Law School Discussion

Specific Groups => Canadian Law Students => Topic started by: Grape Drink on January 04, 2006, 08:17:23 AM

Title: How does a Canadian pay for law school in the US?
Post by: Grape Drink on January 04, 2006, 08:17:23 AM
I just got into NYU but how the @#!* am I gonna pay for it without being able to take out federal loans. Can I get American student loans for the US?
Title: Re: How does a Canadian pay for law school in the US?
Post by: FossilJ on January 04, 2006, 01:50:07 PM
CanHELP:

http://www.internationalstudentloan.com/canadian_student/index.html
http://www.iefc.com/canada/index.php?Cid=0006
Title: Re: How does a Canadian pay for law school in the US?
Post by: idlewild on January 07, 2006, 12:00:07 PM
hey,

I'm canadian and got into NYU as well, not sure how I will pay for it either though. Are you planning on going there? Where did you do your undergrad?
Title: Re: How does a Canadian pay for law school in the US?
Post by: rhombot on January 26, 2006, 03:03:42 PM
thanks, that's useful. any other resources? any information on what kind of interest this program charges?

CanHELP:

http://www.internationalstudentloan.com/canadian_student/index.html
http://www.iefc.com/canada/index.php?Cid=0006

Title: Re: How does a Canadian pay for law school in the US?
Post by: FossilJ on January 26, 2006, 03:15:58 PM
If you figure that out, please let me know.
Title: Re: How does a Canadian pay for law school in the US?
Post by: Grape Drink on January 26, 2006, 07:53:59 PM
If you figure that out, please let me know.


I got a packet from them the other day, I'll go through it over the next few days and post the info.
Title: Re: How does a Canadian pay for law school in the US?
Post by: omake_don on March 01, 2006, 10:00:14 AM
i'm using this great service that pays for my entire education called chinese parents. you should get some.  ;) 

comes with side effects such as having a small penis though.  :'(
Title: Re: How does a Canadian pay for law school in the US?
Post by: rhombot on June 05, 2006, 01:25:30 PM
interest rates for CANHELP: LIBOR + 2.9% if no co-signer, LIBOR + 2.4% if yes co-signer. in addition, there's a "guarantee fee" as follows:

"a guarantee fee of 8.0% of the total loan will be added to the amount borrowed and then deducted from the disbursement, and 2% will be added to the original principal amount at repayment, if you are applying on your own signature. A one-time guarantee fee of 8.5% will be added to the amount borrowed and then deducted from the disbursement if you are applying with a creditworthy co-signer."

in the examples provided by CANHELP, which assumes a $10,000 loan, a LIBOR of 1.1% and a deferment period of 24 months, a co-signed loan makes the principal at the time of beginning repayment $11,697.22, and a non-co-signed loan makes the principal at the time of beginning repayment $11,977.35.

doesn't seem too unreasonable on the face of it, but i'm not too sure what else is out there.
Title: Re: How does a Canadian pay for law school in the US?
Post by: gillesthegreat on June 05, 2006, 01:34:40 PM
I've said it before and I'll say it again: CanHelp sucks. Big time.

Now, for other resources: RBC has some plan but it tops off at 55K. BMO might have more; still waiting for their final answer.
Title: Re: How does a Canadian pay for law school in the US?
Post by: rhombot on June 05, 2006, 01:45:09 PM
could you please provide a reference to your previous statements or an explanation of how canhelp sucks?

is there any program besides RBC that beats canhelp?

thanks.

I've said it before and I'll say it again: CanHelp sucks. Big time.
Title: Re: How does a Canadian pay for law school in the US?
Post by: gillesthegreat on June 05, 2006, 01:49:08 PM
Just take in on faith that CanHelp sucks. Personal experience with my graduate degree and trying to get them to process a loan application (they never did).

RBC and BMO are the only ones I've found. You might want to try your home province's student loan plan; probably very low cap, but it's something.
Title: Re: How does a Canadian pay for law school in the US?
Post by: rhombot on June 05, 2006, 03:28:30 PM
hmm... i'm not big on faith-based initiatives.
Title: Re: How does a Canadian pay for law school in the US?
Post by: bewitched on June 07, 2006, 11:59:35 AM
CanHelp does seem a little questionable... the disbursement fees are really high. For NYU, I'm using the Citi Bank loan program for a small amount of the fees (to establish some US credit history). Borrowing from parents seems to be the way to go  :P
Title: Re: How does a Canadian pay for law school in the US?
Post by: Zero Cool on June 07, 2006, 08:48:24 PM
ZERO COOL IN THE HOUSE.
Title: Re: How does a Canadian pay for law school in the US?
Post by: Crash Override on June 07, 2006, 08:49:11 PM

