Best Bank To Get A Line Of Credit / Scholarships And Bursaries

[4thTimesACharm]

Hi All,

 

I will be starting medicine at Dalhousie in the Fall, and I have been doing some research on line of credit options. I will have no co-signer and I already have about 90 grand in debt from my undergrad and masters. Can anyone suggest the best option for me as far as financing my MD goes? I am aware that various banks offer up to 275K LOCs to doctors, but just wondering If there is one bank that has better perks, interest rates, etc than the others?

 

I am also wondering if anyone that may be attending Dalhousie knows how the whole scholarship and bursary process goes? I know we are automatically considered for some ... are there others that we can apply to? When would be find out if we have been awarded a scholarship/bursary?

 

Thanks for the insight!  

[lizlemon11]

I'm also wondering which bank offers the best deal or if all professional line of credits are virtually the same?

I was just talking with someone from Scotiabank re: the Scotia Professional Student Plan (SPSP). A condition of me being eligible is that I have to switch my credit card from a Scotiabank Value Visa (interest rate 11.99%) to a ScotiaGold Passport Visa (interest rate 19.99%). I was advised to use my credit card most of the time as it at least has a grace period for repayments versus the SPSP which accumulates interest as soon as you use it. 

Anyone have any insight on whether a different bank offers a competitive line of credit/professional loan without needing to have a credit card with a high interest rate? 

[criselda]

Most the big banks have virtually the same LOCs for professional students - the key is you have to deal with the people who work specifically with med students. Most of the people in my class went with Scotia or RBC. Generally the max is 275K, with interest at prime, plus one of their higher tier credit cards. Go with a bank that you're comfortable with, if they throw in extra perks for you then great!

 

I actually prefer the Scotiabank Gold American Express over the Passport Visa... Earns points faster. Although, in the end they gave me both cards, which is important to me as not all places accept Amex. The interest rate doesn't bother me because I don't keep a balance on the card (i.e. pay it off each month). And you shouldn't be carrying a balance on it anyway since you'll have the LOC.

 

Indeed, I use my Amex or Visa to pay for pretty much everything because of the travel points. And then I pay it off each month with LOC (well, now that I'm in residency, with my real hard earned money haha).

 

I don't know what the other banks have to offer in terms of credit cards, perhaps someone could weigh in on that.

[NLengr]

The interest rate could be 110% on the card and it wouldn't matter since you will just pay it off each month on your line of credit, which is at prime.

 

I've dealt with Scotia, RBC and BMO. Scotia is the best imo. RBC is also good. BMO was garbage and I would advise you not to go with them.

[46dr]

There should be a sticky for this...

[_ _]

Hi All,

 

I will be starting medicine at Dalhousie in the Fall, and I have been doing some research on line of credit options. I will have no co-signer and I already have about 90 grand in debt from my undergrad and masters. Can anyone suggest the best option for me as far as financing my MD goes? I am aware that various banks offer up to 275K LOCs to doctors, but just wondering If there is one bank that has better perks, interest rates, etc than the others?

 

I am also wondering if anyone that may be attending Dalhousie knows how the whole scholarship and bursary process goes? I know we are automatically considered for some ... are there others that we can apply to? When would be find out if we have been awarded a scholarship/bursary?

 

Thanks for the insight!  

Were you ever able to find out more about this? It seems odd that they haven't mentioned anything related to financial aid even know, when other schools talked about it during interview weekends or shortly after....

[itsalwayssunny]

Meeting with TD later this week, can post about how it goes. I've heard almost nothing about using them for a med LOC (Scotia and RBC seem to be the standard), but I'd rather not go through the pain of switching over all of my accounts unless I have to. So far the guy I've been communicating with via email seems to be moderately knowledgable and has confirmed the big things (no co-signer, prime rate) but I've yet to see what they can offer in terms of perks. I'll be asking for a premium Visa with fees waived, but not even sure if that would be a deal-breaker for me in the end... I've been with TD for maybe 10 years, and I like the ease of their online banking, hours, locations, etc.

