student loans for canadian students who get admission in us schools

[nimeshshingala]

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I am starting this new thread to inform canadian foreign dental graduates that I got the loan approval from the Royal Bank to study at UCSF
the loan was given in two days and they did not ask for any co-signor or guarantor
so all you canadian students who want to study in us schools , there is hope
they gave 150K in line of credit which is around 120 K in US dollars( that is the maximum they give for a two year program)
the interest rate they charge is prime + 1%
canadian prime rate currently is 4.25%
the prime rate can change from time to time
so if prime rate goes down than we pay less interest and if it goes up than we pay more interest
120K in US dollars would not cover everything but would cover almost 70 to 80 % of your financial requirement
rest of the amount can be borrowed from us banks if you have a us citizen as a co-signer or other canadian banks if you have canadian citizen as a co-signer
there are other institutions like Can-help which give 45K as student loans per year for canadian citizens
of course royal bank will only give you student loans if you have a good credit history in canada , if you don't have a good credit history than they will ask for a gurantor or a co-signer
I hope this information is useful for all my fellow canadian hopefuls

 

[emsi]

I am starting this new thread to inform canadian foreign dental graduates that I got the loan approval from the Royal Bank to study at UCSF
the loan was given in two days and they did not ask for any co-signor or guarantor
so all you canadian students who want to study in us schools , there is hope
they gave 150K in line of credit which is around 120 K in US dollars( that is the maximum they give for a two year program)
the interest rate they charge is prime + 1%
canadian prime rate currently is 4.25%
the prime rate can change from time to time
so if prime rate goes down than we pay less interest and if it goes up than we pay more interest
120K in US dollars would not cover everything but would cover almost 70 to 80 % of your financial requirement
rest of the amount can be borrowed from us banks if you have a us citizen as a co-signer or other canadian banks if you have canadian citizen as a co-signer
there are other institutions like Can-help which give 45K as student loans per year for canadian citizens
of course royal bank will only give you student loans if you have a good credit history in canada , if you don't have a good credit history than they will ask for a gurantor or a co-signer
I hope this information is useful for all my fellow canadian hopefuls

line of credit - does this mean that you will start paying your loan after finishing your program (for example 6 or 9 months after finishing your dental school program)? or you should start paying immediately after the day of dispursment...
p.p. isn't it strange - CanHelp works ONLY with Canadian Citizens, not with permanet residents.

 

[nimeshshingala]

line of credit - does this mean that you will start paying your loan after finishing your program (for example 6 or 9 months after finishing your dental school program)? or you should start paying immediately after the day of dispursment...
p.p. isn't it strange - CanHelp works ONLY with Canadian Citizens, not with permanet residents.

hi emsi
according to the aggreement i signed with royal bank
they gave me line of credit of 150K from today
i have to pay the interest on the amount i use every month
so if i use 50K than i pay interest on 50K and if i pay back 50K than i don't pay any interest
they will give me one year grace period after my graduation date where i continue to pay interest on the amount used from the line of credit
and after that we have to start paying the principle as well as interest every month
and they give us 10 years to pay back the loan but that can be extended as well
there is no pre payment penalty
they did not charge me any service charges for sanctioning the loan
i think it is not a bad deal
considering they didn't even ask for any co-signer or a gurantor

 

[emsi]

hi emsi
according to the aggreement i signed with royal bank
they gave me line of credit of 150K from today
i have to pay the interest on the amount i use every month
so if i use 50K than i pay interest on 50K and if i pay back 50K than i don't pay any interest
they will give me one year grace period after my graduation date where i continue to pay interest on the amount used from the line of credit
and after that we have to start paying the principle as well as interest every month
and they give us 10 years to pay back the loan but that can be extended as well
there is no pre payment penalty
they did not charge me any service charges for sanctioning the loan
i think it is not a bad deal
considering they didn't even ask for any co-signer or a gurantor

thanks for your reply. i used MEFA with a Canadian cosigner who has 1 year credit history here ,along with my credit history - also around 1 year. like most of the loan terms here, i will start paying everything 6 months after my graduation. of course, i was not charged anything (for aplication and so), and also no pre-payment penalty.

 

[keyur_dentist]

hi!

 

[Desi Doc]

Hi Nimesh, its good that you too got the loan from Royal bank.
So the shool name was the problem, as I had suggested.

 

[nimeshshingala]

Hi Nimesh, its good that you too got the loan from Royal bank.
So the shool name was the problem, as I had suggested.

hi desi doc
school name was not a problem
the problem was whom you speak with on the phone
i called the toll free number and she told me she will talk with me for half an hour
and asked my permission to check my credit history
after getting all the details , she told me they will take 24 hours to make a decision and the next day the loan was approved without any co-signer or guarantor
they ask me to go to a branch near my place and when i went there the bank officer had everything in hand and just asked for the proof of acceptance
and made me signed an aggreement , it was that easy
and thank you for suggesting me to go to royal bank , desi-doc
it is good for canadian residents who get admission in us schools

 

[balldan]

Hi guys,
could u please shed some light on MEFA pls....im also a canadian looking for loans if i get admission.
thanx.