No Dear, I dont have Canadian Credit card...I think I will try to get loan from here and later I will take another loan from Canada for clearing this loan... I heard people take loan from India and then paying off their all loan by taking loan from Canada,,, and they do so after 6-12 month of stay in Canada...hope this info is correct...paying 13.5% for indian loan is too costly...
It's not that easy to get a loan given you just have 1 year Canadian credit records. Nowadays, Canadian banks are tightening their belt. You can definitely apply, but the chance is you might be asked for a co-signer.
well, i'm an indian who already has a Canadian permanent residence. So that should facilitate my chances to get a loan from the Canadian banks. Are you trying to say that it's more difficult to get in when you're an Indian?? Is it really that competitive to apply as an Indian? So what if an applicant is from other geographic areas such as Africa, Europe, or Middle East? Will such people have it easier than us to get in because they're not from such a competitive profile as Indians are? wow....
Have you ever applied the credit? Basically, if you are a Canadian PR, you are eligible to apply, but that doesn't mean you will get approved, especially in current market environment. Usually you don't need a co-signer if you are pursuing a professional degree, as you can use your future income to repay the loans. But the bank will assess your ability to get a job in Canada after graduation, if you have limited Canadian work experience, they might think the chance you get a job is small, then you will still need a co-signer.
To add one more point: when banks judge your application, they will also consider if you have a long-term relationship with Canada, for example, if you have a family or at least a house here. Otherwise, you may probably leave Canada as soon as graduate. Banks will need to minimize their risks.
Yeah, I'd say you summed it up quite well. In my opinion, the big difference between the two is the 1 year vs. 2 year format (although I guess the Case Study vs. Integrative Thinking thing is important too). Like you mentioned it all seems to be based upon personal preference. It's funny, I did my undergrad in Vancouver and there were a ton of Rotman MBA's out there. I'm out in Calgary now and i've run into a really high proportion of Ivey MBA's here. Can't lose either way.
On another note, did you end up posting your interview experience somewhere in this thread? I've got mine next week and figure it's probably in my best interest to do some prep rather than winging it.
1yr and 2yrs different much if you do care the opportunity cost.
Hi guys, i am back to this site after a long gap of 6 years..i used to browse through this forum when i was in college and preparing for indian b schools through CAT (indian readers would know what it is). Obviously that did not materialize.
Now, after work ex of 5.5 years, I have an admit from IVEY (got it in early september) and am excited about joining many of you in IVEY. I had totally forgotten abt this forum when today google brought me to this site.
I am pleasanly surprised to learn about such an active thread on IVEY. In last few posts (haven't read all of them...there are too many..but would read them soon), I have read abt comparsion between rotman and IVEY, finance needs of international students and post MBA career goals. The information here is quite good and I plan to make good use of this as well as provide any information that I can.
Here is my profile:
B.TECH from IIT Work Ex: 5.5 years International work Ex: 4 yrs GMAT : 750/6
Have you ever applied the credit? Basically, if you are a Canadian PR, you are eligible to apply, but that doesn't mean you will get approved, especially in current market environment. Usually you don't need a co-signer if you are pursuing a professional degree, as you can use your future income to repay the loans. But the bank will assess your ability to get a job in Canada after graduation, if you have limited Canadian work experience, they might think the chance you get a job is small, then you will still need a co-signer.
To add one more point: when banks judge your application, they will also consider if you have a long-term relationship with Canada, for example, if you have a family or at least a house here. Otherwise, you may probably leave Canada as soon as graduate. Banks will need to minimize their risks.
Please keep us updated...
Well, I've contacted some of the Canadian banks just to know my chances of getting a loan. they told me that when I apply for the loan in january, things should be less strict because the economy is a bit in a better shape by then. However, to ask for a loan of roughly CAD $80,000 is subject for approval of course depending on what security I can offer them, BUT a loan up to CAD $40,000 - CAD $50,000 would be easily approved. If I can get $40,000 would definitely be ok for me. But as a Canadian PR, I can also apply for OSAP (Ontario Student Assistant Program), which is a loan from the Canadian government. So I think I can get a loan either way.
