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Extend Loc In Residency (Above 300K)


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Hey everyone, I'm wondering if people have experience going above 300k with their LOC limit? I'm in a 5 year program (PGY1 now) but dont need the extention now - could maybe wait a few years. However, I would be interested in extending it to maybe 325k. Can make a reasonable case for needing the extra money. I dont have a mortgage or car loan and can show that repayment will not be a problem with future budgets. Thanks!

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  • 1 month later...

I just wanted to bump this thread as I am trying to extend my LOC as well as I start my R-1 year.  RBC has a 275K limit and I have so far been given 250K.  However, they are now refusing to approve the final 25K since I am now a resident and no longer a student; they refuse to give any further information on why they are refusing.  Has anyone had any success extending their LOC at other institutions?  Thanks in advance.

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I just wanted to bump this thread as I am trying to extend my LOC as well as I start my R-1 year.  RBC has a 275K limit and I have so far been given 250K.  However, they are now refusing to approve the final 25K since I am now a resident and no longer a student; they refuse to give any further information on why they are refusing.  Has anyone had any success extending their LOC at other institutions?  Thanks in advance.

You can also shop around and see if other banks will buy out your LOC. I'm sure they'd love your business. 

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They shouldn't have any issue going to 275k as a resident. Go to Scotia. They'll offer you the 275k. Then take that to RBC and tell them to approve it or you're gone. They'll change thier tune pretty quick.

 

done that a few times with people - it is a competitive environment. Sometimes had to actually switch and really that isn't bad - your bank is supposed to support you in this.

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Hey everyone, I'm wondering if people have experience going above 300k with their LOC limit? I'm in a 5 year program (PGY1 now) but dont need the extention now - could maybe wait a few years. However, I would be interested in extending it to maybe 325k. Can make a reasonable case for needing the extra money. I dont have a mortgage or car loan and can show that repayment will not be a problem with future budgets. Thanks!

 

that can be tricky - in particular any extension when offered may not be at the amazing prime rate etc.

 

There must be something special about your situation to require that much money!

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I just wanted to bump this thread as I am trying to extend my LOC as well as I start my R-1 year.  RBC has a 275K limit and I have so far been given 250K.  However, they are now refusing to approve the final 25K since I am now a resident and no longer a student; they refuse to give any further information on why they are refusing.  Has anyone had any success extending their LOC at other institutions?  Thanks in advance.

 

Your banking contact @ RBC is giving you nonsense! Go to another specialist at RBC with the same request and let this specialist know that if refuses, you will take your business elsewhere. RBC DOES increase the amount to 275K for residents!

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Wow, that's a lot of money.

 

Ha, I am sure there is a reason - but you are right, that is scary money levels with nasty interest - and imagine what would happen after the interest rates rose etc. That is around 600-700 dollars or so now, which is about around 20% of the take home pay etc. When you add 5 years of residency, fellowships, and the delays in getting a practise going that creates vulnerable situation (again at rock bottom interest). I have said this I know to death but it isn't the amount that is directly the issue, it is the cash flow. It is a truly a large stressor on many residents.

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Ha, I am sure there is a reason - but you are right, that is scary money levels with nasty interest - and imagine what would happen after the interest rates rose etc. That is around 600-700 dollars or so now, which is about around 20% of the take home pay etc. When you add 5 years of residency, fellowships, and the delays in getting a practise going that creates vulnerable situation (again at rock bottom interest). I have said this I know to death but it isn't the amount that is directly the issue, it is the cash flow. It is a truly a large stressor on many residents.

Cash flow sucks in residency. And to make it worse, it's hard to increase earnings for most residents since I think many/most provinces don't let you moonlight anymore.

 

Once you hit fellowship, provided you have passed your RCPSC, you can at least moonlight or pick up emergency cases off the board (if you're a surgeon).

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Cash flow sucks in residency. And to make it worse, it's hard to increase earnings for most residents since I think many/most provinces don't let you moonlight anymore.

 

Once you hit fellowship, provided you have passed your RCPSC, you can at least moonlight or pick up emergency cases off the board (if you're a surgeon).

