How should Canadians finance their study in Australia?

[calone]

Hi people,

I've received an offer from UQ recently and was hoping if you could give me some advice on how to get money to pay for tuition and living costs for four years...
I've read past posts and it seems like the few options available for Canadians are to apply for government loan and line of credit at a bank. Will they be enough that you don't need to worry about money while you are at school? Are there any other ways?
For line of credit, don't interests get added on every month and also don't you need to pay back a portion every month? If so, line of credit doesn't seem to be a very good option; although I will have to use this option neverthelss if there aren't any better ones...
I'd appreciate if people, especially Canadians, who already have dealt with the money issue can shed some light on the matter...
Thanks in advance guys!

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[Daemos]

Get a professional student line of credit with your parents as co-signers you get 150K then apply for canadian student loans.

When you run out, come back to Canada talk with the bank and ask for more, they should have no problems giving you more.

 

[calone]

Thanks for your reply. Do you know if one can get two professional line of credits from two different banks?

 

[Daemos]

Thanks for your reply. Do you know if one can get two professional line of credits from two different banks?

if you do it on the same day, and go to both banks and seal the deal on the same day.

Other than that no, because they will see you have a student line of credit open somewhere else and will not let you get one.

You can always ask for more money later on if you need more. Again someone will need to co-sign for you.

 

[calone]

hey guys,

how long do you think it will take to pay back all the money you borrowed, once you complete your school and start your intern in Australia?
I think for people who are relying entirely on money borrowed from bank or government, etc, the total amount owed at the end of school would be around $300,000 (AUD). I guess it depends on how much you earn and how much you pay back each year, but I am just looking for a ballpark estimate...

What do you think guys?

 

[redshifteffect]

If you work in Oz:

1. Live in a low cost of living city

2. Do some of the extra income generating measures I've outlined in numerous posts around this forum (ad nauseum).

You should be able to save up a decent amount. Remember the salary is one a base + overtime model (plus any locuming/private work you do) so try and pick a hospital in advance that will allow you to do plenty of overtime, or has even locuming options for weekend or after hours work. Some small public hospitals actually have such opportunities.

 

[calone]

If you work in Oz:

1. Live in a low cost of living city

2. Do some of the extra income generating measures I've outlined in numerous posts around this forum (ad nauseum).

You should be able to save up a decent amount. Remember the salary is one a base + overtime model (plus any locuming/private work you do) so try and pick a hospital in advance that will allow you to do plenty of overtime, or has even locuming options for weekend or after hours work. Some small public hospitals actually have such opportunities.

thanks for your reply. I've read many informative posts you wrote on this forum. I appreciate your sharing and hope to get more of that from you...

 

[Transition]

thanks for your reply. I've read many informative posts you wrote on this forum. I appreciate your sharing and hope to get more of that from you...

No! He's mine!!! *grabs redshifteffect and runs away*


On another note, getting multiple lines of credit may be difficult. Especially from my conversations with Canadian banks the last few days. I would be very wary if you can't come up with an amount close to the full amount from day 1. I'm having huge issues with that right now and I'm being cautioned by the banks heavily to not gamble for more near because, as they put it, "If you come back asking us for more money before your degree is up, it makes it look like you don't know how to plan your money."

Now, they said there might be a bit of leeway since the tuition is usually more than the $150K they give us, but, they were cautionary about expecting more. Especially with the budget crunch and no end in the foreseeable future. I'm really hoping I can fund it, but it's looking difficult from everything I've been reading. I've exhausted nearly every bank and every credit resource at this point. The most I have been able to raise has been $190K ($160K from RBC and $30K from OSAP). I may have to ask my parents to take out a $40K LOC in their name for me to cover my living. Sigh...

 

[shan564]

hey guys,

how long do you think it will take to pay back all the money you borrowed, once you complete your school and start your intern in Australia?
I think for people who are relying entirely on money borrowed from bank or government, etc, the total amount owed at the end of school would be around $300,000 (AUD). I guess it depends on how much you earn and how much you pay back each year, but I am just looking for a ballpark estimate...

What do you think guys?

Most people pay it off over 10-20 years, which usually isn't a problem. Most US med students borrow about the same amount, so you might want to ask the guys on the financial aid forums.

 

[calone]

thanks guys for your thoughts. I'm a bit concerned that banks likely won't give you more than the maximum 150,000...
will have to look for some other ways, hopefully.

 

[fruits&passion]

I've had trouble getting a line of credit from any bank, even for just 60,000. So I will be going without a loan but relying on my parents instead. :S
The banks have been blaming the economy and my mom's income on commission, which is not a guaranteed income (she's a realtor). I guess you would need to have a cosigner with a guaranteed salary. The bankers were surprised too that I got rejected, given high credit ratings that my parents and I have. Oh well, Ill try again next year.

 

[Transition]

Which banks?
I have not had trouble securing $150K (med school loan specifically) from RBC, National Bank of Canada, CIBC and Bank of Montreal.

Try shopping around? I find it strange that you can't get the $150K loan for medical students with a strong cosigner despite the commission aspect. I'm sure your mother has significant assets to put towards the guarantor agreement. Check around.. pm me if you have any questions?

 

[tondy]

When did you apply to NBC? I was just told today that they no longer fund international medical students.

 

[Transition]

When did you apply to NBC? I was just told today that they no longer fund international medical students.

I filed my application 2 weeks ago and finalized the papers last Friday.
I'm not sure who you spoke to, but try to talk to someone dealing specifically with this type of loan. I don't see this as being true, but I guess I may have been exceptionally lucky.