How are canadians paying for dental school?

[konstantine]

We can't receive any US federal aid obviously, and if you don't have an American co-signer, US banks are out of the question these days. Plans previously offered from places like CanHelp are no longer lending money to Canadian students without an American co-signer.

I know TD Canada Trust and RBC offer student loans to those in medical/dental school, but that's only $150,000.

OSAP for those in Ontario will give about $7000 or so a year.

Aside from getting a parent to take out an additional loan, does anyone know of other options?

If anyone has ideas I would really appreciate the help!

---

Members don't see this ad.

 

[pbrooks]

you can get way more than 150,000 if you have a co-signer with stellar credit and info about schools tuition and your acceptance letter with you at the bank, also helps if you go to a bank where you or your family are known.
they know you will pay it back one day...

 

[GDwood]

if we can borrow up to 150, 000, can we get loans from more than one bank? meaning 300,000 if we get loans from let's say RBC and TD
sorry if this was a stupid question

 

[aguacero]

I'm sure most of you may already know this, but just in case. Some of the banks eg. TD, RBC will give the loan with the prime interest rate (currently 3.5%) whereas others eg. CIBC will have a rate of prime+1%.

 

[konstantine]

you can get way more than 150,000 if you have a co-signer with stellar credit and info about schools tuition and your acceptance letter with you at the bank, also helps if you go to a bank where you or your family are known.
they know you will pay it back one day...

Do you by chance know which bank is willing to do this? I have been to TD Canada which is where we have all of our accounts and they are not willing to give more than the 150. My dad is my co-signer and he is probably the best candidate they could ask for, plus he has a very long history with them. I was really surprised because it seems that a dental student is a perfect opportunity to make some money off of and they are pretty well guaranteed to get paid back.

 

[konstantine]

if we can borrow up to 150, 000, can we get loans from more than one bank? meaning 300,000 if we get loans from let's say RBC and TD
sorry if this was a stupid question

well you need to disclose to the second bank that you already have a $150,000 loan with first bank. whether or not they'd be willing to do that, i'm not sure, but i'm probably going to give it a shot at least.

 

[pbrooks]

Do you by chance know which bank is willing to do this? I have been to TD Canada which is where we have all of our accounts and they are not willing to give more than the 150. My dad is my co-signer and he is probably the best candidate they could ask for, plus he has a very long history with them. I was really surprised because it seems that a dental student is a perfect opportunity to make some money off of and they are pretty well guaranteed to get paid back.

I am at a TD, and the entire staff knows my family well. my dad is cosigning and owns his own practice, so that might be why i have some different numbers. I think i am also going to do some personal loans with my grandparents, because as much as american interest rates have dropped, ours dont seem to be budging

 

[konstantine]

I am at a TD, and the entire staff knows my family well. my dad is cosigning and owns his own practice, so that might be why i have some different numbers. I think i am also going to do some personal loans with my grandparents, because as much as american interest rates have dropped, ours dont seem to be budging

Alright, thanks for the info. That's great that you don't have to worry about any of this stuff. I would guess that your dad owning a practice is a huge help in you getting a increase on the student loan.

I'm definitely going to loan as much money as I can from family too. It's a good way for them to make some interest from me and I'd much rather give it to them than the bank.

I think I'll try putting in an application at RBC and if that doesn't prove any more helpful my dad will just take a loan out himself. Not ideal, but oh well.

 

[tiny]

i had a really really hard time getting money to come to school in the US... i went to every bank and the max they would give me is 150K with a cosigner from RBC or TD

it really sucks that there are no options out there for canadian students wanting to study in the US

you can always apply to become an american citizen! although i'm assuming that is not so easy to do

 

[Habib]

Are these loans from RBC and TD in American or Canadian dollars? I would imagine getting a loan in Canadian and paying in American would be a big pain in the ass due to fluctuations in exchange rate.

 

[aguacero]

Are these loans from RBC and TD in American or Canadian dollars? I would imagine getting a loan in Canadian and paying in American would be a big pain in the ass due to fluctuations in exchange rate.

Canadian funds.