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Author Topic: Canuck applying to States - financial HELP!  (Read 2568 times)

yancey

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Re: Canuck applying to States - financial HELP!
« Reply #10 on: February 12, 2006, 12:37:51 PM »
Why would a Canadian study law in the US, unless you plan to move to the US permamently?  You can't practice in Canada with a US degree, I imagine, and the subject matter is not transferable except in a very general sense since you have a different Constitution and laws.

WarrenG

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Re: Canuck applying to States - financial HELP!
« Reply #11 on: February 12, 2006, 12:53:36 PM »
"Why would a Canadian study law in the US, unless you plan to move to the US permamently?"

Bingo.
"That which we believe to be real becomes real in it's consequences."

yancey

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Re: Canuck applying to States - financial HELP!
« Reply #12 on: February 12, 2006, 12:56:22 PM »
How come?

But anyway, to qualify for US government sponsored financial aid (which is what FAFSA is about), you'd have to establish permanent residency (or citizenship) in the US first.

Here's a site.  Don't know if its legit/and/or you have to sell your soul.  Gotta have a US co-signer, so I hope you have relatives here.

http://www.internationalstudent.com/loans/

ADM

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Re: Canuck applying to States - financial HELP!
« Reply #13 on: February 12, 2006, 01:38:51 PM »
  From my limited understanding, you're screwed. We are not eligible for FAFSA or any other federal/state program. And may I add that financial institutions are generally clueless about what it costs to study law in the US? Most will allow a max of 50,000. Hope you have a rich uncle willing to put up his house as garantee.

http://ca.today.reuters.com/news/newsArticle.aspx?type=businessNews&storyID=2006-02-09T203345Z_01_N09241163_RTRIDST_0_BUSINESS-MARKETS-FOREX-CANADA-COL.XML&archived=False

gillesthegreat

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Re: Canuck applying to States - financial HELP!
« Reply #14 on: February 12, 2006, 03:52:05 PM »
I had noticed that disclaimer about a recognized canadian institution. My guess is that rule can be flexed. And if one brings up the argument that one cannot practice US law in Canada, I would reply that corporations, free trade, exports, yadda, yadda, yadda. I'm pretty certain that if I manage to master FDA regulation, some Pharma company will give me a very good job.
Penn (2007)

FossilJ

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Re: Canuck applying to States - financial HELP!
« Reply #15 on: February 12, 2006, 05:39:49 PM »
In any case, the question is moot, since the poster answered it by asking it. 

Why?  Because we want to.  It's too f-ing cold up here.  That's why.
Pish, J only wants to waste YOUR time.  Get wise.

nuffsaid

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Re: Canuck applying to States - financial HELP!
« Reply #16 on: February 12, 2006, 08:12:54 PM »
Thanks for the leads everybody.  I've looked into a couple and i'm gonna pursue them further during the week when i can make a couple of calls.  I'll let you know if I find out anything else.  Keep  the communication flowing.

Go Leaf's Go!

FossilJ

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Re: Canuck applying to States - financial HELP!
« Reply #17 on: February 12, 2006, 09:55:34 PM »
BOOOOOOOOOOOOOOOOOOOOOOOOOOOO OOOOOOOOOOOOOOOOO!!!!!

 :D
Pish, J only wants to waste YOUR time.  Get wise.

gillesthegreat

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Re: Canuck applying to States - financial HELP!
« Reply #18 on: February 20, 2006, 03:33:33 PM »

  Was back home last week with some time to spare downtown, so I took a little walk and hit almost all the chartered banks. Here's the bad news, the somewhat better news, and the Oh-my-God-this-is-great-if-it-can-happen-but-I-doubt-it-will news

  Scotiabank: "We don't do this, go see our competitors"
  TD: "A student line of credit for such an amount would have to be backed by a soli co-signer with impeccable garantees"
  Laurentian Bank: "We're a small bank, we don't take such big risks"
  CIBC: We have a program for health professionals and nothing else. But I've found exactly what you need: just have your parents put up the house as garantee, and we can do it! (note: they all can do this; if the risk is 0, they will all agree to lend you at prime. Be sure to explain to everyone that what you are looking for is something without a co-signer, which will BWT cost you prime + 1%)

  If any of you care, I did not ask Desjardins. I'm going to venture that they would turn me down because of mental illness (i.e. you want to go study where? and for how much? Why not study here? are you insane?).

  Now for the somewhat uplifting news

  RBC: the program mentioned in this thread. The website mentioned a max of 150K for certain professional programs, and law was mentioned; the problem was the "qualified Canadian institution". The nice loan officer - who had just the slightest wiff of a used car salesman, quickly offset by his obvious gayness [interesting blend] - verified with HQ and informed me that the Canadian requirement does not apply, and law schools in the US are OK. There is however a small snag. The 150K is for MDs. Lawyers are assessed according to their expected income upon graduation. Now, bear in mind this program was developed for Canadian lawyers, and the salary is that of a Canadian lawyer at graduation. This salary is 60K (CA). THIS IS NOT FLEXIBLE. I asked, really. They're not aware of the T14 median of 125K. So, based on this expected 60K, they will lend you up to 55K for the duration of your studies - not annually, but total. Prime + 1%. So this is not a permanent solution, but it helps.

And now, the lottery ticket.

  BMO: My conversation with this guy lasted less than two minutes, so the info is not complete. But they are the only ones who actually said that they considered special circumstances, like the expected revenue of a US lawyer. I was told by the nice dude that he had just approved something along those lines (though he stressed it's not common), a large line of credit wihtout a co-signer. No garantees, but some hope.

So, that's the latest I have. Anyone have any clue how to deal with schools that require us to fill out the FAFSA crap?
Penn (2007)

nuffsaid

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Re: Canuck applying to States - financial HELP!
« Reply #19 on: February 26, 2006, 02:18:58 PM »
Hey. I made that call not too long ago myself and received similar news. 

Another bad thing about it, from what I understand, is that the 50k cap for Law School students includes any OSAP loans you would request - which I had intended to take out as well.  So I don't really think that there is much point in taking out an OSAP loan anymore. 

The good is that they said once you reach the 50k cap, if you add a co-signer (Mom, Dad or whomever) you can receive extra funds (additional 50k). 

So that is what I am going to try to do.
a) RBC loan for sure,
b) maybe OSAP and
c) maybe one other source if needed. (International Student Fund)

I have given up on FAFSA, at least for the time being.  It seems like a dead end street for Canadians.  I've gotten the run around and so many different replies from various places I have called.  Hopefully I will have no need for it. 

That's where I am with the whole financial issue right now.  Not sure if I am missing some pieces or misinterpreting what was said, so don't hold me to anything. 

Good luck with everything.  Keep on posting.