To all those Canadians out there

[j66]

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This post is for Dante and the other Canadians who are going to dental school this Aug. I too am going to dental school in Aug., and was wondering how are you people planning on paying for it? It's very expensive, and Canadians dont qualify for American loans. 60K is not an easy amount to come up with.

 

[Mikado]

Simple. They ask the money cows (parents).

 

[Tabi]

yeah...the money thing really sucks, especially with the exchange rate being so crappy. although Canadians aren't eligible for most American loans, we CAN take out private loans (not as good but better than nothing!) btw, which school are u going to? 😛

 

[j66]

I will be headed to BU next year.

 

[Dante60]

Whew.. It's been a while since I've been here. 🙂

Paying for it? Well... lucky me, I'm an American Citizen. I've only been living in Canada for 21 of my 22 years. 🙂

But, I know a number of people who have told me that OSAP might cover some of it. I'd look into it if you're an Ontario resident. OSAP is so much better than FAFSA!

 

[dds2b]

$$$?...go to CIBC, Scotia Bank, Bank of Montreal, and the Royal Bank. They all offer low interest rate line of credits for professional students.

I know for a fact that CIBC will give you $15000 Cdn/year + $5000 Cdn available for emergency purposes. In your 3rd or 4th year, they give you an additional $15000 Cdn in credit...in total, CIBC will givve you $80000 Cdn over 4 years. The interest rate at CIBC is prime + 1%....not sure of the repayment options.

Personally, I got my line of credit from Scotia Bank. They give you up to a max of $25000 Cdn/year. The interest rate is prime + 0.5% and you don't have to pay a penny back until you graduated, but you have to pay back at least 10% of the principle you borrow within 90 days of graduation.

Not too sure of the terms and conditions of the Royal Bank and Bank of Montreal.

 

[animal666]

dds2b

i am also canadian. i was who you talked to at scotia and cibc? i got my loan from canhelp which chrages me an arm and a leg. fortunately i am not borrowing too much. anyway, can you tell me how abouts you got the loan and if you needed any assets? is the itnerest compounded? etc etc

thanks a mil

 

[dds2b]

animal 666:

I just phoned up any Scotia Bank and CIBC requesting more info about line of credits for professional students. At CIBC, they have loan officers dealing specifically with med, dent, vet, opt, and law students. At Scotia Bank, the branch manager helped me obtain my line of credit. All I needed to get my line of credit was my letter of acceptance and confirmation from the university via a fax that I intended to enroll this upcoming semester. I have a good credit rating, so I didn't even need a cosignor or any assets. The interest is compounded and you don't have to pay a penny back at Scotia Bank until you graduate. I believe CIBC gives you a 6 month grace period after graduating but you have to pay the interest accumualted when you still are a student. The student loans officer at CIBC said they might be changing the interest rate on the professional students line of credit to prime only to attract more borrowers this year as well.

I'm also attending a canadian dental school this upcoming year, so I'm not sure if the terms and conditions are the same if you go to an US dental school.

When I was at my interview/tour of CWRU, they gave me a booklet and listed a phone # for more info on CIBC's line of credit if you're a canadian headed down to the states. You can call 1 800 465-CIBC or talk to your personal banker or email [email protected] for financial aid inquiries at CIBC.

Here is Scotia Banks National Student loan Center's toll free # 1 800 9-SCOTIA (Metro toronto area 416-288-4655).

Bank of Montreal offers a student line of credit called Brain Money and most students get $6500 a year to a max of $26000Cdn over 4 years. Students in grad/professional programs are eligible for additional funds. Canadians enrolled in non-Canadian Universities are eligible for this loan. Interest prime + 1%. You only pay interest on the principal while you are in school and you have a 1 year grace period on repaying the principal after grad.

Hope this helps. Good luck!