Well, I've contacted some of the Canadian banks just to know my chances of getting a loan. they told me that when I apply for the loan in january, things should be less strict because the economy is a bit in a better shape by then. However, to ask for a loan of roughly CAD $80,000 is subject for approval of course depending on what security I can offer them, BUT a loan up to CAD $40,000 - CAD $50,000 would be easily approved. If I can get $40,000 would definitely be ok for me. But as a Canadian PR, I can also apply for OSAP (Ontario Student Assistant Program), which is a loan from the Canadian government. So I think I can get a loan either way.
To tell you the truth: I've actually gone through the whole loan application process with my cheque account bank, usually it'd be much easier to get approval. However, my application of just C$40K was denied and a co-signer must be there. Basically you are touching base with branch managers, but they are not the ones who make final decision on your credit, credit centre does. I'm also a Canadian PR and have sound credit records- all my Canadian credit cards are platinum or higher rank. So I would be very interested if you could get 40-50K easily without a co-signer. I may also check that bank.
As to OSAP, my application was approved. It's calculated based on your assets and income. But if you haven't been staying in Ontario for more than 12 months, you may only get Federal loan and no OSOG would be granted.
Nothing but just want to remind you, getting admitted by B-school is just the first step, a bigger challenge might be waiting for you ahead...
To tell you the truth: I've actually gone through the whole loan application process with my cheque account bank, usually it'd be much easier to get approval. However, my application of just C$40K was denied and a co-signer must be there. Basically you are touching base with branch managers, but they are not the ones who make final decision on your credit, credit centre does. I'm also a Canadian PR and have sound credit records- all my Canadian credit cards are platinum or higher rank. So I would be very interested if you could get 40-50K easily without a co-signer. I may also check that bank.
As to OSAP, my application was approved. It's calculated based on your assets and income. But if you haven't been staying in Ontario for more than 12 months, you may only get Federal loan and no OSOG would be granted.
Nothing but just want to remind you, getting admitted by B-school is just the first step, a bigger challenge might be waiting for you ahead...
So I guess I'll have to see what will happen when I apply for the loan. As for OSAP, how does it work exactly? because it's my first time applying for OSAP. Do I apply for it now or do I wait until I get an acceptance from Ivey? Because I really don't know when do I need to approach them.
Damn, so it looks like I might have some difficulty getting a loan because I don't have any asset in Canada yet. I'm planning to do all that after I graduate with an MBA.
But I think I remember I've read somewhere where it says that the new immigrants don't need to have lived in Ontario for at least 12 months. As for the Federal loan that you spoke about, where can I seek that? and how much would they give me?
Have you ever applied the credit? Basically, if you are a Canadian PR, you are eligible to apply, but that doesn't mean you will get approved, especially in current market environment. Usually you don't need a co-signer if you are pursuing a professional degree, as you can use your future income to repay the loans. But the bank will assess your ability to get a job in Canada after graduation, if you have limited Canadian work experience, they might think the chance you get a job is small, then you will still need a co-signer.
To add one more point: when banks judge your application, they will also consider if you have a long-term relationship with Canada, for example, if you have a family or at least a house here. Otherwise, you may probably leave Canada as soon as graduate. Banks will need to minimize their risks.
Please keep us updated...
about my chances of getting a job in Canada after my MBA, well I have an undergraduate degree from Switzerland (majored in hotel management), and if I get accepted to Ivey, then I'll end up with an MBA from Ivey. So I hope that my undergraduate degree from switzerland will be respected and considered reliable. well, I graduated from the oldest and the best hotel school in the world. if that doesn't work, then i honestly don't know what else would work....lol
about my chances of getting a job in Canada after my MBA, well I have an undergraduate degree from Switzerland (majored in hotel management), and if I get accepted to Ivey, then I'll end up with an MBA from Ivey. So I hope that my undergraduate degree from switzerland will be respected and considered reliable. well, I graduated from the oldest and the best hotel school in the world. if that doesn't work, then i honestly don't know what else would work....lol
Hey man, I'm not challenging you can't find a job As to OSAP, don't worry, you can apply til you get your acceptance. The process is quite easy, simply honestly fill in the forms online and you will get a decision within a week (although the official announced processing time is 10 weeks). As to how much you can get from Federal and Ontario, they will inform you once your application is approved. The funding would be available when the program starts.
