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W0lfgang

RBC's new LOC $325,000 max at prime -0.25

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Ask if your bank would match this. My guy at Scotia is working on it. They can go up to at $300,000 max but probably not much beyond it as of now. Here's the email from RBC:

Has the recent decision by the Canadian Medical Association (CMA) to sell MD Financial Management made you think of your financial options? If so, we wanted to share these special offers from RBC®

Save the monthly fee on RBC VIP Banking® account while you're a student or a resident and also receive a $120 annual fee rebate if you are approved for the RBC Visa® Platinum Avion credit card1. Simply sign up by February 28, 2019 and save up to $4801 per year!
Get up to $325,0002 at 0.25% below Prime3,4 to support you through your training with a $275,000 Student Royal Credit Line® for medical school and an additional $50,000 unsecured Royal Credit Line® for residency.
Transfer in costs up to $5,0005covered when you switch your investment assets to RBC. Benefit from potentially lower fee rates with the RBC Investment Advantage Account.

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ha here we go again

(usual side note that it is getting really scary that people need that kind of money with the interest rate increases and tuition going up. Not to mention the increased number of post residency training which is becoming more and more common)

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I totally agree.
At the end of the day, the LOC should be the last resort.
I took it because I simply wanted free credit cards that I use like debit cards.
You never know where life will lead you.
Taking debt on early in life can be stressful.
Don't spend because it's there.
I've seen many people 'upgrade' their lifestyle because they had 300K$.

 

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1 hour ago, HoopDreams said:

I totally agree.
At the end of the day, the LOC should be the last resort.
I took it because I simply wanted free credit cards that I use like debit cards.
You never know where life will lead you.
Taking debt on early in life can be stressful.
Don't spend because it's there.
I've seen many people 'upgrade' their lifestyle because they had 300K$.

 

what you will see later unfortunately is the relatively stressful struggle to pay it off. Starting to get to be shall I say a non trivial amount to pay off as a staff physician. 

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I switched to RBC in PGY5 because of the lower rate and two year grace period. 

But my mortgage is only $210k...

I know tuition fees have really gotten out of control in some places (e.g. Ontario) but $325k is at least $100k more debt than anyone should ever consider taking on. In retrospect I would have ate out a lot less and been more frugal over the last 9-10 years. 

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10 hours ago, rmorelan said:

 

(usual side note that it is getting really scary that people need that kind of money with the interest rate increases and tuition going up. Not to mention the increased number of post residency training which is becoming more and more common)

I'd say. 

I had a spouse who was only substitute teaching during med school. Then we moved partway across the country for my 5 year residency, she did a masters and we had kids. She stayed home with the kids till I was done fellowship. Even I looked at it and figured it was more than I needed. 

I also agree that rising interest rates make this even more worrisome than it would have been 4 years ago. 

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