RBC student line of credit, did you get one?

[Sugar-Phosphate]

Hello nurses and pre-nurses,

I am looking into getting an RBC student line of credit to pay for my schooling, but am not sure what my chances are. I did declare bankruptcy 6 years ago. I am hoping with a cosigner they will grant me the loan. They say you do not need a cosigner if it is for funding a professional career, which nursing is. So i figured with a cosigner my chances would increase.

My question in whether you have obtained a RBC line of student credit before, and if I even stand a chance. I do not qualify for government student loans, and this is my only method to pay for school. I work at walmart and only make enough money to cover the bills I have, which would be finished by the time school starts this september.

So all I need is funding for september, and I feel if I am turned down, my nursing dreams are down the toilet at least for another 3 years until my bankruptcy disappears.

Niki:confused:

[Mrs_Mack]

Without knowing your full credit history I can't make a good guess about what your chances are. That being said, I obtained an RBC student line of credit with no problem, without a cosigner. I don't currently have a job and I own a condo. The way they are supposed to determine the amount of funding you can receive is to take into account your income currently and your future nursing salary, and compare that with your current debt load. There's a ratio of debt to income that they calculate and you must be under that limit to qualify. As for credit history and score, I don't know what their criteria is.

I would think if you have a qualified co-signer that you probably won't have an issue. Hope that helps!

[Sugar-Phosphate]

That really does help quite a bit, at least for the comfort. Thank you for replying, it is always so scary when your future lies in someones hand other than your own. I know all I can do is wait, but it is comforting to know of someone who has gotten the loan in the past. I thank you.

[Fiona59]

I had a "student line of credit" from the bank that holds our mortgage. It wasn't that difficult to obtain.

The scary thing was that book of blank cheques available for anything. I used it cover my childcare because the government loan just wasn't enough. Barely covered my books and tuition.

[Teebee5]

I got the RBC student line of credit when I first got into my BSN program and I am glad I did.

Student loans covers tution, books, daycare and car insurance, and that's it.

I had to get my husband to co-sign, and each October I have to send them a letter stating my standing with the school.

Although this may seem like a saving grace, be warned their month interest can bite and you have to open a student account with them too, that takes bites out of your money if you ever use the debit card, which you have too since you transfer money from the line-of credit to the checking account.

Have you applied for bursaries and awards as well??

studentawards.ca is a good website and depending on your grades and school there should be awards to apply for as well.

Good luck.

[Sugar-Phosphate]

I got the RBC student line of credit when I first got into my BSN program and I am glad I did.

Student loans covers tution, books, daycare and car insurance, and that's it.

I had to get my husband to co-sign, and each October I have to send them a letter stating my standing with the school.

Although this may seem like a saving grace, be warned their month interest can bite and you have to open a student account with them too, that takes bites out of your money if you ever use the debit card, which you have too since you transfer money from the line-of credit to the checking account.

Have you applied for bursaries and awards as well??

studentawards.ca is a good website and depending on your grades and school there should be awards to apply for as well.

Good luck.

Thank you for your response I will look into studentawards.ca. I looked into bursaries and awards at my school, but by their standards I do not qualify. As for having an acocunt with them, both my fiancee and I already have an account with them, and my fiancees mortgage is also with them. I was told I should know by the end of next week as to whether I get the loan. I am really hoping for 30,000 dollars, but that is a lot of money, so I am not sure what my chances are, especially considering my previous bankruptcy. Only time will tell. It seems like this is my only option, but I will keep looking if denied.

Thank you all for your responses and encouragement. I will keep you posted on my luck, lol.

[Sugar-Phosphate]

I just wanted to say thank you for your responses and as promised I would like to update you on my progress. I did receive a conditional loan from the bank for my first year. If these payments are made on time I get further funding. So far I m quite happy with the loan I received. I hope they keep their promise when I need more for year 2, but I will stress about that later. Thanks!