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Lines of Credit for Medical Students (Scotia is the best option)


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#1 novascotia2010

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Posted 01 May 2012 - 10:37 PM

Here is a comparison of the various LoC offers from various banks

https://docs.google....Q0phbDVLUm9rOGc
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#2 Coastal

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Posted 02 May 2012 - 01:14 PM

Wow, that is very thorough, especially with all of the tabs. Nice job and it's kind of you to share!

I would just add that a lot of the 'perks' are negotiable. For example, I decided to go with RBC, and asked for the Westjet World MasterCard (just works out better for me, as that is who I normally fly with). I got the annual fee waived without referring another customer.

#3 novascotia2010

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Posted 02 May 2012 - 08:42 PM

Wow, that is very thorough, especially with all of the tabs. Nice job and it's kind of you to share!

I would just add that a lot of the 'perks' are negotiable. For example, I decided to go with RBC, and asked for the Westjet World MasterCard (just works out better for me, as that is who I normally fly with). I got the annual fee waived without referring another customer.


Great point that I should have mentioned. In talking with the banks it is obvious they want your business. If you aren't choosing a bank because of an annual credit card fee or because they don't provide free cheques negotiate with them because more than likely they will waive the fees to get your business. These are the plans they offer but they aren't set in stone.

#4 vdincale

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Posted 28 May 2012 - 07:40 PM

wow amazing post! Scotia looks pretty good eh?
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#5 MaeFleur

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Posted 30 May 2012 - 05:53 PM

Amazing! What a wonderful resource, you're fabulous for doing this and sharing it!

I want to stress talking to individual banks and loan advisors before making any decisions. I'm going with RBC because they seem to be the most popular choice by Dal med students in the past and Marianne (the advisor) really knows her sh*t compared to the other banks I spoke to. My home bank even offered me a better credit card deal but I felt more comfortable at RBC with Marianne because she has the most experience. A couple hundred bucks for a credit card deal doesn't compete with peace of mind for the next however-many years.

#6 mt229431

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Posted 14 March 2013 - 01:07 PM

Hey guys,

As an incoming med student, I found this very helpful. Thanks!

I was wondering who you guys ultimately decided to go with, and how it's worked out so far?

My top 3 choices, in no particular order, based on what I've seen in your document are CIBC, RBC, and ScotiaBank. I like that the ScotiaBank LoC automatically accrues interest (one less headache). The CIBC account is interesting in that it seems like an actual bank account with a debit card, etc, so access looks simple. But I've also heard good things about the RBC branch in Halifax.

I'd appreciate any suggestions/comments you have!

#7 rmorelan

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Posted 14 March 2013 - 01:56 PM

Hey guys,

As an incoming med student, I found this very helpful. Thanks!

I was wondering who you guys ultimately decided to go with, and how it's worked out so far?

My top 3 choices, in no particular order, based on what I've seen in your document are CIBC, RBC, and ScotiaBank. I like that the ScotiaBank LoC automatically accrues interest (one less headache). The CIBC account is interesting in that it seems like an actual bank account with a debit card, etc, so access looks simple. But I've also heard good things about the RBC branch in Halifax.

I'd appreciate any suggestions/comments you have!


You are always going to find a lot of similarities between the plans in a competitive market :)

By the way the scotia LOC is also accessible directly from the bank machines at least. At the time (3 years ago) RBC wasn't so I always had to remember to move stuff over, blah, blah.