Is moonlighting or doing urgent care not really a thing in Canada? Thats unfortunate

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Is moonlighting or doing urgent care not really a thing in Canada? Thats unfortunate

 

Depends on what you mean by "moonlighting".  If you are a senior resident, but don't yet have an independent licence, you can apply for Restricted Registration and supplement your residency income that way.   You're seeing patients independently, but will be supervised (usually at a distance) by a staff doc who ultimately has to sign off all of your charts.   Eligibility and job availability vary.  Most of the ER jobs pay about $150/hr or so.  http://www.restrictedregistrationontario.ca/jobs/

 

If you've done your Royal College exams and have an independent licence but are still continuing your training, you can work anywhere that will hire you, provided that work does not conflict with your training commitments.  Usually that happens at a hospital different from the one you're training at.  However, sometimes people doing fellowships where their salary comes from the hospital or a physician practice plan (as opposed to coming from a university or the ministry of health) will have their contracts set up so that they will provide a certain amount of call coverage and in return can bill for whatever they do on call.

 

As well, where I trained, occasionally hospitals and programs get really stuck for coverage (due to illness or whatever) and they'll bring in a "fly in" who will get between $1000-$3000 depending on the service and whether it's an overnight or a full 24 hours. 

 

But ya early on in residency, or if your life is too busy to do a bunch of moonlighting, cash flow can be pretty bad.  Lots of flow, just not much cash...

 

Edit: All Ontario-specific.  I have no idea about other provinces.

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  • 3 weeks later...

well after much haggling, Royal Bank told me that my projected income of 225000 when I am done residency (according to them) is less than what my LOC combined with my car lease would be (debt servicing; the debt I would have would match my income, they have some sort of debt servicing guidelines that they abide by, but wouldn't share the specifics).  Their communication with me was extremely poor and left me quite frustrated.  I plan to start looking at options at other banks, though due to the hours of residency this has been very slow going.

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Their communication with me was extremely poor and left me quite frustrated.  I plan to start looking at options at other banks, though due to the hours of residency this has been very slow going.

 

Seems to be an mini-outbreak of this.  My RBC point-of-contact has also turned into a muppet, to the point that I'm looking to consolidate my banking elsewhere. 

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Based on what I'm seeing here, plenty of people are > 200 000 on their LOC. Would you guys say that 190 000 is about average? I'm having a lot of anxiety re debt:. I'm in PGY2 and I'm sitting at about 196 000.

 

 Debt has gone up slightly in residency, although that's mostly due to the LMCC step 2.

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There are provinces that still allow you to moonlight basically from writing the lmcc2 onwards, which can be as early as mid way through pgy2. Definitely helps with the debt and cash flow situation. It's sad that we actually make pretty good pay but given all the stupid expenses on top of the interest it's still hard to keep up.

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There are provinces that still allow you to moonlight basically from writing the lmcc2 onwards, which can be as early as mid way through pgy2. Definitely helps with the debt and cash flow situation. It's sad that we actually make pretty good pay but given all the stupid expenses on top of the interest it's still hard to keep up.

Which ones would those be and in which residencies?

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You can work as a physician extender in Alberta if you get the support of your program director behind your application.

What areas you are able to extend in depends on your residency specialty.

The dough is good but you do pay up front to get the license etc. Some programs cover this expense, others do not.

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  • 8 months later...

Just to update those (especially future med students), Scotia Bank extended my line of credit to 275,000 a day after I applied.  I do not know what is up with RBC, but I would advise those on the fence to consider Scotia Bank for their LOC.  I also found their customer service exponentially better.

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An aside, my Scotiabank manager in BC just automatically gave me prime -0.25%, and I'm at the end of my family medicine R2. Rate would carry through to the end of my 1 year grace period. We were just emailing about mortgages and he brought it up unprompted that the lower interest rate would apply to my next billing cycle.

 

To the poster above... if you don't already have a previous relationship with CIBC it would be worth checking out Scotiabank or RBC, they seem generally to be the most popular banks with experience dealing with professional students. Although other folks in this thread have had issues with RBC recently...

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An aside, my Scotiabank manager in BC just automatically gave me prime -0.25%, and I'm at the end of my family medicine R2. Rate would carry through to the end of my 1 year grace period. We were just emailing about mortgages and he brought it up unprompted that the lower interest rate would apply to my next billing cycle.

 

To the poster above... if you don't already have a previous relationship with CIBC it would be worth checking out Scotiabank or RBC, they seem generally to be the most popular banks with experience dealing with professional students. Although other folks in this thread have had issues with RBC recently...

Hi thanks for ur words

I'm a long time member of CIBC and I'd like to hear their offer before switching to scotia

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