new cosigner every year?!

[bakigf]

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I just heard from a predent that if an international student (im Canadian) borrows from American bank with cosigner, they only lend out money for one year.....and that Ithe student needs a new cosigner to get the loan for each subsequebt year.....is this true??

 

[LeoK]

Why do you need to borrow from American bank... use Canadian ones then.. most of big ones will borrow you money even for American dental school with cosigner.

 

[scoot3r]

Because Canadian banks only loan up to 250K, and last time I checked, that isn't enough for dental school.

 

[Malva]

Whoever is cosigning for you may be able to cosign on a larger loan at a prime interest rate in Canada. Most banks offer the medical school loans at prime + 1.75% or something like that. If your cosigner has exceptional credit, they can check to see if they get +300K at an even lower interest rate. Might be worth looking into.