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Lines of Credit for Medical Students (Scotia is the best option)

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Can anyone give a recommendation for an RBC advisor in Toronto? Preferably downtown or uptown (North York) but not exclusive to?

Also, did anyone get their LOC through MD Financial? If so, was it better/worse than getting from a bank?

Thanks!

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Hamilton and Mississauga recommendations are also welcome (and anywhere in between), downtown Toronto is also okay. I'm leaning toward RBC and maybe Scotia, but I'm open to other banks as well. 

I tried my local RBC branch and wasn't impressed with their knowledge/attitude. 

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2 hours ago, Doctorofmydreams said:

Hamilton and Mississauga recommendations are also welcome (and anywhere in between), downtown Toronto is also okay. I'm leaning toward RBC and maybe Scotia, but I'm open to other banks as well. 

I tried my local RBC branch and wasn't impressed with their knowledge/attitude. 

Whether or not you end up going with RBC or Scotia, see one of their specialists. The people at local branches have no idea what they're talking about when it comes to professional LOCs.

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20 minutes ago, Snowmen said:

Whether or not you end up going with RBC or Scotia, see one of their specialists. The people at local branches have no idea what they're talking about when it comes to professional LOCs.

Haha I've noticed this. I know BMO isn't a top choice for the LOC, but I figured I'd speak to them since I know them well, just to get a starting point. 

The first person I spoke to wanted my parents to co-sign... 

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You just have to google something along the lines of "medical student LOC ____ bank" to find health care specialists (at least that's what I did for RBC, I would assume it would be the same for other banks). It's listed by region

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1 hour ago, tomjones85 said:

So i went to Scotiabank today, and they said i can only access the funds 30 days before school starts. Has this happened to anyone else? 

 

Surely you spoke with someone who doesn't know what they're talking about. I signed for mine a few days after my admission (3 months before school starts) and had access to the funds 2-3 days later.

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22 minutes ago, Snowmen said:

Surely you spoke with someone who doesn't know what they're talking about. I signed for mine a few days after my admission (3 months before school starts) and had access to the funds 2-3 days later.

yeah.....seems suspicious. I mean they want proof of course of acceptance etc, but that seems like a strange delay. Particularly because tuition is often due well before school starts in many cases. 

Who were you speaking to? The LOC rep? Or someone else?

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15 hours ago, rmorelan said:

yeah.....seems suspicious. I mean they want proof of course of acceptance etc, but that seems like a strange delay. Particularly because tuition is often due well before school starts in many cases. 

Who were you speaking to? The LOC rep? Or someone else?

See the person I was speaking to does know LOC's however looking at the scotiabank spsp document, they specialize in Law student LOC. Not sure if that even makes a difference.

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1 hour ago, tomjones85 said:

See the person I was speaking to does know LOC's however looking at the scotiabank spsp document, they specialize in Law student LOC. Not sure if that even makes a difference.

At my branch it would have - different people. 

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23 hours ago, tomjones85 said:

So i went to Scotiabank today, and they said i can only access the funds 30 days before school starts. Has this happened to anyone else? 

 

Unfortunately really does depend on the person and the knowledge. If you have any questions or concerns feel free to touch base with me.  kyle.ives@scotiabank.com 

 

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24 minutes ago, beepboopbot said:

so is Scotiabank still the best option? or have other banks caught on? 

For the usual top two banks it would be Scotia vs RBC I still think based on everything - those are the two banks that seem to really put an effort into med/dent student LOCs. Some particular schools have it better with one of those  (I mean I don't think it is all that hidden knowledge wise that Scotia is the go to bank for instance at Western for a variety of actually good reasons, and some other schools have a general preference for other players quite probably also for good reasons).  You can argue fine points - and people do - but it is hard to go wrong with that choice. 

General rules still apply - make sure you are working with a solid LOC expect at the bank. The LOC is critical for many (probably most) medical students but overall we are really a small number of people compared to most banking services. It is therefore hard to have every single banking rep all on the same page everywhere. The ones that do know those, well they really know their stuff. 

