Paying for School - 2012 Entry

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murphy12

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Hey,

Just wondering how everyone is paying for school in September. I personally do not have a bank of Mom & Dad so I'm looking at getting 2 lines of credit from 2 banks.

I'm talking to RBC and Scotia right now, hopefully getting 150K from both. Anyone have success stories with any other banks?

RBC was willing for give me more if my co-signer had collateral to put up, but no such luck. Now they say they will give me 150K if I can prove where I'm getting the rest of the money, so hopefully my meeting with Scotia today goes well.

Anyone else battling the banks right now?
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I personally am not dealing with banks, but I understand that a lot of people don't have "daddy" to pay for international medical school for them. The cost is probably one of the biggest factors for people going abroad. I thought RBC can give you up to 250K if you are a medical or dental student??
 
blahg
 
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I JUST started an application with RBC to get at LEAST $200 000. The nice gentleman on the other end said that usually international students get less (around the $150 000) but he'll try and see if he can "get me what i need". So let's see if RBC man pulls through
 
My physician grandfather will be paying everything, since I am continuing the family tradition. I am so glad I don't have to go through loans or lines of credit.
 
sasmadrid said:
My physician grandfather will be paying everything, since I am continuing the family tradition. I am so glad I don't have to go through loans or lines of credit.
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Nice. Unfortunately, some of us aren't as lucky...
 
MonsterCookie said:
Nice. Unfortunately, some of us aren't as lucky...
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Haha my thoughts exactly!!

RBC told me they won't go anything over 150K because I'm leaving the country.

The guy I just talked to at Scotia thinks I can get 200K...
At least the guy at Scotia said he had a student in Australia right now so he has dealt with international schools before.

MadPride - let me know if you get 200K from RBC, I need to talk to your banker!
 
What interest rate did they quote you?
 
Is it even possible to get 2 lines of credit??? If I get in I would be in the same situation as you, unfortunately my parents won't be able to finance Ireland but I really wanna go. Let us know how it goes, also wondering if ur parents or ur cosigners own a house and u get the loan. The other day I applied for a student line of credit at rbc and they declined my application even though my cosigner who was my mom has amazing credit (personally I think its cuz we dnt have any collateral)... Just curious to see how it goes
 
RBC will give you up to $250 k if you have a cosigner. If you have 2 cosigners its even better, spreads out the risk for the bank. And remember, you will be the one paying the loan off, not your cosigners if that gets them convinced. They do need assets to cover $250 k just in case something goes awry (aka you drop out of med school or some other unfortunate accident).

Also be aware that when you take out a loan, you have to pay interest on the amount you take out cumulatively. This means that in your 4th year if you've maxed out the $250 k, you're looking at about $8500 in interest (prime+ half for RBC)

In any case, I have my RBC loan with cosigners, I have about 50k in an RESP from my parents and looking to take out an OSAP loan which will be about another 4-5 k/year.
 
The interest rates I have been told are all prime (that was RBC, Scotia, BMO, and CIBC)

chicka - Not sure if it's totally possible yet. I told the guy at Scotia, cause I was like I don't want to fraud the bank here, I am in the middle of trying to get a LOC from RBC. He just said he would "pretend he didn't hear it" My co-signers are my mom and sister. They both own houses, but not much equity to put up as collateral from them...

Hence why RBC refuses to give me more than 150K. I even offered 2 cosigners, but they suggested going to a different bank for my 2nd LOC, also with the "I didn't hear that" attitude.

I'll be getting OSAP to pay my interest. I learned from Scotia though that as long as you don't max out the 50K a year, they will take your interest payment from the LOC itself, so that's good I guess...but I'm pretty sure I'll max it out every year.

It's all rather frightening, but I'm not giving up! The hard part was getting in, this is a piece of cake :)
 
Do you guys know when we get our official letter of enrollment? Also RBC will get me 200k with co-signer.
 
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jf1987 said:
Do you guys know when we get our official letter of enrollment? Also RBC will get me 200k with co-signer.
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My RCSI package said once ABP confirms that I've obtained my degree and the tuition is paid. Probably the same for the other schools.
 
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Alexander III said:
My RCSI package said once ABP confirms that I've obtained my degree and the tuition is paid. Probably the same for the other schools.
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I guess its different for UCC because I talked to ABP yesterday. RBC said they needed not just a letter of acceptance but something that indicates that I am in fact attending. ABP said they will send me this once they have received the deposit, medical form and my completed acceptance form. I haven't gotten the medical form in yet due to long wait times at my family doc. However, ABP offered to get me the letter early if I needed it asap.
 
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Well I'm feeling rather defeated.

