it'sallgood Posted May 16, 2012 Report Share Posted May 16, 2012 If you're with any of the big banks you can set it up wherever you like and access it from any branch of that bank. (One of my parents is a banker:) !) Link to comment Share on other sites More sharing options...
japlanet Posted May 16, 2012 Report Share Posted May 16, 2012 well.. I could go to my undergrad (Kingston) office and set one up, but would it be a problem if I'm in Hamilton.. do I have to drive all the way down here to handle issues, or can the Hamilton one handle it for me? Sure if you go to a downtown Kingston branch and specifically make sure to deal with the people there who deal with the med students then it should get set up for you properly. After that, 90% of your business will be done online/at ATMS so location is not an issue. If there is a problem (ex you need an increase etc) the med school specialists at the branch in Hamilton would certainly be able to call the Kingston branch and get it sorted for you. The only thing I can think of is that for most of the LOCs, they require annual proof that you are still enrolled - but this can be faxed/mailed/emailed to Kingston so I doubt it would be an issue. People set up LOCs with the branch near their med school and then go halfway across the country for residency all the time. Obviously they can deal with people moving around. Link to comment Share on other sites More sharing options...
benhc911 Posted May 16, 2012 Report Share Posted May 16, 2012 I don't know why these threads pop up so often. Generally speaking, the most you can get from a bank is 200/250k LOC @ prime and a high-end travel credit card with its fee waived (~100/120$ fee). Some banks will try to avoid this but if you ask, and fight for it, they will give it to you. If they don't, go to a different bank (Scotia, TD, RBC, BMO). while not a huge issue, some will also offer other incentives, RBC was offering $500 cash bonus on top if you signed in first year... although that might have just been in the one region? I dunno. Link to comment Share on other sites More sharing options...
holiday1001 Posted May 16, 2012 Report Share Posted May 16, 2012 excellent! I will pop by TD in a few days. Link to comment Share on other sites More sharing options...
vanillabear Posted May 16, 2012 Report Share Posted May 16, 2012 RBC mentions an "option to defer principal payments until you graduate" on their 250K LOC... any one know what this means exactly? Link to comment Share on other sites More sharing options...
NLengr Posted May 16, 2012 Report Share Posted May 16, 2012 RBC mentions an "option to defer principal payments until you graduate" on their 250K LOC... any one know what this means exactly? You still pay your interest payments while in residency (which can be 600+ a month for 250k @3% interest. This rate will likely be higher when you are a resident because prime will increase eventually). You don't need to start paying down the LOC balance until after residency. Link to comment Share on other sites More sharing options...
rmorelan Posted May 16, 2012 Report Share Posted May 16, 2012 You still pay your interest payments while in residency (which can be 600+ a month for 250k @3% interest. This rate will likely be higher when you are a resident because prime will increase eventually). You don't need to start paying down the LOC balance until after residency. on a related note - Scotia and RBC (and perhaps more - TD I think as well) will/should hold the rate a prime during residency - this is a key factor in selecting your LOC as that is when the loan will be at its highest. A jump form prime in residency to normal amounts is usually thousands(!) of extra dollars per year. Do not fall for that - get the prime rate in residency in your initial contract hopefully you won't go anywhere near the 250K mark That is way, way over the needs of most. Link to comment Share on other sites More sharing options...
future_doc Posted May 17, 2012 Report Share Posted May 17, 2012 Am I incorrect or some LOCs keep prime until it is repaid in full. Link to comment Share on other sites More sharing options...
rmorelan Posted May 17, 2012 Report Share Posted May 17, 2012 Am I incorrect or some LOCs keep prime until it is repaid in full. None that I have found - once you are practising it jumps up. However once you are practising you can probably destroy the thing so quickly it won't even matter (as long as you can live just one more year at the resident level) Link to comment Share on other sites More sharing options...
future_doc Posted May 17, 2012 Report Share Posted May 17, 2012 Thanks for the clarification. And, yes, I agree with your other comment. Link to comment Share on other sites More sharing options...
amykey11 Posted May 17, 2012 Report Share Posted May 17, 2012 Can you apply for government loans from 2 provinces? I'm a QC resident but might be going to Ontario. Hence, can I apply for both QC and OSAP? If I do, can I still apply for LOC? Will the LOC be decreased because I have government loans and vice versa? Thanks. Link to comment Share on other sites More sharing options...
mangos Posted May 19, 2012 Report Share Posted May 19, 2012 has anyone gottten a sweet LOC deal yet? mind sharing the rates and from what branch? Link to comment Share on other sites More sharing options...
KMMD Posted May 21, 2012 Report Share Posted May 21, 2012 Does anyone know what branches of BMO and RBC have experience dealing with Med LOCs in the GTA/Toronto. I went to my local branch and they had NO idea what was going on. If anyone has any suggestions that would be fabulous! Thanks! Link to comment Share on other sites More sharing options...
future_doc Posted May 21, 2012 Report Share Posted May 21, 2012 I believe RBC has it on a website somewhere. Or just call RBC and after a few transfers, you will get the info you are looking for, same for BMO I imagine. Link to comment Share on other sites More sharing options...