I will be trying out some new parts of the forum to consolidate some of this LOC stuff shortly (well probably after my exam realistically). We are trying to balance the serious need to know this stuff, without having any real advertising so we can be neutral collectively (although some moderators still have particular experiences with banks and preferences). I don't really have LOCs mentally in the same category as say premed services which can be much more predatory in my mind and not used by most. We just want to make sure people are informed.  

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10 minutes ago, rmorelan said:

For the usual top two banks it would be Scotia vs RBC I still think based on everything - those are the two banks that seem to really put an effort into med/dent student LOCs. Some particular schools have it better with one of those  (I mean I don't think it is all that hidden knowledge wise that Scotia is the go to bank for instance at Western for a variety of actually good reasons, and some other schools have a general preference for other players quite probably also for good reasons).  You can argue fine points - and people do - but it is hard to go wrong with that choice. 

General rules still apply - make sure you are working with a solid LOC expect at the bank. The LOC is critical for many (probably most) medical students but overall we are really a small number of people compared to most banking services. It is therefore hard to have every single banking rep all on the same page everywhere. The ones that do know those, well they really know their stuff. 

I will be trying out some new parts of the forum to consolidate some of this LOC stuff shortly (well probably after my exam realistically). We are trying to balance the serious need to know this stuff, without having any real advertising so we can be neutral collectively (although some moderators still have particular experiences with banks and preferences). I don't really have LOCs mentally in the same category as say premed services which can be much more predatory in my mind and not used by most. We just want to make sure people are informed.  

Thank you, that is very helpful. I'm not good with finances at all, so your pointers (and pointers on this forum) really help me. much appreciated.

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8 minutes ago, friedchickendudeMD said:

How do medstudents apply for OSAP? Are we even eligible?

Yea we'd be eligible. it's the same process as is for undergrad. You can still do estimates and all. Same website same everything. just put medicine as program name

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11 minutes ago, beepboopbot said:

Yea we'd be eligible. it's the same process as is for undergrad. You can still do estimates and all. Same website same everything. just put medicine as program name

I already got OSAP during undergrad. Will it affect my eligibility? i think OSAP is only maximum for 5 years. I could be wrong. Are there any scholarships or grants?

Many thanks for replying

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8 minutes ago, friedchickendudeMD said:

I already got OSAP during undergrad. Will it affect my eligibility? i think OSAP is only maximum for 5 years. I could be wrong. Are there any scholarships or grants?

Many thanks for replying

I received OSAP for 8 years in total between undergrad + med school, so no need to worry you will still be eligible. I think they've made it mostly grants now, and your school may have its own financial aid program with scholarships and grants on top of OSAP (we had this at Toronto at least)

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2 minutes ago, futurefamilydoc said:

I received OSAP for 8 years in total between undergrad + med school, so no need to worry you will still be eligible. I think they've made it mostly grants now, and your school may have its own financial aid program with scholarships and grants on top of OSAP (we had this at Toronto at least)

Thanks a lot! Is there a deadline to apply?

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1 hour ago, beepboopbot said:

Thank you, that is very helpful. I'm not good with finances at all, so your pointers (and pointers on this forum) really help me. much appreciated.

No problem! 

I always remind people that is important to have a bank advisor you can work with - a banker is just one of those professional relationships that you want to have for your future success. So when getting your LOC that is an important to "feel out things". Never hurts to ask people at the local school you are going to what is the locally favoured bank either - there probably is a reason why, and if you cannot decided between two places that might tip things over, and that sort of two way relationship is something both you and that bank would take steps to protect. That can help you in ways down the line. 

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Can anyone recommend a good Scotia advisor located in downtown Toronto? Or maybe a good advisor in general, if this doesn't see to be done in person?

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2 hours ago, jfdes said:

Can anyone recommend a good Scotia advisor located in downtown Toronto? Or maybe a good advisor in general, if this doesn't see to be done in person?

This isn't so much of a recommendation - it is just that I collect information on all the various banking reps at the various banks. If my records are correct:

Lynne Owen

416-866-3940 x4206

lynne.owen@scotiabank.com

is the primary LOC toronto contact. 

(and it doesn't have to be done in person - but meeting your advisor isn't a bad idea)

 

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