I've been reading these boards for years and remember lots of people saying they got 2 LOC's to pay for Ireland.

I was flat out rejected by Scotia, simply because I'm going abroad. RBC would give me 150K only if I could show I have the rest of the money to pay for school, and that can't be in the form of a LOC.

CIBC needs more security, such as someone's house to borrow against. And the guy I just talked to on the phone at BMO warned me they have similar lending policies as RBC, and any additional LOC's I have would be held against me by them.

Starting to think I got too far ahead of myself and I won't be in Ireland this fall. Guess I should have studied a bit more for exams...
 
Just wondering if anyone who has studied in Ireland can give me any insight on the process of getting a LOC.

Did your co-signer have to put a lean on their house to get approved? My Uncle is willing to co-sign for me because my immediate family kept getting rejected, however the bank wants to use part of his house as collateral and I know he does not want to do that.

Is a LOC without any collateral not an option when going overseas? He owns his home and has enough money that he could obviously make payments if for some reason I couldn't, but he does not want to borrow against his house because he wants to sell within the next 5 years.

I would really appreciate any help, I sort of feel lost navigating all this without knowing anyone who has done this before.
 
murphy12 said:
Just wondering if anyone who has studied in Ireland can give me any insight on the process of getting a LOC.

Did your co-signer have to put a lean on their house to get approved? My Uncle is willing to co-sign for me because my immediate family kept getting rejected, however the bank wants to use part of his house as collateral and I know he does not want to do that.

Is a LOC without any collateral not an option when going overseas? He owns his home and has enough money that he could obviously make payments if for some reason I couldn't, but he does not want to borrow against his house because he wants to sell within the next 5 years.

I would really appreciate any help, I sort of feel lost navigating all this without knowing anyone who has done this before.
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Have you thought about calling Atlantic Bridge and asking what your options are? Certainly they've had people who struggled to come up with the money in the past.
 
Now the question is who's going to give me 300 grand to go and study abroad???? I think I I was dreaming... I guess ill cal abp tomorrow n see if they have any advice
 
murphy12 said:
Just wondering if anyone who has studied in Ireland can give me any insight on the process of getting a LOC.

Did your co-signer have to put a lean on their house to get approved? My Uncle is willing to co-sign for me because my immediate family kept getting rejected, however the bank wants to use part of his house as collateral and I know he does not want to do that.

Is a LOC without any collateral not an option when going overseas? He owns his home and has enough money that he could obviously make payments if for some reason I couldn't, but he does not want to borrow against his house because he wants to sell within the next 5 years.

I would really appreciate any help, I sort of feel lost navigating all this without knowing anyone who has done this before.
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do you have to have a cosigner?
 
@chicka Can you let me know if they tell you anything useful?

Yes, you need a cosigner automatically because you're leaving the country. Which I have, but I didn't know they needed to put up collateral to get me the loan. Seems a bit excessive.
 
murphy12 said:
@chicka Can you let me know if they tell you anything useful?

Yes, you need a cosigner automatically because you're leaving the country. Which I have, but I didn't know they needed to put up collateral to get me the loan. Seems a bit excessive.
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So I called Atlantic Bridge and I was told that pretty much that the only option is government loans (if you're Canadian) and the line of credit... ughh I don't know what to do I really want to go but its looking bleak right now. If i get in and get if i get a loan (which is highly doubtful) of 150 000 it will last me what? 3 years if I'm on a tight budget? That's only 1/2 of my education. Any ideas?

Any millionaires looking to lend me some money? Lol.
 
murphy12 said:
Haha my thoughts exactly!!

RBC told me they won't go anything over 150K because I'm leaving the country.

The guy I just talked to at Scotia thinks I can get 200K...
At least the guy at Scotia said he had a student in Australia right now so he has dealt with international schools before.

MadPride - let me know if you get 200K from RBC, I need to talk to your banker!
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Hi Murphy12! (And who ever else)

So i'm at the end stages of securing my loan from RBC. and what a journey! I spoke to two different people over the phone for a month (which got me nowhere). We just kept on going back and forth: me demanding more money and them trying to get my parents to take out another mortgage (ha, no way, jose!) so i ended up meeting with the senior account manager at the branch in my home town (since i moved back recently) and essentially: it's policy that they cannot give more than $150 000. Which i'm sure we've already established by now in this thread. Which is just TERRIBLE.

And most of you, like me, have costs up to the $250 000, right? Yes, you need to show where the other $100 000 is coming from. Fortunately through OSAP, my summer job and (thankfully, they are a god send) my parents (but they actually benefit from all the taxes they make off my tuition, so win-win for them), i'll be able to scrape by. Somewhat happy ending for me, but i know that it's been tough for a lot of you. All i have to say is number crunch (which i've sure most of your are doing) and consider what you need on a year to year basis (since the Bank loan splits the total loan over the program, 5 years for me).

