Advice regarding study loan for Domestic applicant.

[das3646]

Hi All,

Can anyone please advice how much I can apply for loans if I want to go for a MBA. As a fresh immigrant I will not have much to show as collateral.

 

[bimale4bipeople]

@scylla @Bryanna

 

[canuck78]

Most likely you will need to take out a personal line of credit on top of the money you will get as a loan from OSAP. Your previous savings and assets will influence if/how much you qualify for in terms of OSAP. Each school tends to have a line of credit special arrangement with a bank. The banks see professional degrees as a good opportunity so professional degrees that should lead to good employment usually have these special lines of credit. Would contact your school although the information is likely on their website. Not sure how PR vs citizenship will influence the process but your course administrator should be familiar with the system or point you in the right direction.

 

[das3646]

Most likely you will need to take out a personal line of credit on top of the money you will get as a loan from OSAP. Your previous savings and assets will influence if/how much you qualify for in terms of OSAP. Each school tends to have a line of credit special arrangement with a bank. The banks see professional degrees as a good opportunity so professional degrees that should lead to good employment usually have these special lines of credit. Would contact your school although the information is likely on their website. Not sure how PR vs citizenship will influence the process but your course administrator should be familiar with the system or point you in the right direction.

Hi @canuck78

Thank you very much for your advice but as a fresh immigrant I will have literally zero credit history, do you think then banks will issue line of credits even if I enrol myself to one of the top universities.

 

[canuck78]

Hi @canuck78

Thank you very much for your advice but as a fresh immigrant I will have literally zero credit history, do you think then banks will issue line of credits even if I enrol myself to one of the top universities.

Have no idea that's why I suggested you speak to the program administrator. You also will have to get into one of the programs. Getting into U of T, Western, Queens or York is not that easy. You likely have a while before you will be admitted so you should be working if you're not working already. Not sure how much work experience you have but work experience is expected so working for a while in Canada might make you a better applicant.