I think I can't go

[ramseszerg]

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I am a Canadian student recently accepted to IUSD. The more I look into funding the more I come to think that I probably can't cover the costs. If I can get approved for the maximum amount of $200,000 from a Canadian bank (eg. TD, RBC or Scotia), and get an additional $40,000 from OSAP (Ontario government program), about $16,000 from school loans (does IUSD have this, btw?), and $40,000 from my parents (it does not feel good to be sucking money out of them as a full grown adult), I can theoretically cover it.. The problem with this plan is that realistically, the Canadian banks will not accept either of my parents as a cosigner. I can ask the dentist I shadowed, he likes me and all but it's a ridiculous thing to ask, isn't it? I don't know if I am mentally prepared to keep applying to Canadian schools until I get in, how many years may that be..

 

[dentalWorks]

I am a Canadian student recently accepted to IUSD. The more I look into funding the more I come to think that I probably can't cover the costs. If I can get approved for the maximum amount of $200,000 from a Canadian bank (eg. TD, RBC or Scotia), and get an additional $40,000 from OSAP (Ontario government program), about $16,000 from school loans (does IUSD have this, btw?), and $40,000 from my parents (it does not feel good to be sucking money out of them as a full grown adult), I can theoretically cover it.. The problem with this plan is that realistically, the Canadian banks will not accept either of my parents as a cosigner. I can ask the dentist I shadowed, he likes me and all but it's a ridiculous thing to ask, isn't it? I don't know if I am mentally prepared to keep applying to Canadian schools until I get in, how many years may that be..

I am not exactly sure what you are asking.... is IUSD a dental school?

I dunno how the canadian system works, but for the USA, most dental/medical students will burrow from 200-400k, and no cosigner is needed, hell most of us don't have anyone who can cosign for that kind of amount anyways.

Are you sure you are required to have a cosigner?

 

[ramseszerg]

Yes, because I am going to a school in the States as a Canadian I need a Canadian cosigner in order to take out loans from Canadian banks and an American cosigner for American banks.

IUSD stands for Indiana University School of Dentistry. I am just very upset about all of this.. I was so happy when I got in.

 

[dentalWorks]

Yes, because I am going to a school in the States as a Canadian I need a Canadian cosigner in order to take out loans from Canadian banks and an American cosigner for American banks.

IUSD stands for Indiana University School of Dentistry. I am just very upset about all of this.. I was so happy when I got in.

ohhh I see. I didn't know that. I honestly don't know what to tell you, perhaps some canadian dental students can chip in and tell you what they did.

Good luck man

 

[AtlantaBraves]

I would explain your situation to the school you want to attend, and see what advice they can offer you. Good luck!

 

[Habbas]

same boat.
i think TD is giving around $200k, havnt checked with osap
hopefully the parents cant spring for the rest because i have $0 to my name abot now

 

[vahleree]

Are you sure you need a cosigner? I know TD is giving 200 000 but they don't require a cosigner. Also if you show them your financial situation that you need more money and once you have used up the initial 200 000 they will give you additional funds (I know RBC does this - my friend spoke with them)

 

[wantVCUdental]

Are you sure you need a cosigner? I know TD is giving 200 000 but they don't require a cosigner. Also if you show them your financial situation that you need more money and once you have used up the initial 200 000 they will give you additional funds (I know RBC does this - my friend spoke with them)

All the canadian banks require co-signer if you are taking $200k to american school. No-cosigner loans only apply to canadian schools.

 

[ramseszerg]

TD doesn't require a cosigner so long as you are going to a Canadian school.

 

[lululime]

Why would you take a loan of 200K out? Don't you pay per year, or is it one lump sum?

 

[ramseszerg]

google line of credit..

 

[SuperTank]

Why would you take a loan of 200K out? Don't you pay per year, or is it one lump sum?

Some (if not all) US dental schools require that foreign students have the entire cost of attendance in a bank account before they enroll. Here's the reasons I've been told as to why this is:

US dental students can get loans for school through the government. If you get into dental school, it's practically a 100% guarantee that you will get the loans. But foreign dental students aren't eligible for loans from the US government, and the student won't have anything to fall back on if, for whatever reason, their own funding stops (parents lose their jobs, student runs out of savings, foreign bank goes under, etc). So to be absolutely sure that this doesn't happen, foreign students are required to have the full cost of attendance on hand prior to matriculation.

