student loan 4 years up front or 1 year at a time?

[Tootyfruity]

i went into the bank today and applied for a private bank loan.

it was for the first year costs alone for about 90k.

should i go back and ask for approval for all 4 years up front?

what's the usual protocol on this?

would they approve you for 400k in one go?

thanks.

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[dentalprodigy]

Ummm....I should be doing that soon. dammit, I gotta stop procrastinating

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[SoulPower]

Take them out over time if you can. The more money you take out upfront the more interest you'll pay over time.

 

[Tootyfruity]

Take them out over time if you can. The more money you take out upfront the more interest you'll pay over time.

i meant do you get approved for 4 years in one shot or do you have to reapply every year?

 

[notin]

You re-apply every year. The amount that you can borrow is set by your school yearly. Also, no FAFSA?

 

[doc toothache]

Shouldn't you to be addressing that question to your loan officer?

 

[Tootyfruity]

You re-apply every year. The amount that you can borrow is set by your school yearly. Also, no FAFSA?

thanks mate

us canadians don't get fafsa

Shouldn't you to be addressing that question to your loan officer?

i sorta did

but she hadn't done this type of a loan before

she said she was gonna double check with central and i'm expecting a call on monday

i'll probably call the school and ask them too

 

[notin]

That might change things. Most american students when they get private loans are actually getting health loans of some sort that mimic closely the fafsa stuff, and the amount is approved by the school every year. if your loan is different from this, there might be other rules governing it. I'd suggest not trying to borrow 400k straight away though, and just going with the yearly plan.

 

[Ostracized]

thanks mate

us canadians don't get fafsa



i sorta did

but she hadn't done this type of a loan before

she said she was gonna double check with central and i'm expecting a call on monday

i'll probably call the school and ask them too

As a Canadian dental student - you won't get a loan but rather a line of credit (which is much better actually). Scotiabank, RBC, TD offer pretty much the same package (up to $200K or even $250K at prime). The good thing about a LoC is that you only pay interest on the money you withdraw.

Most branches won't have any idea about dental school LoCs so you'd be best to find out which branch most deals with the dental students.

 

[stevesteve121]

i went into the bank today and applied for a private bank loan.

it was for the first year costs alone for about 90k.

should i go back and ask for approval for all 4 years up front?

what's the usual protocol on this?

would they approve you for 400k in one go?

thanks.

you trying to buy 400k worth of apple share bro?

 

[Tootyfruity]

in case anyone cares

i went in today and head office said there's an exception for us that lets us apply for a lump sum at once

imma update the amounts when i can