[Bambi]

Good luck. I went to TD and was unable to find anybody who was familiar, so it was over very quickly.

[maritimegirl]

I just wanted to second that about TD. I went and my advisor wasn't able to tell me the distribution of the funds over the 4 years, whether or not any additional money was available during residency and told me that the LOC "wasn't chump change, and is essentially a mortgage" and thus refused to do an application without a cosigner. I've been there for over 15 years, but after that, I think I'll have to switch to Scotia or RBC. So far, the reps from both have been very helpful!

[oshaku]

I had a meeting to TD once. I told my advisor more about their LOC program than she told me. Also, her attitude was felt like they couldn't give two shits about whether I was going to become their customer. 

[itsalwayssunny]

I just wanted to second that about TD. I went and my advisor wasn't able to tell me the distribution of the funds over the 4 years, whether or not any additional money was available during residency and told me that the LOC "wasn't chump change, and is essentially a mortgage" and thus refused to do an application without a cosigner. I've been there for over 15 years, but after that, I think I'll have to switch to Scotia or RBC. So far, the reps from both have been very helpful!

Whoa, that's bad but confirms what I've heard from others. Really disappointing too- I'm genuinely puzzled as to why TD hasn't gotten better with this. It seems as if they are missing out on a huge chunk of business (LOC, but also keeping those high-income customers beyond med school). I've seen a lot of bank reps on this forum even, and not a single one from TD. 

[lexiiiluther]

Did you find out anything about TD? I had a friend tell me that they recently changed their plan and that it's a lot better now.

[itsalwayssunny]

Did you find out anything about TD? I had a friend tell me that they recently changed their plan and that it's a lot better now.

Not yet! Week got busy but just set up an appointment. Also asked in the email if a co-signer was required, since I don't want to waste my time going in if it is. That would be the big non-negotiable.

 

I am getting the general sense that they've improved though, so far. I'll let you all know after my appointment. 

 

(I had been thinking about just waiting until the fall, but now that I'm looking at having to make a deposit on a new place, and already the deposit for tuition, CPR course, etc. etc. things are already getting surprisingly $$. And this is only the beginning...)

[jebelali]

Just want to chime in. I've been with cibc for four years and the max they approved me for was 1/2 what I applied for. They wanted a co-signer for a further 50,000$. I went to scotiabank who I don't bank with and they approved me without any conditions. I echo the sentiments here, scotia is best.

[RKsf]

Is it true that you don't need a proof of enrollment with scotia? Or will they approve you without the proof of enrollment but won't let you access any money until you have it?

[jebelali]

Is it true that you don't need a proof of enrollment with scotia? Or will they approve you without the proof of enrollment but won't let you access any money until you have it?

They approved me without proof of enrollment. Only proof of acceptance.

[lexiiiluther]

Is it true that you don't need a proof of enrollment with scotia? Or will they approve you without the proof of enrollment but won't let you access any money until you have it?

They approved me without proof of enrollment. Only proof of acceptance.

 

I'm working with Scotia now, they won't issue me my LOC until I have proof of enrolment. (I have a conditional one until my police check clears, but they said it's not enough).

[itsalwayssunny]

Did you find out anything about TD? I had a friend tell me that they recently changed their plan and that it's a lot better now.

 

Well, as it turns out I'll be going with Scotia after all. I gave TD a chance but they just didn't seem to know what they were talking about, and wanted a lot of extraneous financial and work related statements. The difference became apparent right away when I contacted Scotia. Emailed back within minutes by a really friendly guy who was a dedicated med advisor. Honestly, the user experience is so important (I do a lot of design work right now, so this drives me crazy). I feel like I could have ended up with similar plans from both banks, but it's true what everyone says that Scotia just gives the added service and confidence in what you're getting into.

 

See ya later TD.