 

[Ostracized]

Some (if not all) US dental schools require that foreign students have the entire cost of attendance in a bank account before they enroll. Here's the reasons I've been told as to why this is:

US dental students can get loans for school through the government. If you get into dental school, it's practically a 100% guarantee that you will get the loans. But foreign dental students aren't eligible for loans from the US government, and the student won't have anything to fall back on if, for whatever reason, their own funding stops (parents lose their jobs, student runs out of savings, foreign bank goes under, etc). So to be absolutely sure that this doesn't happen, foreign students are required to have the full cost of attendance on hand prior to matriculation.

Geez! 4 years of interest on $200 000 just to have it sit there!

 

[ramseszerg]

Geez! 4 years of interest on $200 000 just to have it sit there!

Again, GOOGLE LINE OF CREDIT. Interest is not accrued unless you use the money. Thanks for trying to make me feel better by talking about how little you know.. /sarcasm

 

[Ostracized]

Again, GOOGLE LINE OF CREDIT. Interest is not accrued unless you use the money. Thanks for trying to make me feel better by talking about how little you know.. /sarcasm

Temper temper! Yeah, I know what a LOC is because I have one for my Canadian dental school tuition. Enjoy paying three-times (plus) what I pay!

 

[ramseszerg]

Temper temper! Yeah, I know what a LOC is because I have one for my Canadian dental school tuition. Enjoy paying three-times (plus) what I pay!

Isn't that why I made this thread? Because I was depressed about the money? What a self-absorbed ass.. And how do you not know that you do not accrue interest unless you take out the money on your own line of credit..

 

[somedayDDS]

Temper temper! Yeah, I know what a LOC is because I have one for my Canadian dental school tuition. Enjoy paying three-times (plus) what I pay!

Your comment goes to show how well the Canadian Dental school admissions process is working these days....

 

[Munchy]

ramseszerg I am in the same boat as you. As international students, the amount of funding available to us is not enough.

One fact though: If you want to take out 200k from a bank, they will subtract your OSAP amount. This means, although the maximum amount is 200k, not all of that will be available to you if you have outstanding or planning to borrow more osap.

To give an example,
Student A has no osap and does not plan to borrow more osap; then he is can borrow 200k from a bank if he wishes to.

Student B has 20k outstanding OSAP and is planning to borrow another 40k over the next 4 years; then the maximum they will lend him is 140k (200k-20k-40k).

I know this b/c my girlfriend just took out a loan from RBC and this was what she was told.

So yea... unless we can come up with something, financing dental education is gonna be hard.

 

[ramseszerg]

ramseszerg I am in the same boat as you. As international students, the amount of funding available to us is not enough.

One fact though: If you want to take out 200k from a bank, they will subtract your OSAP amount. This means, although the maximum amount is 200k, not all of that will be available to you if you have outstanding or planning to borrow more osap.

To give an example,
Student A has no osap and does not plan to borrow more osap; then he is can borrow 200k from a bank if he wishes to.

Student B has 20k outstanding OSAP and is planning to borrow another 40k over the next 4 years; then the maximum they will lend him is 140k (200k-20k-40k).

I know this b/c my girlfriend just took out a loan from RBC and this was what she was told.

So yea... unless we can come up with something, financing dental education is gonna be hard.

Uhh.. That doesn't make it hard that makes it impossible..

 

[SSD1]

Uhh.. That doesn't make it hard that makes it impossible..

I never thought this would be so stressful. I am not in dental school yet and nor did I apply this cycle. But I do have some knowledge because my family friend graduated last year from NYU! She is a Canadian as well like us. Her situation was a bit different because she wasn't a citizen and was a Permanent Resident and so getting a loan was even harder for her.

This is what I know she did:
BC government gives a maximum of $50,000 in student loans to a single person. She did that first of all. She took a loan from RBC/one of the banks for $200,000 and then that helped her to pay majorly. Her bank did tell her that if she needed more, they could do that by overriding the system. Basically, the Bank manager told her that Banks deal with student Dentists like investments...and want to make money out of them since they know that once you are a dentist, you will pay it off within a few years...!
Another option I do know is Federal student loans. Canada has federal student loans that pay upto a maximum of 60% of your tuition etc....