To tell you the truth: I've actually gone through the whole loan application process with my cheque account bank, usually it'd be much easier to get approval. However, my application of just C$40K was denied and a co-signer must be there. Basically you are touching base with branch managers, but they are not the ones who make final decision on your credit, credit centre does. I'm also a Canadian PR and have sound credit records- all my Canadian credit cards are platinum or higher rank. So I would be very interested if you could get 40-50K easily without a co-signer. I may also check that bank.
As to OSAP, my application was approved. It's calculated based on your assets and income. But if you haven't been staying in Ontario for more than 12 months, you may only get Federal loan and no OSOG would be granted.
Nothing but just want to remind you, getting admitted by B-school is just the first step, a bigger challenge might be waiting for you ahead...
hey,
I have to stay that was jetekic said is 100% true. I work for a bank in Canada and process loans/mortgages applications from time to time...to get a 40-50K (let alone a loan for 80K) unsecured loan for school is very tough...even for residents of Canada like myself who have good credit. Bank are not willing to lend unless they have security, and it usually has to be in the form on liquid funds or a home.
This will hopefully change in the near future, but it will still be tough with the credit crunch happening. the best thing to do it contact multiple banks and speak to many people and try to get financing in place ASAP!...
Hey man, I'm not challenging you can't find a job As to OSAP, don't worry, you can apply til you get your acceptance. The process is quite easy, simply honestly fill in the forms online and you will get a decision within a week (although the official announced processing time is 10 weeks). As to how much you can get from Federal and Ontario, they will inform you once your application is approved. The funding would be available when the program starts.
oh no man, i didn't take it that way...lool....I'm still very worried about getting a job in Canada because the Canadian work experience is still important. I'm still worried about the Canadian experience part. As for OSAP, I've filled in the online application, but it says that I need to submit some documents by mail also?? is this correct or am I missing something here? Would OSAP be more helpful than the banks? what do you say?
oh no man, i didn't take it that way...lool....I'm still very worried about getting a job in Canada because the Canadian work experience is still important. I'm still worried about the Canadian experience part. As for OSAP, I've filled in the online application, but it says that I need to submit some documents by mail also?? is this correct or am I missing something here? Would OSAP be more helpful than the banks? what do you say?
OSAP would be more helpful if you can't get loan easily from a bank, as they don't need co-signer or other securities. Once you get admitted, you can submit your application online, and you shall be able to know an estimated funding available to you immediately. Then it'll take about 48 hours to run some background check, after that you may check your status online. At first, it will show your application is being reviewed, then (usually in couple of weeks, but can be as fast as 3-4 days) it will show your exact approved funding. Don't worry about the supporting documents, they will show on the status report. Until your confirmation of enrollment is signed by the university, your funding will not be released. Hope it helps.
OSAP would be more helpful if you can't get loan easily from a bank, as they don't need co-signer or other securities. Once you get admitted, you can submit your application online, and you shall be able to know an estimated funding available to you immediately. Then it'll take about 48 hours to run some background check, after that you may check your status online. At first, it will show your application is being reviewed, then (usually in couple of weeks, but can be as fast as 3-4 days) it will show your exact approved funding. Don't worry about the supporting documents, they will show on the status report. Until your confirmation of enrollment is signed by the university, your funding will not be released. Hope it helps.
Thanks man....when the time comes for me to approach OSAP, I will definitely need to get back to you to guide me through it. For the time being, I'm feeling worried about Ivey. I've applied on the 2nd of October and I STILL don't have any response from them regarding an interview invite. Don't you think that if I'm suppose to be rejected, then they would have rejected me long time back?? And I still refuse to contact them for updates as this can backfire....hmmm
Thanks man....when the time comes for me to approach OSAP, I will definitely need to get back to you to guide me through it. For the time being, I'm feeling worried about Ivey. I've applied on the 2nd of October and I STILL don't have any response from them regarding an interview invite. Don't you think that if I'm suppose to be rejected, then they would have rejected me long time back?? And I still refuse to contact them for updates as this can backfire....hmmm
Hi MBAbalckbelt & Jetekic
As you guys are PR of Canada and have been living in Canada I have few questions which are not related to ivey but related to post MBA settlement in Canada for International student
I have been going through alot of website for job opportunities in Canada since I have got the PR of Canada. Most of the people say that it is not easy to get job for immigrants. Most of the employers look for Canadian experience. So they have to start from menial jobs....
