Posted by Adam as Medical Student Loans
For some people getting into medical school was the easy part. In the current economy, getting a loan to finance your education overseas can sometimes be even more difficult than getting into medical school. So if you’re a Canadian citizen and planning on studying medicine in Australia, Caribbean, UK, Ireland, or anywhere else in the world you’re going to need a pretty strong co-signer. This is because the banks don’t want you to run away with the money when you graduate. They need somebody in the country to be held responsible if that’s the case.
One of the banks that I deal with to finance my education in Australia is TD Canada Trust. The bank representative that I dealt with is very nice and overall the people at the bank are very nice and helpful. I was lucky to get a really good co-signer with virtually no debt. At the time of the professional student line of credit application they asked about my co-signer’s financial details. In addition to your co-signer’s debt, assets, and other investments, your financial details are factored into the equation. However, your debt shouldn’t matter as much because the application is made based on the strength of your co-signer. The representative told me that you want to aim to have a ratio of less than 40% (debt, equity, assets, investments, etc.) in order to have a strong application and increase the likelihood of it going through.
The professional student line of credit at TD Canada Trust allows medical students to take out a maximum of $150,000 total, but can be increased depending on the co-signer’s income and debt. The downfall of a line of credit is that you still have to make interest payments every month and this could get costly as you borrow and use more money. However, the current interest rate is set at prime and it’s 3.5% which is really good at the moment. Other banks offer the same line of credit and you’re probably more likely to get the approval if you’re already a customer of the bank in which you are applying for a line of credit.