canadian students getting loans for law school

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hugoboss
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canadian students getting loans for law school

Postby hugoboss » Thu Feb 11, 2010 5:32 pm

can canadians specifically from ontario get osap money to fund law school?
any way to get fafsa loans?
i don't want to have to have my parents cosign on any bank loans, please help!
how do other canadians in american law schools fund their studies?
thanks!

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im_blue
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Re: canadian students getting loans for law school

Postby im_blue » Thu Feb 11, 2010 7:43 pm

International students are not eligible for FAFSA or GradPLUS loans. You'll have to get a private bank loan, and get someone to cosign them, who is either a U.S. citizen or permanent resident (green card holder).

hugoboss
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Re: canadian students getting loans for law school

Postby hugoboss » Thu Feb 11, 2010 9:39 pm

thanks... there has to be more canadians studying in usa right now... please help!

CanadianEH
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Re: canadian students getting loans for law school

Postby CanadianEH » Fri Feb 12, 2010 12:41 pm

From what I've gathered, OSAP will give money for American schools. I also beleive that Canadian lenders will do their regular Line of Credit for professional programs, which are good for somewhere around 25k a year.

Outside of these two sources, I think Canadians are screwed. Lenders in the US require an American co-signer, and we are not eligible for federal lending programs. The rest will have to be made up via scholarship or personal resources.

hugoboss
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Re: canadian students getting loans for law school

Postby hugoboss » Thu Feb 18, 2010 8:35 pm

bump..... anymore ideas?

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iShotFirst
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Re: canadian students getting loans for law school

Postby iShotFirst » Thu Feb 18, 2010 8:41 pm

stay in Canada. You can get loans and OSAP there and much lower tuition. If money is an issue why are you going to the US for school? doesnt make any sense to me.

hugoboss
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Re: canadian students getting loans for law school

Postby hugoboss » Mon Feb 22, 2010 10:15 pm

coming out of the best school in canada, you can expect to make 55000 your first year if you get a good job
coming out of a top 20 in usa if you get a good job you can expect 160 / year + bonus.
there is a 100000 difference. by second year there will be another 60000+ difference and by then you are back where you would have been financially, with greater earning potential in the future.

Cale39
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Re: canadian students getting loans for law school

Postby Cale39 » Mon Feb 22, 2010 10:19 pm

Im a Canadian in the US (went to high school and undergrad here) and im so screwed for financial aid, I can't qualify for anything because of non-citizenship

sch6les
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Postby sch6les » Mon Feb 22, 2010 10:33 pm

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Last edited by sch6les on Tue May 01, 2012 6:10 pm, edited 2 times in total.

Stupor
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Re: canadian students getting loans for law school

Postby Stupor » Thu Feb 25, 2010 4:37 pm

Canadian students do a year of articling after graduation, so what Canada's "first year salaries" are actually for second year grads.

Articling salary at Toronto's big firms is about 75k.

hugoboss's figures don't take into consideration taxes or interest; it would take more than just two years to erase the salary difference. But his point that the earning potential is higher in the US is still true, even taking into consideration COL.

freeflowfox
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Re: canadian students getting loans for law school

Postby freeflowfox » Fri Feb 26, 2010 1:59 am

Okay, i'm from ontario and doing the same thing, here's what i know, and i know this because i inquired with OSAP and all:

OSAP covers "recognized foreign institutions" which includes most american schools, but they only give you about $180-200 per week maximum, that is if your family income qualifies you. Because these are foreign and not canadian institutions and OSAP was started for Ontario univeristies only.

Beyond that you can take out student lines of credit with parental support up to $75,000 total depending on your credit and which banks you go to.

Good luck!

Also, after articling, Bay street firms pay for first year associates top out at about 110,000, it rises from there on. Tax rates for the top bracket in Canada is 33%, for america it's 39 percent. You can look these up online, there are, of course, other factors.

atashakor
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Re: canadian students getting loans for law school

Postby atashakor » Fri Feb 26, 2010 2:05 am

u can always switch your citizenship ....

Ambex
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Re: canadian students getting loans for law school

Postby Ambex » Sat Mar 06, 2010 3:14 am

If you get accepted into Harvard Law they have an agreement with an American bank to provide loans for their foreign students without the need of an American co-signer.

lemonpie
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Re: canadian students getting loans for law school

Postby lemonpie » Fri May 21, 2010 1:07 pm

Get a loan in Canada. Even if you don't want to ask your parents, the rates will be insanely high without a cosigner/collateral.

etlien
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Re: canadian students getting loans for law school

Postby etlien » Fri May 21, 2010 1:10 pm

freeflowfox wrote:Okay, i'm from ontario and doing the same thing, here's what i know, and i know this because i inquired with OSAP and all:

OSAP covers "recognized foreign institutions" which includes most american schools, but they only give you about $180-200 per week maximum, that is if your family income qualifies you. Because these are foreign and not canadian institutions and OSAP was started for Ontario univeristies only.

Beyond that you can take out student lines of credit with parental support up to $75,000 total depending on your credit and which banks you go to.

Good luck!

Also, after articling, Bay street firms pay for first year associates top out at about 110,000, it rises from there on. Tax rates for the top bracket in Canada is 33%, for america it's 39 percent. You can look these up online, there are, of course, other factors.


I thought I read that lines of credits go up to about 150/160k...

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crystalized
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Re: canadian students getting loans for law school

Postby crystalized » Mon Mar 05, 2012 2:36 am

Ambex wrote:If you get accepted into Harvard Law they have an agreement with an American bank to provide loans for their foreign students without the need of an American co-signer.


Really? Which bank?

CanadianEH wrote:From what I've gathered, OSAP will give money for American schools. I also beleive that Canadian lenders will do their regular Line of Credit for professional programs, which are good for somewhere around 25k a year.

Outside of these two sources, I think Canadians are screwed. Lenders in the US require an American co-signer, and we are not eligible for federal lending programs. The rest will have to be made up via scholarship or personal resources.


I wish I had an American co-signer :(

Geon
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Re: canadian students getting loans for law school

Postby Geon » Sun Apr 08, 2012 1:40 am

crystalized wrote:
Ambex wrote:If you get accepted into Harvard Law they have an agreement with an American bank to provide loans for their foreign students without the need of an American co-signer.


Really? Which bank?

CanadianEH wrote:From what I've gathered, OSAP will give money for American schools. I also beleive that Canadian lenders will do their regular Line of Credit for professional programs, which are good for somewhere around 25k a year.

Outside of these two sources, I think Canadians are screwed. Lenders in the US require an American co-signer, and we are not eligible for federal lending programs. The rest will have to be made up via scholarship or personal resources.


I wish I had an American co-signer :(


wanted to bump this topic because thought it was interesting. I wonder how Canadians at US law schools are financing themselves. Good us law schools are costing us basically 210 over 3 years. private canadians loans max out at 80-100k + 30k from government over 3 years. Meaning 210-130 = 74k funding gap for most canadians over 3 years

muddup
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Re: canadian students getting loans for law school

Postby muddup » Thu Apr 12, 2012 9:31 pm

Get $100K + scholly at some T-14 school?

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crystalized
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Re: canadian students getting loans for law school

Postby crystalized » Mon Apr 16, 2012 1:38 am

Ambex wrote:If you get accepted into Harvard Law they have an agreement with an American bank to provide loans for their foreign students without the need of an American co-signer.


I'm in at Harvard and just want to say this is a bit misleading. There are no major financial institutions who allow this. The "bank" on their list that does not require an American co-signer is the Harvard University Employees Credit Union, and frankly I'm not sure what that is.




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