I understand that when you move to a new country there is struggle involved, but I really dont want to go to such a lower level..
Now my case is that I have PR of Singapore and working at Management post with GE in Manufacturing. My wife is IT professional and she is working with Investment bank. We have a stable life here.
So far I had an impression that PR status and a Canadian MBA with my 8 years of MNC experience at India & Singapore will help to land up job after MBA.
After reading reviews of people who have migrated to Canada I am bit scared. Can you guys help me with real situation ?
As you guys are PR of Canada and have been living in Canada I have few questions which are not related to ivey but related to post MBA settlement in Canada for International student
I have been going through alot of website for job opportunities in Canada since I have got the PR of Canada. Most of the people say that it is not easy to get job for immigrants. Most of the employers look for Canadian experience. So they have to start from menial jobs....
I understand that when you move to a new country there is struggle involved, but I really dont want to go to such a lower level..
Now my case is that I have PR of Singapore and working at Management post with GE in Manufacturing. My wife is IT professional and she is working with Investment bank. We have a stable life here.
So far I had an impression that PR status and a Canadian MBA with my 8 years of MNC experience at India & Singapore will help to land up job after MBA.
After reading reviews of people who have migrated to Canada I am bit scared. Can you guys help me with real situation ?
I will really be a great help.
Yes, it's not easy to get a job in Canada nowadays, especially if you want to maintain the same stable life. If you were single, I would suggest take some challenges. Anyway, it's a decision of you and your family...
As you guys are PR of Canada and have been living in Canada I have few questions which are not related to ivey but related to post MBA settlement in Canada for International student
I have been going through alot of website for job opportunities in Canada since I have got the PR of Canada. Most of the people say that it is not easy to get job for immigrants. Most of the employers look for Canadian experience. So they have to start from menial jobs....
I understand that when you move to a new country there is struggle involved, but I really dont want to go to such a lower level..
Now my case is that I have PR of Singapore and working at Management post with GE in Manufacturing. My wife is IT professional and she is working with Investment bank. We have a stable life here.
So far I had an impression that PR status and a Canadian MBA with my 8 years of MNC experience at India & Singapore will help to land up job after MBA.
After reading reviews of people who have migrated to Canada I am bit scared. Can you guys help me with real situation ?
I will really be a great help.
I'm a single guy, so I accept the challenges that Canada can have in store for me. In the long run, I know that it will pay off and it will be worth it. So that's why I'm not so concerned about whether I will struggle to get a job in Canada after my MBA.
As you guys are PR of Canada and have been living in Canada I have few questions which are not related to ivey but related to post MBA settlement in Canada for International student
I have been going through alot of website for job opportunities in Canada since I have got the PR of Canada. Most of the people say that it is not easy to get job for immigrants. Most of the employers look for Canadian experience. So they have to start from menial jobs....
I understand that when you move to a new country there is struggle involved, but I really dont want to go to such a lower level..
Now my case is that I have PR of Singapore and working at Management post with GE in Manufacturing. My wife is IT professional and she is working with Investment bank. We have a stable life here.
So far I had an impression that PR status and a Canadian MBA with my 8 years of MNC experience at India & Singapore will help to land up job after MBA.
After reading reviews of people who have migrated to Canada I am bit scared. Can you guys help me with real situation ?
I will really be a great help.
Bobby,I don't know about other sectors but management consulting firms and technology companies don't really look for canadian experience.They look for sound and reusable skills.I have asked this questn to Ivey AdCom as well as alumni/current students and this is what I got.Offcourse given the current scenario,it may happen that the difference in lifestyle and stability pre and immediately post mba will be zilch factoring in the MBA expenses and the hurdles one faces in a new country,but it is my personal opinion that ultimately it will pay off...
