Canadian Citizen, US Residency, Line of Credit

[waterbottle123]

As title says, I'm a Canadian citizen about to start US residency this month.

I want to consolidate my debt and could use a little extra $ for moving expenses. I have tried approaching a couple major banks already, as I have friends starting Canadian residency who were able to do the same with more competitive interest rates than a typical medical student loan.

However, I'm being told I will require a co-signor as I'm not at a Canadian institution. They are basically treating me as though I'm still a medical student. Briefly looked into US lines of credit but so far it looks like you need citizenship or permanent residency (green card).

Anybody able to suggest anything? Co-signor is not an option

Thanks

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[bearded frog]

Don't know about US options but Canadian banks need someone with Canadian assets to gaurentee the loan so you're probably stuck.

 

[waterbottle123]

Considering that in Canada you can get a medical student line of credit for a quarter million dollars at prime interest rate I don't think you'd be able to get a more competitive rate than that for any Line of Credit.

Scotia and TD both offer prime - 0.25

As someone not living or working in Canada now, you will need a co-signer otherwise there would be nothing to prevent you from just staying in the US and failing to repay your Canadian line of credit, and the bank would have no recourse. They will definitely require collateral (aka a co-signer with significant Canadian assets or income) in this circumstance.

Problem was solved without a co-signor but thanks for your completely unhelpful post

 

[ConfusedChemist]

Out of curiosity, how did you solve this problem without a co-signor? I'm currently in a similar situation with the banks, but as a Canadian citizen wanting to enter USMD. Thanks

You don't.

I'm from a low-income family, and I learned very quickly I would not be able to finance a US medical education if I wasn't able to gain acceptance in Canada. It's unfortunate that the opportunity is restricted to those with family $$$, but that's how it is

 

[TheHound]

Scotia and TD both offer prime - 0.25



Problem was solved without a co-signor but thanks for your completely unhelpful post

Hey, sorry to bump an old thread but I'm in a similar situation as you - I've tried searching through SDN and a few other sites but couldn't find much information - would you be able to share what you did to get the LOC without a cosigner as a Canadian citizen completing a medical residency in the US ??

 

[saiyedmo]

I am also in the exact same situation and would love if this can be answered.