RBC Loan Canada: For UQ

[leilad]

Hi all,

I was recently accepted by UQ. I went to talk to a loan manager at an RBC branch in Toronto. He told me they may give me the loan if I have a cosigner. Now, I used my dad as a cosigner. On top of that, he said RBC requires that you pay the OUTSTANDING tuition amount UP-FRONT before they can grant you the max. $150,000 LOC.

For example, the tuition amount for 4 years at UQ comes to ~ AUD$190,000. Now, since RBC is willing to give me CDN $150,000, their condition stipulates that I (i.e. my parents) pay the remaining ~$40,000 BEFORE they can grant me the LOC. He says the reason their policy is set up this way is because the $40,000 we pay will essentially ensure RBC that I will be able to finish school (i.e. I have the necessary funds to finish school and that I won't be left in the middle of the program with no funds left to pay the remaining tuition). What I was initially planning was to use the $150,000 that RBC gives and use that to pay for the tuition. The remaining tuition, I would somehow figure out a way (through working, etc.) to pay, AFTER a couple of years. Now that they are asking $40,000 up front, I am not sure my family has that kinda dough to loan me at the moment. Is anyone else in a similar predicament? If not, can anyone else tell me how they are managing their finances when it comes to getting LOC's at Canadian banks?? I have been reading many of the forums on here and premed101 to see if anybody else has been in a similar type of situation, but so far, I haven't found anything. Anybody's advice will be greatly appreciated!

Thank you!

cheers.

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[rugbyMD]

Sorry to hear about this situation....I did my loan for UQ through RBC as well....and yes I did need co-signers(mom and dad) BUT they did not request a cent from me. Did they explain exactly why they wanted this from you and not other students? because that does not seem common of a bank to do...

 

[Zuckman]

Leilad,

I went to RBC and they didn't even give me the 150K LOC since they didn't think my parents were strong enough cosigners. This was strange since my Dad has some huge assets. So, like you, I've had some trouble.

Zuck

 

[leilad]

what im' wondering now is why RBC has different interpretations of their student LOC policy?? seems like it differs from branch to branch...no? if you don't mind me asking rugbymd, which branch did you go to? for that matter, are you even in toronto? i'd like to visit that branch...

and zuckman, my LOC has not been approved YET, but, the rep who we talked to seemed confident it would IF we gave the [initial] ~40,000 up front...I simply don't get it, why, if they are getting a cosigner, do they STILL refuse the LOC (zuckman), or simply want money UP-FRONT (my case)...? the fact that we have cosigners [with assets] should itself give RBC enough assurance that their money will be paid back, even if they don't think we will come back from oz....

confused...

 

[leilad]

btw...thanks rugbymd and zuckman...!!

 

[torontonerd]

the big dogs always screw around with customers...u don't go to a car dealership to get a simple light bulb changed, you go to a mechanic by the road lol. Do not go to RBC if u are low on assets or parental funds, they will most likely waste your time. CIBC will do teh same as well, even though Oztrekk says on their extranet that cibc gives $$, the DONT.
i knew a loan officer(and branch manager) PERSONALLY, and he couldn't talk his risk assessors to give me (a wud be IMG) any $$
so finally i searched valuemd to check where the carrib students get their loans from...and i came across NBC.

since RBC is big n famous among international students, they do this crap with applicants, you will be very happy to know that nbc is very nice and helpful - thats national bank of Canada btw. i empathize with you cuz last week i realized i have gotten into UCC AND UQ. but i don't have the $$ to pay em...quite a bummer
well anyway...my parents cosigned, but both have almost minimum income...about 45 k COMBINED..NO assets other than a pontiac sunfire lol...no rrsps no _____ <enter whatever u can think of>. we even rent the apt.
rbc hasnt declined me yet but im pretty sure it will(i applied LAST friday, and was supp to hear sumthing past monday).
I applied NBC monday, cuz i was feeling ****ty and hopeless , today morning i got a call and i was approved for 150 k, catch is they release funds in a certain order...first year 50k, second year 40 k, 3rd n 4th year 30 k each...BUT unlike rbc..u can increase it to 200 k if needed.
if ur in toronto, pm me...i'll tell you who my agent was and etc
BTW how did u make out UQ tuition to be 190k?
its 38k this year correcT?????
good luck guys...

