Any Canadians recieving bank loans?

[krzysio]

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Considering that there is no English-language DPM program in Canada, podiatrists often have to be trained in the States.

However few Canadian banks seem to list podiatry as a field for which student loans are available for. The few that I've found offer far less than even just tuition costs. However as podiatrists do practice here--and I'm assuming that they are not simple native US citizens who decided to relocate--I would assume that Canadians somehow manage to find some form of loan assistance. Anyone know anything about this from personal experience? Or at least heard anything on the topic?

Thanks for any help. 🙂 (Before anyone asks, the reason I post this here rather than simply contacting individual banks is that I have been having great difficulty getting answers to even seemingly simple questions from loans officers. I guess such loans are so rare very few have experience with them.)

 

[heeltoe]

Please do a search on this topic. It has been covered a few times. If after going through those threads you don't find what you are looking for post again and I or many others will answer your question. Is it safe to assume you are from Ontario?

 

[krzysio]

I'm having trouble finding many answers using search. Good thing I'm interested in patient health care and not information science 😛

I have found one post from several months ago that claims that most banks will give you the a limit equal to the limit for Medicine (~$150000) but I wouldn't want to base my careers plans on this.

And yes I'm from Ontario, but spend most of my time in Quebec and can move there readily (if you were about to tell me about how Ontario uses chiropody not podiatry).

 

[heeltoe]

No chiropody lecture from me. 😀

OSAP is not going to fund you nearly enough money to attend school. IF you have no other sources of income/funding (parents, savings, etc.) you have little choice but to take an LOC from a bank. RBC, is your best bet for a professional school LOC. NBC is also quite good. Running an LOC to pay for school is not my idea of a good time either, but if its the difference between attending and not attending then it may be worth it. If it helps, most of the Ontario students I know that don't have a means of income outside of student loans use an LOC.

 

[krzysio]

No chiropody lecture from me. 😀

OSAP is not going to fund you nearly enough money to attend school. IF you have no other sources of income/funding (parents, savings, etc.) you have little choice but to take an LOC from a bank. RBC, is your best bet for a professional school LOC. NBC is also quite good. Running an LOC to pay for school is not my idea of a good time either, but if its the difference between attending and not attending then it may be worth it. If it helps, most of the Ontario students I know that don't have a means of income outside of student loans use an LOC.

Ah, thank you 🙂 I would certainly be looking at a line of credit. I really have no savings and hardly any family resources (comparative to what tuition costs).

But so you say that RBC might pay for podiatric education? 🙂 Do you know if they treat DPM as "medicine" with the $150,000 limit? They don't seem to mention podiatry specifically. Unlike CIBC which offers just $55000--which I assume they take to mean the Michener chirpodist program called podiatric medicine, that or they just made numbers up without really taking into account either the costs of DPM school or the income of podiatrists.

 

[heeltoe]

Ah, thank you 🙂 I would certainly be looking at a line of credit. I really have no savings and hardly any family resources (comparative to what tuition costs).

But so you say that RBC might pay for podiatric education? 🙂 Do you know if they treat DPM as "medicine" with the $150,000 limit? They don't seem to mention podiatry specifically. Unlike CIBC which offers just $55000--which I assume they take to mean the Michener chirpodist program called podiatric medicine, that or they just made numbers up without really taking into account either the costs of DPM school or the income of podiatrists.

If you go to RBC or any other bank mention that this is a professional graduate school or more specifically medicine. Actually just say medicine. The minute you say podiatry they will think of the michener program and ask you to leave or offer you $55k - neither of which are good outcomes.

 

[darazon]

Ah, thank you 🙂 I would certainly be looking at a line of credit. I really have no savings and hardly any family resources (comparative to what tuition costs).

But so you say that RBC might pay for podiatric education? 🙂 Do you know if they treat DPM as "medicine" with the $150,000 limit? They don't seem to mention podiatry specifically. Unlike CIBC which offers just $55000--which I assume they take to mean the Michener chirpodist program called podiatric medicine, that or they just made numbers up without really taking into account either the costs of DPM school or the income of podiatrists.

I got a LOC from RBC. I agree, don't just say you need a loan for podiatry. I said I needed a loan for podiatric medicine - I have gotten $110k and will be getting $130k more in the next year. The good thing about getting a Canadian loan is that you have the great Canadian interest rate (currently mine is at prime -2.25%), much better than the US.

You do need a credit worthy co-signer though. I went to CIBC and TD, neither of which would help me. CIBC wanted my parents to refinance their home. RBC did it without refinancing or providing collateral.