crash and burn in the heeezay
Title: Re: How does a Canadian pay for law school in the US?
Post by: Acid Burn on June 07, 2006, 08:49:20 PM
yo
Title: Re: How does a Canadian pay for law school in the US?
Post by: Zero Cool on June 07, 2006, 08:56:48 PM
No doubt.
Title: Re: How does a Canadian pay for law school in the US?
Post by: Lord Nikon on June 07, 2006, 08:56:57 PM

present
Title: Re: How does a Canadian pay for law school in the US?
Post by: FossilJ on August 04, 2006, 11:09:09 PM
gilles and Grape, if you guys read this, please let me know if you've found out anything new about loan sources.  I'm particularly interested in the information you got from BMO, gilles.
Title: Re: How does a Canadian pay for law school in the US?
Post by: gillesthegreat on August 05, 2006, 07:51:52 AM
Though nothing has been formalized yet, it seems that they will extend a student line of credit of about 100K (CA). This is by no means a regular program, and it might only be at the branch I visited. You probably also need to show certain desirable traits beyond acceptance to law school: I for one have a lucrative job now, which presumably ensures that, if I were to screw up in law school, I could still pay back the loan.

But it's still worth asking, and they were really the only ones that considered it.
Title: Re: How does a Canadian pay for law school in the US?
Post by: Geo_Storm on August 18, 2006, 11:45:29 PM
My local Royal Bank branch just gave me a 50,000 CAD line of credit at prime plus 2. If you secure that line of credit you can get a better rate. I figure if you just pay the interest on that while at school and pay off the balance after finishing. That's one year accounted for.

That said, my parents are Chinese and they can foot the bill plus debts. You better believe that you can pay off your debts after graduation.
If you come out with say 100,000K in debts but make say 90,000K/ year won't take much to pay off yoru debts.
Title: Re: How does a Canadian pay for law school in the US?
Post by: FossilJ on August 18, 2006, 11:56:11 PM
Sadly, it will.

100K in loans, even at a modest rate, builds interest like a mofo.

90K adjusted for taxes is going to amount to something between 60K and 70K.  Let's say it's 65K, for argument's sake.

Living costs, depending on where you live, come out to around 20K a year.  Some places less, some places more.  We'll go with 20K a year.  Actually, let's say you need a decent car for your job and it comes to 25K a year.  That's VERY modest.

Now you're looking at 40K that you're able to spend per year on other things.  Even if your loan accrues slowly, you're looking at around 10K in interest per year.

In this hypothetical, it takes you at LEAST three years to pay off your loans, and you're living like a pauper.  Now, for most foreign students, the tuition (plus living expenses) comes close to 150K.  Imagine all of THAT in loans.  Trying to pay it off at 90K/year.

Yeah, it's tough.

That said, I'm still doing it.  Whoop!
Title: Re: How does a Canadian pay for law school in the US?
Post by: Geo_Storm on August 18, 2006, 11:59:28 PM
Going into debt is what smart investors do.
Title: Re: How does a Canadian pay for law school in the US?
Post by: FossilJ on August 19, 2006, 12:03:07 AM
Brilliant!   :D :D :D

I'm so using that as motivation.
Title: Re: How does a Canadian pay for law school in the US?
Post by: gillesthegreat on August 19, 2006, 12:25:29 AM

Quote
Living costs, depending on where you live, come out to around 20K a year

Quote
let's say you need a decent car for your job and it comes to 25K a year.

If you're paying 20K a year for rent, you're in a big city and you don't need a car.


Quote
Even if your loan accrues slowly, you're looking at around 10K in interest per year.

Even if you borrow at prime +2, you don't reach 10%, so your 10K is excessive.


The substance of your post, despite the bad numbers, remains correct, though.
Title: Re: How does a Canadian pay for law school in the US?
Post by: FossilJ on August 19, 2006, 12:34:07 AM

Quote
Living costs, depending on where you live, come out to around 20K a year

Quote
let's say you need a decent car for your job and it comes to 25K a year.

If you're paying 20K a year for rent, you're in a big city and you don't need a car.


Quote
Even if your loan accrues slowly, you're looking at around 10K in interest per year.

Even if you borrow at prime +2, you don't reach 10%, so your 10K is excessive.


The substance of your post, despite the bad numbers, remains correct, though.


I was exaggerating for effect.  The truth is that, most of the time, there are unforeseen circumstances for which you did not plan. 