 

[neulite]

BTW how did u make out UQ tuition to be 190k?
its 38k this year correcT?????
good luck guys...

$42000 per year unless you are adjusting for the Canadian dollar which I have no idea.

 

[leilad]

wow, thanks torontonerd!! I talked to TD today and they said they will probably approve me, but it MAY be less than $150k based on my parents assets (even tho they have many :S)...so I'm going to look into NBC now..thanks for the headsup torontonerd...

and by my calculations...if I'm not mistaken, according to the fee schedule, I believe the first year tuition is:
AUD 2725 (per unit) x 8 (units/sem) x 2 (semesters) = AUD 43,600...please verify.

 

[rugbyMD]

Well don't think you need my help anymore, besides the branch I went to is in Winnipeg...But I am curious about this NBC? They will actually increase over the 150k if need? Does anyone know if RBC will do the same, I've heard some mixed things and my Personal Financial Planner seems to think it's a fixed 150k but when I showed him that my tuition alone will be more than that, he just said..."we'll cross that bridge when we have to, don't worry about it for now..."

 

[torontonerd]

Well don't think you need my help anymore, besides the branch I went to is in Winnipeg...But I am curious about this NBC? They will actually increase over the 150k if need? Does anyone know if RBC will do the same, I've heard some mixed things and my Personal Financial Planner seems to think it's a fixed 150k but when I showed him that my tuition alone will be more than that, he just said..."we'll cross that bridge when we have to, don't worry about it for now..."

well, the rbc agent made it pure n simple for me...she said you can get as much money as u want. even another 100000..as long as u have colllateral to back it up. so if u have a 400 k house to put as collateral..then crossing the bridge as it comes is just fine
BUT if u barely manage to get 150k(like me and many others) ..u mite wanna think twice abt putting ur life/education and loan money in the hands of banking agents and their everchanging opinions.
so many posters here have talked abt how hard it is for gettin more $$ from rbc. btw rbc still hasnt called me..its been a week today ...
if aus. wasn't manageabl with 150k + osap + personal savings, i wouldn't consider it.
oh and the 200 k increase frm nbc is possible but im sure theres a catch...since whn did banks become godsent angels right?
im going to sign more papers tomm, i'll ask how that works and let you guys know.

 

[neulite]

To digress for a moment, can someone please explain to me why it has been so hard for Canadians to get loans? As an American student I was able to secure the loans quite easily. Does the Canadian government not offer any educational loan programs analogous to Stafford and Grad PLUS loans?

 

[torontonerd]

To digress for a moment, can someone please explain to me why it has been so hard for Canadians to get loans? As an American student I was able to secure the loans quite easily. Does the Canadian government not offer any educational loan programs analogous to Stafford and Grad PLUS loans?

If you're studying in Canada, provincial and federal govt both give canadian students interest deferred loans.
but for schools outside canada, only the federal govt gives loan(max of abt 8000 per year).
quite crappy but yeah...thats how it is

 

[leilad]

just to update u guys on my loan situation...it seems like its going to fall through and I may not end up receiving much, if anything ...TD Bank seems like it may refuse us since my parents have accrued many liabilities and therefore, are not considered credit worthy in terms of getting the 150k LOC....

I am now desperately seeking information from other banking institutions...to those of you in the US of A...you guys are seriously much better off!! at least that's how i feel at the moment...

 

[neulite]

...to those of you in the US of A...you guys are seriously much better off!! at least that's how i feel at the moment...

I have to agree. As horrible as it is to live here I am glad that the US is willing to pay for overseas studies for its citizens. In a matter of four days I was able to secure $300,000 in tuition costs. Granted I have a good credit rating but still...

I'm doing the PhD program as well which is why it's gonna cost me so much, plus living expenses.