How are Canadians paying for American medical school

[ptavasso]

Hello, I'm a Canadian applying to American medical schools (as well as Canadian and St Georges).
A lot of the American schools don't offer financial aid for Canadians and they require escrow.
When they say they want proof that I will be able to pay for the four years, do I need to place a deposit or show some amount of cash?
My parents can provide around 50k but nothing more. If there's no financial aid available, how am I supposed to pay for my schooling?
What loan services are available that aren't hard to obtain? Will Canada (government or loan company) help me at all or am I on my own because I'm going to the states?
These are the schools I'm applying to

Albert Einstein College of Medicine
Boston University School of Medicine
Case Western Reserve University School of Medicine
Duke University School of Medicine
Emory University School of Medicine
Geisel School of Medicine at Dartmouth
George Washington University Sch of Med & Hlth Sci
Georgetown University School of Medicine
Jefferson Medical Coll. of Thomas Jefferson Univ.
Michigan State University
Mount Sinai School of Medicine
Northwestern University Feinberg School of Medicin
Oakland University William Beaumont School of Medicine
Pennsylvania State University College of Medicine
Rosalind Franklin University of Medicine and Scien
SUNY Upstate Medical University
University of Connecticut School of Medicine
University of Hawaii John A. Burns Sch. of Med.
University of Kentucky College of Medicine
University of Maryland School of Medicine
Virginia Commonwealth University School of Medicin
Wake Forest School of Medicine of Wake Forest Baptist Medical Center
Wayne State University School of Medicine



Thank you very much for any help.

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[vivapuff]

Hello, I'm a Canadian applying to American medical schools (as well as Canadian and St Georges).
A lot of the American schools don't offer financial aid for Canadians and they require escrow.
When they say they want proof that I will be able to pay for the four years, do I need to place a deposit or show some amount of cash?
My parents can provide around 50k but nothing more. If there's no financial aid available, how am I supposed to pay for my schooling?
What loan services are available that aren't hard to obtain? Will Canada (government or loan company) help me at all or am I on my own because I'm going to the states?
These are the schools I'm applying to

Albert Einstein College of Medicine
Boston University School of Medicine
Case Western Reserve University School of Medicine
Duke University School of Medicine
Emory University School of Medicine
Geisel School of Medicine at Dartmouth
George Washington University Sch of Med & Hlth Sci
Georgetown University School of Medicine
Jefferson Medical Coll. of Thomas Jefferson Univ.
Michigan State University
Mount Sinai School of Medicine
Northwestern University Feinberg School of Medicin
Oakland University William Beaumont School of Medicine
Pennsylvania State University College of Medicine
Rosalind Franklin University of Medicine and Scien
SUNY Upstate Medical University
University of Connecticut School of Medicine
University of Hawaii John A. Burns Sch. of Med.
University of Kentucky College of Medicine
University of Maryland School of Medicine
Virginia Commonwealth University School of Medicin
Wake Forest School of Medicine of Wake Forest Baptist Medical Center
Wayne State University School of Medicine



Thank you very much for any help.

I'm also Canadian, in the same boat. Unfortunately, don't even have that kind of help from my parents! I am kind of playing it by ear, but here's what I understand from stalking the interwebz a bit. I do believe you can get federal gov't loans (Canadian) but they will fall very very very very short of the U.S. tuition. It'll be on the order of a few thousand a year, I think. I think the way most people do it is to get loans from a bank. I think U.S. banks require a U.S. co-signer, but I think RBC actually has been known to give loans for up to $200k. Of course, you'd have to call them directly to find out, but that's where I'm at right now.

 

[ptavasso]

Thanks a lot. I have family in the states (Virginia) so could I get them to cosign? I don't really understand what cosign means. If the states won't grant me a loan, can my family there obtain the loan and give it to me? I don't know if I'm totally crazy but I think that sounds like it would work.
So I just call RBC and say I need a couple hundred thousand to go to medical school in the states and they say yay or nay (I would word it nicer though)?

I'm also Canadian, in the same boat. Unfortunately, don't even have that kind of help from my parents! I am kind of playing it by ear, but here's what I understand from stalking the interwebz a bit. I do believe you can get federal gov't loans (Canadian) but they will fall very very very very short of the U.S. tuition. It'll be on the order of a few thousand a year, I think. I think the way most people do it is to get loans from a bank. I think U.S. banks require a U.S. co-signer, but I think RBC actually has been known to give loans for up to $200k. Of course, you'd have to call them directly to find out, but that's where I'm at right now.

 

[ericksonj15]

Thanks a lot. I have family in the states (Virginia) so could I get them to cosign? I don't really understand what cosign means. If the states won't grant me a loan, can my family there obtain the loan and give it to me? I don't know if I'm totally crazy but I think that sounds like it would work.
So I just call RBC and say I need a couple hundred thousand to go to medical school in the states and they say yay or nay (I would word it nicer though)?

A co-signer is someone with good credit (often a family member) who also signs on to your loan documents to vouch for you. Basically, if crap hits the fan and you default on your loans, then the bank is allowed to go after your co-signer for the money owed.

 

[ptavasso]

Okay that's what I thought thank you. My family can cosign no problem but is it really as easy as that? I can get a couple hundred thousand dollars in loans from America if someone just cosigns it?

A co-signer is someone with good credit (often a family member) who also signs on to your loan documents to vouch for you. Basically, if crap hits the fan and you default on your loans, then the bank is allowed to go after your co-signer for the money owed.

 

[redpanda]

I've got to say that you'd better have some VERY trusting family to co-sign a set of loans like that.

 

[ericksonj15]

Okay that's what I thought thank you. My family can cosign no problem but is it really as easy as that? I can get a couple hundred thousand dollars in loans from America if someone just cosigns it?

I would think that's completely dependent on the bank you approach as well as how good your/your co-signer's credit is....I would doubt securing a loan of that size as an international student will be EASY.

 

[DAPI]

Yeah, if I was Canadian, I don't think I'd be dropping a $2-5k on the application process until I knew how loans worked. And for some reason I have a feeling it's going to be more complicated than this thread is making it out to be and unless your family members are making absolute bank, I can't imagine them co-signing a $200k+ loan for you to go to medical school. What happens if you get hit by a truck the day you graduate? They better be taking out some serious disability and life insurance on you to co-sign that kind of loan.

 

[ptavasso]

After four years of medical school I will (hopefully) be getting into my residency that pays around 40k. Also, my entire university cost (living away from home the entire time as well) is covered by OSAP (Canadian loan), my parents, and scholarships.
My thinking is if it's not rare for a Canadian to be able to pay their US tuition, why should it be for me? I believe there has to be a way but then again I'm just being optimistic. I will talk to my bank (CIBC) then talk to RBC then talk to my family in the states.

 

[thegame11]

Osap can give you around $8-10k. You can get a credit line from Canadian banks, but your parent will need to co-sign.

 

[Mt Kilimanjaro]

Maple syrup.

 

[magicm]

In my experience schools require the tuition in full up front for Canadians (although some schools will waive this if they are confident you can pay your tuition every year). Many Canadians get the money from their families or personal assets. Those who cant afford to do that will get bank loans from a Canadian bank such as TD, Scotia, RBC, CIBC, BMO. This typically requires a cosigner and its a specific loan for medical school. On top of that you can apply for OSAP (or your provinces student loan program) and receive federal money, about 9-11K/year (but this may be only for US MD schools)

If you are going the loan route and can get the school to agree to let you pay the tuition each year instead of up front its defiantly worth it since you start paying interest on the money straight away

 

[LizzyM]

Maple syrup.

I wouldn't mind taking a portion of my paycheck in syrup.