HELP: Med School Student (D.O.) No Cosigner

[doubtfulguy]

Hi, I recently got accepted into a med school in America. (DO program).

I need to apply for a Professional Student Line of Credit to finance the program (about $350,000 total). I need a co-signer, but I cannot find anyone. Do I have any other options? Is a co-signer necessary? Is there any way I can go through with this without a co-signer? If so, How will this work? Any help will be greatly appreciated! Thank you in advance!

 

[davetownsend]

@doubtfulguy Normally banks do require cosigners for students studying outside of Canada. There is just too much risk that after you finish you may choose to stay in the other country and ignore the debt. So the banks have the cosigner as back up.

I'm not going to say it's impossible without a cosigner, but I can't say I've heard of it.

 

[doubtfulguy]

@davetownsend Thank you for your response, can you please elaborate on why you think it’s not impossible? It’s just that I am willing to do anything I can, even if there is 1% chance I am willing to take it. Please if you know anything I can do, let me know I will greatly appreciate it!

 

[davetownsend]

@doubtfulguy I'm not saying I think it's not impossible. I expect it impossible.

But I'm not 100% certain of this and just wanted to make that clear.

 

[doubtfulguy]

@davetownsend Oh I see, no worries! Still thank you for your reply!

 

[resjudicata]

@doubtfulguy OP, think about it from the bank’s perspective. They loan you the money to go to med school in America, where you meet a nice girl from Europe who convinces you to move to another continent. You skip out on Canada leaving the bank loan in shambles. You have a tremendous career in medicine in say Bulgaria while some bank in Canada drops half a million off their balance sheet. That’s why they want a cosigner.

 

[hulamoon]

@doubtfulguy The banks will not sign off on the 350k LOC for a non Canadian med school without a co-signer (I’m surprised they will even with a co-signer). You can try to speak to the specific reps for the professional student LoC for confirmation. If you don’t have the funds, then there’s no other way. You can try to speak to the financial office for the particular school, but as an intl student, your options are limited.

 

[doubtfulguy]

@hulamoon Thank you for your response! I understand. Just want to know what my options are, even if limited. I want to try everything I can before giving up.

 

[tenklop]

@doubtfulguy You need a cosigner with 350k in collateral, generally a house. Student lines of credit of that size need to be secured.