student loans

[rbrun]

how do canadian students typically fund their medical education? what are some options apart from federal/provincial loans?

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[trustwomen]

how do canadian students typically fund their medical education? what are some options apart from federal/provincial loans?

Lines of credit. RBC and Scotiabank both offer med student packages, ranging from 150k to 200k at prime and including goodies like free platinum cards and free VIP-style bank accounts. Main difference is that you have to service the interest (only on the part of the LOC you take out, of course) while you are in school, unlike the federal/provincial loans.

 

[rbrun]

wow thanks. i guess you probably need a cosigner for these?

 

[trustwomen]

wow thanks. i guess you probably need a cosigner for these?

I don't think so. You just need to be accepted and registered in a Canadian med school program.

 

[znl343]

dont forget about MD Management. They offer a 200k loc which doesnt collect interest until after grad iirc.

 

[SMRT]

dont forget about MD Management. They offer a 200k loc which doesnt collect interest until after grad iirc.

Nope, I have an MD Management LOC and I'm definitely paying interest every month! You don't have to start paying the principle (principal?) until after completing residency.

 

[znl343]

Nope, I have an MD Management LOC and I'm definitely paying interest every month! You don't have to start paying the principle (principal?) until after completing residency.

Yup you are right. I actually already knew that there was interest accumulating right away, i dont know what made me think otherwise.

 

[PistolPete]

Nope, I have an MD Management LOC and I'm definitely paying interest every month! You don't have to start paying the principle (principal?) until after completing residency.

Do they allow Canadian students to take out this loan if they get accepted to American medical schools?

 

[znl343]

Do they allow Canadian students to take out this loan if they get accepted to American medical schools?

I am in the process of finding this out right now. I have been told yes, but they want to confirm and get back to me

 

[znl343]

Found out Cdn med students in the US get the 200k LOC.

 

[solocup]

Does the Quebec government offer loan programs similar to U.S. loans for med students?

 

[trustwomen]

Does the Quebec government offer loan programs similar to U.S. loans for med students?

They offer standard student loans/grants through the same program as undergrad studies (it's basically considered an undergrad program, but you get more money because it's so many more credits).

The same rules apply as for undergrad.

p.s. MD management is through Scotiabank, it's the second one I mentioned in my post. (for those who thought I had forgotten it).

 

[znl343]

p.s. MD management is through Scotiabank, it's the second one I mentioned in my post. (for those who thought I had forgotten it).

The MD Management loans are through national bank. Not that it really matters. But that is what i was told on friday when i met with MD Management.

 

[trustwomen]

The MD Management loans are through national bank. Not that it really matters. But that is what i was told on friday when i met with MD Management.

You are correct. My bad. I got confused because Scotia also offers a 200K LOC. (RBC is 150).

 

[NiceDriveway]

.

 

[znl343]

I went to RBC to apply for a loan--and needed a cosigner, as on my own, with no income, my TDS falls far outside the accepted limits.

Unfortunately, even WITH my cosigner, I'm still not eligible for $150K, AND on top of that, I can't afford the interest monthly, so I have no choice but to turn down my offer to med school.

The RBC LOC shouldnt need a co-signer!?!?! If you are going to a cdn med school the MD Mgmt LOC doesnt need a co-signer either!?!?!?

THats terrible to hear that you will have to turn down your offer!

 

[freyja]

I went to RBC to apply for a loan--and needed a cosigner, as on my own, with no income, my TDS falls far outside the accepted limits.

Unfortunately, even WITH my cosigner, I'm still not eligible for $150K, AND on top of that, I can't afford the interest monthly, so I have no choice but to turn down my offer to med school.

Have you inquired with other banks? There has to be a bank out there that will approve your request, after all, the banks love med students since they make money off them.

 

[peacefuljourney]

Hi.

Here's some unasked for advice from a stranger...

Don't turn down your offer - find a way. Even start and then ask for an increase - I find it hard to believe that someone wouldn't increase your credit limit to see you through. Also, you might approach community groups like Lions, Optimists etc. if you get in a real squeeze. AND all schools have grants and scholarships for students in need.

Stick it out and it will work out for you. Really. Don't give up before you even start.

