High Tuition! Help!!

[dentalfairy]

Hi Everyone,
It's nice to see how people help each other in these groups. I have a question:

I'm a canadian (from B.C) and just got accepted to NYU. I'm happy about it, but the high tuition has really spoiled my happiness. I've heard that banks such as RBC and Bank of Montreal give you line of credits, but then the downside is that they ask you to pay interest each month. I've heard dental school is a lot of work so you won't have time to have a job. How am I going to have the money to pay the bank's interest? There are a lot of canadians studying in the US, does anyone know what they do?

Any help is much appreciated
Dentalfairy

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[goosestuff]

I believe that while your loan may be accruing interest each month, you don't actually pay it that month - it'll be added to your payback amount. That's how most loans work, anyhow...

 

[Denticized]

I believe that while your loan may be accruing interest each month, you don't actually pay it that month - it'll be added to your payback amount. That's how most loans work, anyhow...

Yep I believe that's how it is but call NYU office of financial aid for advice. They're nice.

 

[dentalfairy]

Hi

What you're saying is true of loans but not line of credits. I've heard if you don't pay the interest for one month, they're going to disable your account! How am I suppose to pay the monthly interest while I'm at school?!!

 

[Drill2Fill]

How much will the monthly interest amount to?

 

[dizzle23x]

yes, the RBC loan requires that you pay interest WHILE in school and does not get tagged on to your payback amount after you graduate making the OPs (and my) dilemna somewhat difficult

 

[1992Corolla]

go with a different loan. Schools financial aid should cover most of it, otherwise go with a private loan. Interest will accrue while you are in school, but you will just defer it and pay it back later. remembe 1000,s have gone ahead of you ad 1000.s more will, dont stress about it.

 

[uoftgrad]

I am from Ontario and we have OSAP (loans that as subsidized). Do you have something like that in BC? If you do apply for that and use it to pay off the interest. Meanwhile also consider applying for CanHelp loans (private loan for Canadian students). You do need a Canadian co-signer though. But these loans (principle and interest) can be deferred until after you graduate.

 

[uoftgrad]

I am from Ontario and we have OSAP (loans that as subsidized). Do you have something like that in BC? If you do apply for that and use it to pay off the interest. Meanwhile also consider applying for CanHelp loans (private loan for Canadian students). You do need a Canadian co-signer though. But these loans (principle and interest) can be deferred until after you graduate.

 

[mmasurf]

what kind of stuff do they have for NY residents who are broke ass poor too, does nyu help a litle? also many of us work now but wont be working for the rest of the 4 years, so we'll be Dependants on parents during tax filings or we just wont file taxes, will NYU / government help you out?

 

[Mackchops]

My plan is to do well, make oodles of money when I graduate, and retire to my own small island by the time I'm 32.

Note that this island has no phone lines for those pesky loan collections people to bother me on -- ahh!! What paradise!!

 

[dentalfairy]

My plan is to do well, make oodles of money when I graduate, and retire to my own small island by the time I'm 32.

Note that this island has no phone lines for those pesky loan collections people to bother me on -- ahh!! What paradise!!

Where is that wonderful island? I want to go too!!

 

[dentalfairy]

what kind of stuff do they have for NY residents who are broke ass poor too, does nyu help a litle? also many of us work now but wont be working for the rest of the 4 years, so we'll be Dependants on parents during tax filings or we just wont file taxes, will NYU / government help you out?

since I'm a canadian, the US government won't help me (no FAFSA), and the Canadian government's help is no where near enough. That's why I'm panicking!