Pior to the financial crisis, it was much easier for medical students studying overseas to be approved for the full cost of their medical education all at once.  I have heard stories where students were even approved without a co-signer.  Back then, getting into medical school meant that banks would throw money at you knowing that you’re a safe bet.  However, with the rising cost of education, with some schools charging upwards of $300,000 for tuition and some even have the audacity to ask for this tuition up front, means that getting financial aid from one bank isn’t enough anymore.  It’s hard enough getting a loan secured from one bank, but two banks, or even 3 banks???  Professional student line of credits run up to $150,000 total.

Last year when I needed to secure enough funding for the remainder of my education, I decided to go through Royal Bank.  The whole process took well over a month from the time I launched the application at the bank to having the money in my account.  I was not a customer of Royal Bank and have never dealt with them before; however, my co-signer was a long time customer at one of their branches.  The whole process was such a nightmare.  Royal Bank wanted to get my co-signer’s house appraised despite not having accumulated any debt.  My co-signer had NO debt, $300,000+ home with NO mortgage, 3 cars, and is self-employed with 2 businesses.  Apparently being self-employed for less than 5 years is risky in the eyes of the bank.  Anyway, to cut a long story short, I managed to secure my funding in the end.

Just a warning to those who are thinking of applying for a line of credit, make sure you have very little debt.  The bank takes both applicant and co-signer’s debt, assets, and income into consideration.