I assure you will be go to Indiana next year!! Just message Canadians already going to school in SDN and also, call the school. They dealt with 4 Ontarionians in past year and so they can probably tell you how to pay...

Congratulations for getting into Indiana btw!

 

[ramseszerg]

Thanks SSD1, and thanks everyone trying to help. Really appreciate it.

SSD1, do you know if she had a good cosigner or not? Regardless of yes or no, her story is really uplifting. That bank manager sounds like he/she will approve a LOC for me even without a cosigner because he/she understands it's not a high risk investment at all.

The federal loans look like they are only for studying in Canada. It would have only been around 27k anyway (there is a $210 per week maximum)

 

[SSD1]

Thanks SSD1, and thanks everyone trying to help. Really appreciate it.

SSD1, do you know if she had a good cosigner or not? Regardless of yes or no, her story is really uplifting. That bank manager sounds like he/she will approve a LOC for me even without a cosigner because he/she understands it's not a high risk investment at all.

The federal loans look like they are only for studying in Canada. It would have only been around 27k anyway (there is a $210 per week maximum)

Don't worry! I know I am going to be at your stage next year!!
She doesn't have immediate family in Canada, so her cosigner was just a family friend.
She always tell me that when it comes to this time, just be really really courteous to the Bank Manager and think about your words before you choose to talk. Also, as always you can always play the competition game!! Its like getting the best deal for mortgage...Go to your parents' bank and ask them the bestest deal they can offer you considering your parents have dealing with them for years!! Then check out other banks and go back to your parents bank and politely slip in the competition factor!!! Believe it or not, all student dentists are investments for banks!!!

And also, don't let the bank manager molest you by offering you $200,000-OSAP amount!! That shouldn't be true...atleast not in BC!! Tell them how badly you need the money and REMIND them that even they know that once you are dentist, you will pay it off within a few years!!

Are you sure about the federal loans? I never knew about that but when I checked the conditions, they didn't mention anything like that!!

Getting ready for dental school my friend, the money will come!!

 

[Medwell]

Wait, why don't you just go to a Canadian school?
ignorant bystander here...

 

[JBieber]

Wait, why don't you just go to a Canadian school?
ignorant bystander here...

easier said than done lol... they're friggin' hard to get into.

 

[Munchy]

think of it this way. Any canadian school is like getting into harvard.
Not necessarily b/c they are better, but it just is.


Also to OP, well the economy is not same as 5 years ago. Banks were probably more willing to give out loans. NOT ANYMORE. I will look into it myself, but if you don't have cosigner, no bank will give you 200k loan. That is too much of a risk for them.

 

[lululime]

On the bright side, Canada has a strong dollar =D

 

[dstu2011]

Asking a dentist you know for a thousands of dollars loan... lol you must be desperate.

Good news... you'll only use half the $$ of the estimated "living expenses" they put down. Bad news... you'll still have to find a line of credit big enough for the whole amount.

 

[RedDevilDDS]

think of it this way. Any canadian school is like getting into harvard.
Not necessarily b/c they are better, but it just is.


Also to OP, well the economy is not same as 5 years ago. Banks were probably more willing to give out loans. NOT ANYMORE. I will look into it myself, but if you don't have cosigner, no bank will give you 200k loan. That is too much of a risk for them.

I agree. I don't think Canadian d-schools are better than US d-schools but they are cheaper and harder to get in. I regret thesedays why I didn't try for the Canadian schools this year after talking to several bank advisors for LOC ... 🙁

 

[dl9006]

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[darktruth]

I'll give you some ideas, but you'll need to research to see how feasible these are - I'm not sure how applicable they may be for a Canadian:

1. Health services program - they put you thru school, you commit to come back and work for X number of years at Y dollars/year
2. Native dental services - I know of many US tribes that will help pay for school if you come provide services for them on their reservation after you graduate (Navajo nation, etc)
3. any family in America? I know that 90% of the Canucks live within 20 miles of our border, and some have family on both sides. Maybe that could help with federal loans...
4. I don't know, just shooting out some ideas. Canadian army dental scholarship?