« on: March 02, 2007, 02:15:17 PM »
So glad I came across this post. I'll be headed south for Law in August and I'm scrounging for change to do this too (ya know, that 5 figure kinda change).
Here are my opintions on the options you listed:
High interest here. The Financial Aid officer at my school said that most Canadian students already there use this option. I can't figure out why. The banks offer MUCH better deals.
2. Canadian banks
This looks like the best bet. If you have a co-signer, you're all set. I shopped around for loans and for me, it looks like Scotia's Line of Credit is the best bet. I wouldn't recommend TD having dealt with them during my undergrad. They were sticking to prime + 2%, which sucks balls. I think BMO and RBC offerd prime + 1.5%. Scotia offered prime + a HALF. Yes, a half. Whether they carry through with this once my application is in, we'll see. Scotia also went higher on the loan limit. I think BMO was also good about this.
3. Provincial gov't
Having been out from the parental wing for 4 years now, I finally qualify for some of this cake. I think it maxes out at about $6000 if you're attending school out of province.
4. Big US banks
If you can get a US guarantor, this doesn't seem to be a problem. And it's definately a good idea to get some US credit going while you're over there anyhow.
But the moral implications may be offputting.
What has everyone else's experiences with the Canadian banks been?