But yes, the point was quite clearly that it sounds a lot easier than it is.
Title: Re: How does a Canadian pay for law school in the US?
Post by: gillesthegreat on August 19, 2006, 10:09:14 AM
Quote
unforeseen circumstances for which you did not plan

I just hate those. I much prefer the unforseen for which I did plan ...
Title: Re: How does a Canadian pay for law school in the US?
Post by: FossilJ on August 19, 2006, 12:13:37 PM
Strangely enough, that's what I was doing in my hypothetical...
Title: Re: How does a Canadian pay for law school in the US?
Post by: Elemental on August 19, 2006, 12:40:35 PM
I assumed he was caluculating 20K living expenses, as expenses that also cover the sustinance of life (i.e, food, clothing, etc...), hence the term 'living' expenses ;D.  Correct me if im wrong.
Title: Re: How does a Canadian pay for law school in the US?
Post by: gillesthegreat on August 19, 2006, 01:01:27 PM
In Philadelphia, one can find a 2 bedroom apt. for 700. I can however imagine someone spending 20K in a year, if that covers monthly excursions to Atlantic City
Title: Re: How does a Canadian pay for law school in the US?
Post by: rhombot on December 28, 2006, 02:28:57 PM
so now i have 1st-hand experience regarding canhelp sucking. i applied in july and have yet to see a penny, although my applicatino was approved back in october. partly this is due to errors made by my co-signer, but a lot of it is canhelp sucking. in particular, most of the people who staff the phones there seem to have little knowledge about my file or about canhelp's practices... the loans officer at my school tells me most canadians experience long delays and many obstacles from canhelp/TERI.

i also don't have my OSAP loans yet, for a whole different set of reasons.
Title: Re: How does a Canadian pay for law school in the US?
Post by: FossilJ on December 28, 2006, 10:51:52 PM
So what you're saying is that I better apply the @#!* now?
Title: Re: How does a Canadian pay for law school in the US?
Post by: rhombot on December 29, 2006, 08:09:10 AM
if you know where you're going, yes.
Title: Re: How does a Canadian pay for law school in the US?
Post by: MorningStar on February 28, 2007, 11:27:59 AM
Anyone have any experience with Access Group Private Loans?  They seem open to Canadians, will give you pretty much any amount required by your educational institution.  Stupid Canadian banks don't care about my credit score (which is perfect for a 22 year old), they want collatoral in the form of my parents signing their house to guarantee the loan. 
Title: Re: How does a Canadian pay for law school in the US?
Post by: FunkyzeitmitBruno on February 28, 2007, 11:59:36 AM
Anyone have any experience with Access Group Private Loans?  They seem open to Canadians, will give you pretty much any amount required by your educational institution.  Stupid Canadian banks don't care about my credit score (which is perfect for a 22 year old), they want collatoral in the form of my parents signing their house to guarantee the loan. 

From what I've read (please tell me I'm wrong, cuz its a good option if you're eligible), you need a US cosigner or 3 years US credit history. If you either/both of those things, then it's a good option.
Title: Re: How does a Canadian pay for law school in the US?
Post by: rhombot on February 28, 2007, 05:02:01 PM
update: i got my loans (both fall and spring semester) about a week ago.
Title: Re: How does a Canadian pay for law school in the US?
Post by: MorningStar on February 28, 2007, 06:29:41 PM
If you don't mind me asking how much were they able to lend you? 
Title: Re: How does a Canadian pay for law school in the US?
Post by: rhombot on February 28, 2007, 06:38:15 PM
If you don't mind me asking how much were they able to lend you? 

about $20,000, which was the maximum that my law school will certify as an educational loan (because of my $26,000 scholarship; my law school would let me borrow up to $46,000 if i had no scholarship, but i have no idea about TERI).
Title: Re: How does a Canadian pay for law school in the US?
Post by: MorningStar on February 28, 2007, 06:53:54 PM
Aaah okay.  I'm looking for about 160,000$ lol
Title: Re: How does a Canadian pay for law school in the US?
Post by: thestradgirl on March 12, 2007, 04:14:55 PM
tag
*sigh*
Title: Re: How does a Canadian pay for law school in the US?
Post by: MorningStar on March 18, 2007, 06:49:15 PM
Eww looked a little more into CanHelp loans... their interest rates are just terrible.  Do not, if it can be at all avoided, borrow any sum from them.  Especially no more then 50k.  Thankfully, Ive found alternatives but unfortunetly they all rely on the support of cosigners =(