need your advice.

1. It seems most Canadian banks have professional student line of credit program, but open to only students attending Canadian schools. Do you know any banks that accept US schools? Do I have to have income or co-signer or parents signatures etc..? I am going to call each bank, but also wanna hear from you too.

I don't think so. Many banks provide loans to students regardless of where you are studying. For me, I have applied for a credit line from RBC without a co-signer and I believe I've got $130,000 Cdn. However, others banks like TD also have this type of credit line for students studying aboard.

Here is some more info from RBC credit line for students:
http://www.rbcroyalbank.com/products/personalloans/rcl_for_students_pro.html

2. How does the student visa work? When I get accepted, school send me the I-20 (?) and then...?

When you get accepted, around spring or summer time, the school will ask you to send in documentations indicating that you have sufficient finanical support (at least for your first year of study). Then they will send you the I-20, in which you will go to any border crossings to get it send my the U.S. customs, at that time, they will also be issuing you an F-1 card (F-1 is your actual status while studing in U.S.) [I believe you can't get the I-20 signed before 90 days from the indicated start of school date].

3. If I get loans from CanHelp, does the money go directly to the school?
Then, how do I use it from there...?

Sorry, but can help you with this one since I have not apply for it. Because of all the hidden fees/costs, I will only apply for it as my 'last resort'. However, if you want more info, here is the link:

http://www.internationalstudentloan.com/canhelp/

I suggest that you should request for an application now it will take several months for it to actually send to you.

Hope these will help you get started!

 

[mwsung]

Thanks so much.. it helps a lot

 

[mwsung]

I just called 3 major Canadian banks and found out about their professional credit line of programs. These info available on their websites too.

1. Royal Bank of Canada - THE BEST (the richest bank in Canada)
-150,000 Cdn (interest: $500/month)
-easy banking
-primer 4.25%
-both Cdn & US schools if ACCEPTABLE (e.g. U of Michigan - welcome)
-call to start the application
1-800-807-2683
-then go to one of the branch to sign
-takes 2 days to know the result

2. Bank of Montreal
-20,000/yr
-US & CDN schools if ACCEPTABLE
-good credit history
-cosigner is a must
1-800-665-9665

3. TD Bank
-only for Cdn schools
-15,000/yr
-4.25% +1 rate
1-877-247-2265