Posted by Adam as Medical Student Loans
The current Canada Bank Interest Rate for a medical student line of credit is at a low 3.5% which is also the current Canadian prime rate. However, obtaining a medical student line of credit from any bank in Canada is quite difficult if you intend on studying abroad. In the current economic crisis the banks are trying to protect themselves by tightening credit making it harder for students who are studying overseas to get the necessary funding. It is very risky to lend to students who aren’t staying in the country to study even though the students themselves will be studying medicine.
Now more than ever students intending to study in the Caribbean, Australia, Europe, etc. will require a very strong co-signer. The co-signer needs to be in the country, have very little debt, and a reasonable amount of income. However, even then there is no guarantee that you will get the loan.
Awhile back I remember that RBC was giving out their $150,000 medical student line of credit to almost everybody even those studying outside of Canada without requiring a co-signer. Now in some extreme cases you might require to have two co-signers if your initial co-signer isn’t strong enough. These are tough times. Once you get that coveted acceptance letter to medical school start planning how you’re going to pay for it immediately.