Our knowledge has made us cynical.
Our cleverness, hard and unkind.
We think too much and feel too little.
More than machinery we need humanity.
More than cleverness we need kindness and gentleness.
Without these qualities, life will be violent and all will be lost.
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#8 rmorelan

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Posted 23 March 2013 - 01:52 PM

In case it is not clear for Scotia you can use left over funds AND get the 15K a year on top of that. It isn't that you are restricted to 15K :)

Our knowledge has made us cynical.
Our cleverness, hard and unkind.
We think too much and feel too little.
More than machinery we need humanity.
More than cleverness we need kindness and gentleness.
Without these qualities, life will be violent and all will be lost.
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Schulich Medicine 2013, PGY4 - Ottawa for Radiology

 

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#9 mt229431

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Posted 27 March 2013 - 01:15 PM

After reviewing your table (thanks again!) I contacted RBC, Scotia, and CIBC by email. After getting a feel for them via email (the Scotia rep is new this year apparently), we spoke to CIBC and RBC on the phone. Both were informative, by RBC was motivated, kind, and really seemed to care. So we will be going with RBC. Highly recommend her.

Also, if you are recommended by someone, they get the Avion fee waived for a year. So if you decide to go with them, and you know a friend who already went with them, name drop for their benefit!

#10 rmorelan

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Posted 17 May 2013 - 11:31 AM

I currently live in New Brunswick but will be attending UBC - should I solicit bank advisors here or advisors in BC?

thoughts??

thanks!!


I would recommend BC - as they are the ones that will be dealing with the loan. They simply send what ever paperwork is required to your home branch.

You are much more likely to get a informed person that way :)

Our knowledge has made us cynical.
Our cleverness, hard and unkind.
We think too much and feel too little.
More than machinery we need humanity.
More than cleverness we need kindness and gentleness.
Without these qualities, life will be violent and all will be lost.
-
Schulich Medicine 2013, PGY4 - Ottawa for Radiology

 

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#11 ScotiabankMedsAdvisor

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Posted 17 May 2013 - 02:26 PM

The biggest thing you want to make sure of is getting in touch with someone that specializes in these products. If you were to go to a branch where you live the representative likely won't know the programs available to you. It is also very important to know that the products are always changing and being improved so this grid won't be completely accurate. If anyone would like information on the Scotia Professional Student Plan please let me know.
Rod McFadden
Professional Business Advisor
One London Place
Professional Banking Centre
Ph. 519-642-3017
rod.mcfadden@scotiabank.com
www.scotiabank.com

#12 ellorie

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Posted 17 May 2013 - 02:59 PM

I am with RBC, mainly because I have always been with RBC. I have had some issues, mainly related to the fact that I signed my LoC documents in Quebec and now live in Ontario, and for some reason this seems to mean that I am not eligible for any "perks" and that I can't deposit money directly into my LoC at any Ontario bank 0.o

For the most part as long as you ensure that the LoC is at prime and that you don't need a co-signer, I think most banks are basically equal.

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#13 optimism101

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Posted 17 May 2013 - 03:21 PM

Does anyone know anything about going through a credit union? I do all my banking through vancity, and they've always been really great, so I'd like to stick with them if they're competitive with the big banks, but I have never heard anyone on this forum talk about getting their LOC through a credit union
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#14 WtsupDoc?

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Posted 17 May 2013 - 09:40 PM

So this is mostly a venting type post. I called my bank (which will remain anonymous) and asked to speak with someone regarding a professional line of credit for Medical school. The conversation between the receptionist and I quickly turned for the worse. She immediately got rude telling me I need a receipt of my payment for tuition and a Cosigner. I said I've spoken to several banks, all which do not require one. Well... Apparently she has "Friends" at other banks and they aaaaall need cosigners. "I'm not going to Argue" she said, and then proceeded to repeat her argument over and over. I finally just said "Fine, thanks I'll look elsewhere." Really sucks, I love my bank!

Definitely goes to show that you really need to find someone who specializes in these types of loans. My home town doesn't have a med school, but I'll try again at a branch close to U of T.
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#15 PhoenixFlare500

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Posted 17 May 2013 - 10:14 PM

So this is mostly a venting type post. I called my bank (which will remain anonymous) and asked to speak with someone regarding a professional line of credit for Medical school. The conversation between the receptionist and I quickly turned for the worse. She immediately got rude telling me I need a receipt of my payment for tuition and a Cosigner. I said I've spoken to several banks, all which do not require one. Well... Apparently she has "Friends" at other banks and they aaaaall need cosigners. "I'm not going to Argue" she said, and then proceeded to repeat her argument over and over. I finally just said "Fine, thanks I'll look elsewhere." Really sucks, I love my bank!