Real Beef Posted May 21, 2012 Report Share Posted May 21, 2012 I have an appointment Tuesday with the TD peeps. I must say I am impressed with RBC however I have my mortgage, some investments, credit card and chequing/savings accounts with TD so if they are relatively comparable to the others I will continue on the TD ship unless there is a significant reason why I should move all of my business elsewhere. Link to comment Share on other sites More sharing options...
mangos Posted May 21, 2012 Report Share Posted May 21, 2012 I have an appointment Tuesday with the TD peeps. I must say I am impressed with RBC however I have my mortgage, some investments, credit card and chequing/savings accounts with TD so if they are relatively comparable to the others I will continue on the TD ship unless there is a significant reason why I should move all of my business elsewhere. if you dont mind, please keep me posted on how that plays out..as i will also be booking an appt with TD very soon. thanks Link to comment Share on other sites More sharing options...
KMMD Posted May 21, 2012 Report Share Posted May 21, 2012 Do you need to go to a branch to get an LOC or can it all be completed via the phone/email. Is it better to deal with someone in the city you will be going to university or does it not really matter? Thanks! Link to comment Share on other sites More sharing options...
holiday1001 Posted May 21, 2012 Report Share Posted May 21, 2012 if you dont mind, please keep me posted on how that plays out..as i will also be booking an appt with TD very soon. thanks I was terribly unimpressed with TD. The lady had not done a med student in years.. but for 4-year programs they go 60k the first year, and then divide the rest among the 3 remaining years. No free Gold Visa, no free cheques. And they basically said for a 3-year, I have to apply and see what they give me. Link to comment Share on other sites More sharing options...
rmorelan Posted May 21, 2012 Report Share Posted May 21, 2012 I was terribly unimpressed with TD. The lady had not done a med student in years.. but for 4-year programs they go 60k the first year, and then divide the rest among the 3 remaining years. No free Gold Visa, no free cheques. And they basically said for a 3-year, I have to apply and see what they give me. You are talking to the wrong person - seriously the first clue was the "haven't done one in years". You need to talk to the professional accounts manager that does these routinely. Same at ANY bank (this is a common problem). We go through this every year. I can tell you the TD rep I work with (not my LOC location by the way) is very frustrated with it as is the one from scotia I deal with as well. TD should give you the correct high level visa card, etc, etc - you just need the right person. Who were you talking to? Link to comment Share on other sites More sharing options...
Applemanv3 Posted May 21, 2012 Report Share Posted May 21, 2012 Guys, for RBC, just call Glenda Hedley 905-521-2160 McMaster University (from http://www.rbcroyalbank.com/student/medical/specialists.html) I went through a few transfers last Thursday over the phone, spoke to a very knowledgeable guy called Jarret, and got pre-approved for 200K at prime until 12mo after end of residency, with 1$=1point fee-less visa card and no yearly limit. Signing either tomorrow or sometime this week at my local branch. Link to comment Share on other sites More sharing options...
Birdy Posted May 21, 2012 Report Share Posted May 21, 2012 Guys, for RBC, just call Glenda Hedley 905-521-2160 McMaster University (from http://www.rbcroyalbank.com/student/medical/specialists.html) I went through a few transfers last Thursday over the phone, spoke to a very knowledgeable guy called Jarret, and got pre-approved for 200K at prime until 12mo after end of residency, with 1$=1point fee-less visa card and no yearly limit. Signing either tomorrow or sometime this week at my local branch. I ran into some issues with an RBC account and I actually remember speaking with Jarret about it - it must have been around two years ago. I emailed the company about him because I'd never had such good service, which is why I remember him. If he's helping out with med LOCs, that's just awesome. Link to comment Share on other sites More sharing options...
aquablue Posted May 21, 2012 Report Share Posted May 21, 2012 Can you call banking representatives that are affiliated with other medical schools? Or is it preferable to stick to a branch that is close? My branch isn't very experienced with these. Somebody told me to call Western's Scotia advisor but I'm in QC. Is that a problem? Link to comment Share on other sites More sharing options...
PhoenixFlare500 Posted May 21, 2012 Report Share Posted May 21, 2012 Go to the bank's website and look up the line of credit you are you going for. It'll probably have "Professional" in the name. There should be a link to the people you can talk to about it. They are the ones that will actually know what they're talking about. Try to stick to the people that deal with your school. Link to comment Share on other sites More sharing options...
holiday1001 Posted May 21, 2012 Report Share Posted May 21, 2012 Guys, for RBC, just call Glenda Hedley 905-521-2160 McMaster University (from http://www.rbcroyalbank.com/student/medical/specialists.html) I went through a few transfers last Thursday over the phone, spoke to a very knowledgeable guy called Jarret, and got pre-approved for 200K at prime until 12mo after end of residency, with 1$=1point fee-less visa card and no yearly limit. Signing either tomorrow or sometime this week at my local branch. are you in Hamilton? or I can call this person and sign at my local branch? Link to comment Share on other sites More sharing options...
Applemanv3 Posted May 21, 2012 Report Share Posted May 21, 2012 are you in Hamilton? or I can call this person and sign at my local branch? I live in Brampton and you can totally call this person or through this person to someone like Jarret and sign at a local branch. I just went with the Hamilton contact because it made sense over any other ones. Link to comment Share on other sites More sharing options...
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