FOOSH Posted July 27, 2018 Report Share Posted July 27, 2018 I have a LOC at RBC and am currently in my final year of residency. It seems as though some people have their medical student LOC transition to a "professional" LOC that remains open afterwards. When I asked my advisor about this, she said: "Yes the LOC remains open but after the 2 year grace period it switches to a “reduce by payment” meaning your payments of principal and interest reduce the balance and limit. Essentially you are then working at paying it off. You can always re-qualify to have the LOC under the Medical Professional platform but it will no longer be a student LOC so we use your income as opposed to projected income. The rate however, remains very attractive." Is this what others are getting told? Should I speak to someone else or negotiate this differently? Link to comment Share on other sites More sharing options...
NeuroD Posted July 27, 2018 Report Share Posted July 27, 2018 Reduce by payment is not what we're talking about. to be honest I haven't looked into it into detail but what I was told from Scotia was that it would basically be the exact same paremeters, just a different title. Link to comment Share on other sites More sharing options...
rmorelan Posted July 27, 2018 Report Share Posted July 27, 2018 are you finding an issue with that? I am a bit unclear (and that could be because I worked late last night ha). All LOCs for med go into repayment. You don't keep permanently the LOC a prime -0.25 at that massive amount. Link to comment Share on other sites More sharing options...
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