It is much harder now the that whole 'credit crises' has apparently come to Canada. Get going on it early, don't wait for the last second to apply.

 

[PMSIII]

And yes I'm from Ontario, but spend most of my time in Quebec and can move there readily (if you were about to tell me about how Ontario uses chiropody not podiatry).

Well, things are looking to change in Ontario within the next 2-3 years so the option of practicing there might be available for you by the time you're done with school and residency

 

[krzysio]

It is much harder now the that whole 'credit crises' has apparently come to Canada. Get going on it early, don't wait for the last second to apply.

I don't have any co-signer whatsoever. Let alone one with any collateral. I guess I'd have to simply press for the no-cosigner medicine loan deal.

 

[darazon]

I don't have any co-signer whatsoever. Let alone one with any collateral. I guess I'd have to simply press for the no-cosigner medicine loan deal.

Every bank that I talked to required a co-signer because I was studying out of the country. They want someone who is staying in the country to cover the payments if you decide to never come back to Canada and to not pay back your loans. Even if you have stellar credit.

But don't take my word on it. Call around to multiple banks and ask for yourself. Without a co-signer you might find it difficult. As I said before, get on it early so that there are no last minute surprises. I almost didn't make it because of funding.

On a side note, don't expect to get into AZPOD unless you can come up with $250k USD in a US bank account. They are very strict about this for international students. They will not release the required documents for your visa without proof of the funds in a US bank account in only your name. I found that out the hard way.😡

 

[heeltoe]

I can ensure you that RBC and NBC will not require you to have a US co-signer. I have numerous friends/class mates that are in the same situation as you (cdn student in the us) and none have needed a US co-signer.

 

[darazon]

I can ensure you that RBC and NBC will not require you to have a US co-signer. I have numerous friends/class mates that are in the same situation as you (cdn student in the us) and none have needed a US co-signer.

I never stated that you require a US co-signer. You need a Canadian co-signer for any LOC taken out in Canada for study in the US. Please don't put your 'opinion' as 'fact' unless you have actually taken the time to call the banks and ask for yourself -as I have actually done.

I have not found one Canadian that did not require a co-signer for any LOC for studying in the US. Since I am Canadian, I have talked to a quite a few in this situation.

Perhaps your friends/class mates had special rare circumstances that did not require a co-signer. But any regular person going to a bank in Canada for a LOC for study in the US will require a Canadian co-singer, especially now that the banks have made it much harder to get loans because of the credit problems. Perhaps your friends applied for the loans before the whole credit problem.

Anyways, to the OP: call the banks and find out for yourself. I wouldn't take anything here on SDN as gospel.

 

[heeltoe]

I never stated that you require a US co-signer. You need a Canadian co-signer for any LOC taken out in Canada for study in the US. Please don't put your 'opinion' as 'fact' unless you have actually taken the time to call the banks and ask for yourself -as I have actually done.

I have not found one Canadian that did not require a co-signer for any LOC for studying in the US. Since I am Canadian, I have talked to a quite a few in this situation.

Perhaps your friends/class mates had special rare circumstances that did not require a co-signer. But any regular person going to a bank in Canada for a LOC for study in the US will require a Canadian co-singer, especially now that the banks have made it much harder to get loans because of the credit problems. Perhaps your friends applied for the loans before the whole credit problem.

Anyways, to the OP: call the banks and find out for yourself. I wouldn't take anything here on SDN as gospel.

A lot of assumptions in your post. A lot of opinions as well. I am not stating opinion - I am stating fact. I have personally been to no less than 3 banks, none of which required me to have a co-signer. I have reffered no less than 6 of my classmates/friends to banks and none of them have required co-signers. Perhaps we are just the magnificent 7!?!?! Maybe we all just had better credit than you - who knows!?!?!

Since I am Canadian I have talked to quite a few in this situation.

I find it hard to believe that all 7 of us had "special circumstances". Perhaps you and your friends had special circumstances that required you to get a co-signer!?!?! I will mention that the last two of my classmates have applied for LOC's within ~90 days.

To the OP: depending on certain factors (which obviously we dont know) you may or may not need a co-signer. If you end up needing one and dont have one shoot me a PM (not an offer to be a co-singer) 😀

 

[krzysio]

(not an offer to be a co-singer) 😀

Aww 🙁

 

[rockmysocks]

I had a been working fulltime making good money for two years. I Had excellent credit and I still had to get a cosigner, simply because I was studying outside the country.