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Found 10 results

  1. Hi all, I think I had posted about this before, but I'm looking for a bit more advice. I'm currently in PGY-3, in a fairly expensive city to live in. I'm around $205 000 total debt, although I've got my tax return coming and some additional research funds that should drop that to just below 200 000. I'm looking at likely another 3 years of training, although I should be able to and am very motivated to do quite a bit of moonlighting. And of course, I do have the royal college exam fee coming up, which would be another $5k next year that I'll have to budget for. I'm wondering whether other people are willing to share their experience with this debt level? Is it increasingly common these days? Any people willing to talk about how easily/difficult it was to pay off once they started moonlighting/working as a staff? Do people ever stress out over this and how do you deal with it? Thanks guys!
  2. Hello, everyone. While the LOC pinned post is extremely resourceful, it is getting difficult to sift through the years of information as well as the different deals offered by different banks. Just as we do with acceptances/rejections, I thought it may be helpful to have a thread to post what LOC deal you were able to achieve. I am interested to see what the general trend is so that we know what to ask for when we sign our own LOC's. Feel free to include additional information beyond what is specified below. What year was it signed?: Bank Name: Interest Rate: Grace Period after Graduation from Residency: Credit Card: Additional Perks: Advisor Name, Review, Contact Info [Optional]: Looking forward to hearing your responses!
  3. Hello all! I signed my LOC with Scotia and received the Gold AMEX as well as the ScotiaGold Passport Visa Card. I was wondering if anyone had a good method of which card to use for what. If I'm understanding it correctly, the AMEX seems to give more points that the Visa, but the Visa seems like it is more useful for travel rewards? Should I be using AMEX as much as I can? Should the Visa just be used for booking airline tickets? Let me know if you guys have a better understanding of the rewards program. I'm looking to maximize points for travelling for carms interviews. Thank you!
  4. I'm just wondering if any current/former students experienced any issues increasing the limits on their lines of credit? My tuition costs took a huge hike starting this fall, and I'm thinking that, by the time I reach my last year, I may need to ask the bank (I'm with RBC) for some more money. Just trying to plan ahead since my budget just went out the window...
  5. Hi guys, Matched to my dream specialty but will be moving to a different province. So far RBC hasn't done much for me - I didn't use the Avion card very much in first year, have a signature card, and overall the points that they offered can't even get me a one-way flight to Alberta. I want to switch my LoC and take full use of a good VISA card, particularly since I'll be spending a lot in the first month for the move, furniture, car winter tires, etc., and I want to optimize the amount of points I get for flights back home to visit the family. Can anyone recommend a good rep from Scotiabank in the TO area? Anyone who has switched LoC's...any tips so that I don't get scammed by RBC? Thanks everyone
  6. Can anyone comment on the options available to them for mortgages during residency? The rent-vs-buy debate aside, has anyone explored the options through the big banks or brokers? I'd be particularly interested to know how pre-existing debt on a med-student line of credit affected your options (size of the mortgage, ability to go with a mortgage broker vs. having to stick with the institution providing the LOC) Thanks!
  7. I recently finalized an LOC with RBC, and wanted to say I highly recommend going with them. RBC in Quebec has a VIP banking account available for med/dent students (comparable to other banks but comes with some great perks). Something to keep in mind: many institutions have similar, if not identical, plans/accounts for med/dent students, so it is the individual banker whom you will be managing your LOC with that matters. So for me, what made RBC stand apart was the representative I spoke with. I had a great experience with ioan Jurjan from the Peel and Sherbrooke branch, he's highly knowledgeable, has/does manage countless med/dent LOCs, and answers questions promptly. He definitely made the difference in me choosing RBC. Feel free to PM me with any questions!
  8. Question for current US MD candidates: So I've applied to a number of US MD schools and had a few interviews which I felt good about, but now I'm having pretty serious doubts about how paying for all of this is going to go since the current USD/CDN= 1.33. It would just really suck if I were accepted and but then had to be relegated to the Caribbean because US MD was too expensive. Ontario is a possibility where I stand, but I can't depend on it. I understand that Canadian banks can give me LOC up to $275,000 CAD, that OSAP can help a bit (anyone know how much?), and I've got a small parental contribution that's meager in comparison with what I'll need. For instance, one of the schools I interviewed at has listed tuition/fees + living expenses to be $85,000 USD/year. Now this would be okay if we USD/CAN was 1 or lower like during that lovely recession, but the current ratio is really making me worried since, since assuming that $275,000 CAD was the max LOC, my total expenses would far surpass it at $452,000. I've accepted that if I go this route, I'm going to have massive debt, but are there other viable loan options for me to consider? Is multiple LOCs a thing? Is this published LOC limit a hard cut-off under these circumstances? How are current US MDs who don't have large contributions from parents/savings doing it? Thanks!
  9. Pre-Dent Students! Congratulations to all who have been accepted into your desired program! Please give me a call regarding any questions or concerns you may have regarding your financing! Medical student link with references of my service: http://forums.premed101.com/index.php?/topic/84485-professional-line-of-credit-i-am-here-to-help/ Details of CIBC Professional Edge line of credit Maximum program limit is $275,000 Annual limit increase of $70,000 Interest rate is at prime (currently 2.85%) Canadian students do not require a co-signor depending on credit history Nalin J. CIBC Imperial Service Financial Advisor Phone:416-488-1155 ext 349
  10. Hi Guys, I am looking into getting a LOC. I am looking for a health professional account manager in Toronto area and was wondering if you could provide me with the contact info or the name of the account manager that you worked with if they were helpful and knowledgeable. I am gathering info right now so it doesn't matter which bank your rep was from. I know that each bank provides a list on their website but I thought maybe I can take advantage of some previous experience so that I find someone who knows his/her stuff.
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