Good luck to everybody!
 
MadPride said:
it's policy that they cannot give more than $150 000. Which i'm sure we've already established by now in this thread. Which is just TERRIBLE.
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Somehow RBC gave me 200k. Not sure what the difference was?
 
MadPride said:
Hi Murphy12! (And who ever else)

So i'm at the end stages of securing my loan from RBC. and what a journey! I spoke to two different people over the phone for a month (which got me nowhere). We just kept on going back and forth: me demanding more money and them trying to get my parents to take out another mortgage (ha, no way, jose!) so i ended up meeting with the senior account manager at the branch in my home town (since i moved back recently) and essentially: it's policy that they cannot give more than $150 000. Which i'm sure we've already established by now in this thread. Which is just TERRIBLE.

And most of you, like me, have costs up to the $250 000, right? Yes, you need to show where the other $100 000 is coming from. Fortunately through OSAP, my summer job and (thankfully, they are a god send) my parents (but they actually benefit from all the taxes they make off my tuition, so win-win for them), i'll be able to scrape by. Somewhat happy ending for me, but i know that it's been tough for a lot of you. All i have to say is number crunch (which i've sure most of your are doing) and consider what you need on a year to year basis (since the Bank loan splits the total loan over the program, 5 years for me).

Good luck to everybody!
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Thanks so much for the response! You have no idea how much better I feel just knowing I'm not the only one battling the banks and dealing with the stress. It seems RBC is the only bank who will give the LOC without any hard security put up for it, but unfortunately that means only getting 150K.

Next week I'll be meeting with Scotia again and I'm feeling hopeful. I'd love to go back to just being excited about everything and not so stressed out! I do not want to be stuck in Canada again next September!!
 
jf187 and madpride-how stroong were your cosigners? has anyone who's parents do not own a house been successful in securing a loan? If any of you guys are from Toronto, mind telling me which branch you went to get the loan?
 
oh ya and forgive this optimistic/stupid question but anyone get a loan without a cosigner?
 
chicka said:
jf187 and madpride-how stroong were your cosigners? has anyone who's parents do not own a house been successful in securing a loan? If any of you guys are from Toronto, mind telling me which branch you went to get the loan?
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My parents own a house and they cosigned.
 
I know a lot of you guys are worrying about the massive amount of debt you will incur from medical school in Ireland, but I just wanted to offer some perspective. I don't know about Canadian medical schools but private medical schools in the United States will cost almost an equivalent amount of money as the Irish medical schools. So unless you planned to go to a state school then you are going to be in that much amount of debt no matter what.
Also, for any people from the United States worrying about debt out there don't forget that there is something called the National Health Service Corps, which will forgive $60,000 of debt after the first 2 years of service, $90,000 after 3, $120,000 after 4, and so on and so forth. So if you make regular payments in addition to the loan forgiveness, it is feasible to pay off your loans in only a handful of years. So there are definitely options out there for you guys! Don't give up hope!
 
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chicka said:
jf187 and madpride-how stroong were your cosigners? has anyone who's parents do not own a house been successful in securing a loan? If any of you guys are from Toronto, mind telling me which branch you went to get the loan?
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My dad co-signed. He also owns a house! Is that what it takes? all i know is that my parents are sticking their neck out for me and that i owe them a generous retirement gift.
 
MadPride said:
My dad co-signed. He also owns a house! Is that what it takes? all i know is that my parents are sticking their neck out for me and that i owe them a generous retirement gift.
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I also had to bring a financial assessment and tax form from my parents. Just to let them know they can cover me if I mess up :oops:
 
Anyone get 2 lines of credit?????????????? Anyways I was wondering if anyone was considering RCSI MUB? Taking a look at the master list of schools approved for loans by government of Canada I noticed that only RCSI (with the address in Dublin) is listed and not RCSI MUB. Does this mean RCSI constituents are considered? Or are people attending the campus in Bahrain not considered for loans. This is the link for approved schools.

http://tools.canlearn.ca/cslgs-scpse/cln-cln/50/reea-mdl/reea-mdl-1-eng.do?nom-name=inter

Nevermind I think it does qualify, looking at the website its codes follow europe and the "far east" I'm guessing that qualifies Bahrain... just in case anyone's wondering the same thing
 
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For anyone wondering I discover MD Financial which should be able to help secure loans from the bank of Canada will be setting up an appointment with one of their representatives. I heard that they only deal with med students and should be able to help
 
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