S-

 

[jigga5]

hey im from british columbia and I plan on doing my undergrad in the U.S. My plan is to go dental school and then hopefully specialize in ortho or Oral surgery. But since my parents are not wealthy I was thinkin down the road and realize all this school is going to add up. Some us dental schools are like 45 000USD !! but neways do these bank loans you guys are talkin about apply to Dental schools?? Also do you guys know of any other places, I heard about Canhelp, do people have any experience with this compnay? For canhelp i heard you need a US cosigner to go to school there. Neways i would appreciate the help.

 

[freyja]

yes, banks do have loans for that too. I'm just not sure what the maximum amount is. as for payment you'll have to pay the interest. It's around 6.5% annually.

 

[znl343]

hey im from british columbia and I plan on doing my undergrad in the U.S. My plan is to go dental school and then hopefully specialize in ortho or Oral surgery. But since my parents are not wealthy I was thinkin down the road and realize all this school is going to add up. Some us dental schools are like 45 000USD !! but neways do these bank loans you guys are talkin about apply to Dental schools?? Also do you guys know of any other places, I heard about Canhelp, do people have any experience with this compnay? For canhelp i heard you need a US cosigner to go to school there. Neways i would appreciate the help.

I am not sure why you would want to do your undergrad in the US especially if money is tight. I would suggest you do your undergrad at home to minimize your expenses. You will also get cdn student loans that way. When you are ready to get in to a dent school you can apply to the states at that time and start racking up big debt. Once you get into a professional college it opens up many more options for you. I know RBC does a $200k cdn LOC for dent students.

 

[jigga5]

I am not sure why you would want to do your undergrad in the US especially if money is tight. I would suggest you do your undergrad at home to minimize your expenses. You will also get cdn student loans that way. When you are ready to get in to a dent school you can apply to the states at that time and start racking up big debt. Once you get into a professional college it opens up many more options for you. I know RBC does a $200k cdn LOC for dent students.

I thought doing my undergrad in the US would increase my chances of getting into an american dental school. Is this not the case?? I want the best chance of gettin into a dent school in the US.

 

[znl343]

I thought doing my undergrad in the US would increase my chances of getting into an american dental school. Is this not the case?? I want the best chance of gettin into a dent school in the US.

I am not sure how US dental schools define "resident". I think it varies between school to school and you should check up on that. NO point in going there for 4 years only for them to tell you that you are not a citizen so you wont be considered a resident or you will be considered as a foreign student.

 

[jigga5]

I am not sure how US dental schools define "resident". I think it varies between school to school and you should check up on that. NO point in going there for 4 years only for them to tell you that you are not a citizen so you wont be considered a resident or you will be considered as a foreign student.

i hear ya man. But I also plan on getting residency in the states. Im not sure how but I heard if you get a license and an adress you could become a citizen. I will look further into it. Also it seems like the US has a better college life then canada in general. I dont know why but I feel like school in the US would be alot better, and its not like IM dead broke either. but thanks for your help man

 

[TKD]

i hear ya man. But I also plan on getting residency in the states. Im not sure how but I heard if you get a license and an adress you could become a citizen. I will look further into it. Also it seems like the US has a better college life then canada in general. I dont know why but I feel like school in the US would be alot better, and its not like IM dead broke either. but thanks for your help man

You've heard a lot of incorrect things. A license and an address = citizenship!!! Sorry not true at all. US permanent resident status or citizenship takes a helluva lot more than that. My dentist colleague got sponsored and took him 4 years and it's quite a rigorous process. I'm a US cit. and my Canadian wife took 1.5 yrs to get her green card. Even if you get a license it has a big stamp on the front stating temporary.

And no US undergrad will not help you gain entry into US dental schools. Go to undergrad anywhere in US or Canada. It's all about numbers GPA and DAT. I do'nt know what type of vision you have of US college life but I think it's more or less the same as Canada. even still you'll be spending a lot of time studying anyways. If you want to party it up, just go on a vacation.

In terms of specializing many Canadian (ie. McGill, Alberta) dental schools are highly regarded, and have better specialty rates (into US residency programs) than US schools. From what I understand they are cheaper as well. Not sure why you're fixated on US undergrad and US d school. you'll be spending a whole lotta $$$$ over here and it won't help your chances at all.

Don't mean to beat you down but you seem very misinformed about a lot of things.