Definitely goes to show that you really need to find someone who specializes in these types of loans. My home town doesn't have a med school, but I'll try again at a branch close to U of T.


If you look on your bank's website they'll have a link somewhere to some kind of professional/med student plan with the contact information you need (city-specific). If you try calling the normal numbers you'll generally talk to people that have no idea what's going on.

"Be like water"


#16 WtsupDoc?

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Posted 17 May 2013 - 10:36 PM

If you look on your bank's website they'll have a link somewhere to some kind of professional/med student plan with the contact information you need (city-specific). If you try calling the normal numbers you'll generally talk to people that have no idea what's going on.


Thanks! I'll try checking again. I didn't see any specific contact info but I was only using my phone's browser.

#17 cbarne01

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Posted 18 May 2013 - 02:25 AM

I never talk to the first person I get at a bank. Call and ask for an appointment "to ask questions about financing for _x_" and magically they're helpful and put you on to the right person. Once in a while I ask a question of the gatekeeper and it never goes well, although its usually just that they can't find the info. I did get a comment about an out of town "specialist" for professional school LOCs that could set up a time to meet me at my home branch, for what its worth. *I live in the middle of nowhere so a district rep is standard for everything, including a mortgage.
Keep trying!

#18 schmitty

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Posted 19 May 2013 - 02:24 PM

Great Google doc!

I'll probably go with RBC as all my banking is with them (including mortgage), infinite avion (w/ fee already waived), etc...For the most part, the major banks are pretty well equal.

It seems like there are not many more perks to argue for, unless I am missing something. I already have a great VISA w/ no fees, etc...any ideas for extras I should ask for?
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#19 rmorelan

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Posted 19 May 2013 - 02:50 PM

Great Google doc!

I'll probably go with RBC as all my banking is with them (including mortgage), infinite avion (w/ fee already waived), etc...For the most part, the major banks are pretty well equal.

It seems like there are not many more perks to argue for, unless I am missing something. I already have a great VISA w/ no fees, etc...any ideas for extras I should ask for?


ahh just small stuff - no banking fees, free cheques, great visa and make sure you are happy with their online banking system (ha - RBC nailed me for a few NSF charges as you have remember to take money out each money to cover the interest on the loan - drove me nuts)

There are probably about 3 banks that are roughly equivalent in terms of market share (and thus experience with students), interest rate and supporting schools (RBC supports the CFMS while Scotia tends to support directly schools - not surprisingly those are the two largest suppliers of LOCs)

Our knowledge has made us cynical.
Our cleverness, hard and unkind.
We think too much and feel too little.
More than machinery we need humanity.
More than cleverness we need kindness and gentleness.
Without these qualities, life will be violent and all will be lost.
-
Schulich Medicine 2013, PGY4 - Ottawa for Radiology

 

yoda.jpg


#20 schmitty

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Posted 19 May 2013 - 05:49 PM

ahh just small stuff - no banking fees, free cheques, great visa and make sure you are happy with their online banking system (ha - RBC nailed me for a few NSF charges as you have remember to take money out each money to cover the interest on the loan - drove me nuts)

There are probably about 3 banks that are roughly equivalent in terms of market share (and thus experience with students), interest rate and supporting schools (RBC supports the CFMS while Scotia tends to support directly schools - not surprisingly those are the two largest suppliers of LOCs)


Yeah, that's what I figured - we have most of that so far so I can't complain (having a mortgage and PLC, etc w/ them already gave me quite a lot of bargaining power.
UofT MD 2017




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