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

[Eudaimonia]

10 hours ago, canada747 said:

Can I still get the full 275K if I have a cheaper tuition than most Ontario schools? I may not realistically never need to dip into my LOC, but would like one just in case.

You definitely can! Just signed for mine no problem

[BCGirl]

Did anyone negotiate other perks besides the two credit cards with Scotia? Free cheques, unlimited e-transfers etcetera? I want to make sure I'm getting any extra perks I can!

[NeuroD]

59 minutes ago, trnsatlnticism said:

Did anyone negotiate other perks besides the two credit cards with Scotia? Free cheques, unlimited e-transfers etcetera? I want to make sure I'm getting any extra perks I can!

I've got free cheques. Don't know about etransfers. I don't use them much.

[xiphoid]

1 hour ago, trnsatlnticism said:

Did anyone negotiate other perks besides the two credit cards with Scotia? Free cheques, unlimited e-transfers etcetera? I want to make sure I'm getting any extra perks I can!

 

3 minutes ago, PhD2MD said:

I've got free cheques. Don't know about etransfers. I don't use them much.

The standard (at least what I was told when I contacted a rep) is free cheques and 2 e-transfers a month. Not sure if anyone's negotiated the e-transfers, it just seems really inconvenient after I've gotten so used to RBC's unlimited free e-transfers.

[ScotiabankMedsAdvisor]

12 minutes ago, xiphoid said:

 

The standard (at least what I was told when I contacted a rep) is free cheques and 2 e-transfers a month. Not sure if anyone's negotiated the e-transfers, it just seems really inconvenient after I've gotten so used to RBC's unlimited free e-transfers.

You should get unlimited e-transfers in school.  Have them setup the student banking advantage plan account which gives unlimited e-transfers.

[canada747]

Can we apply for an LOC with only our proof of admission? Or do we need to have an invoice for tuition first?

Thanks!

[xiphoid]

2 minutes ago, canada747 said:

Can we apply for an LOC with only our proof of admission? Or do we need to have an invoice for tuition first?

Thanks!

I was told by RBC and Scotiabank that the LOC wouldn't be released until you provide verification of enrollment. Scotia said they could release $5000 before that though if I needed it to put a deposit on first and last month's rent. But you can apply with just the admission letter.

[Eudaimonia]

1 minute ago, canada747 said:

Can we apply for an LOC with only our proof of admission? Or do we need to have an invoice for tuition first?

Thanks!

My application got accepted at Scotiabank with just the med acceptance letter. I would imagine RBC is the same. Only heard of some branches in Toronto I think that required proof of enrollment 

[rmorelan]

18 minutes ago, Eudaimonia said:

My application got accepted at Scotiabank with just the med acceptance letter. I would imagine RBC is the same. Only heard of some branches in Toronto I think that required proof of enrollment 

sometimes that depends on the relationship with the bank and school and how exactly the school phrases things (had one schools acceptance flat out state it was conditional for instance on certainly things that aren't available until later - as an example graduating. Officially then you are technically in limbo until then etc, but some banks go ahead anyway.)

 

[ScotiabankMedsAdvisor]

On 5/24/2018 at 1:58 PM, Eudaimonia said:

My application got accepted at Scotiabank with just the med acceptance letter. I would imagine RBC is the same. Only heard of some branches in Toronto I think that required proof of enrollment 

The proper policy is that we can approve the line of credit with an offer of admission.  We cannot give access to the funds however until we have proof that you have accepted the offer.  As mentioned above if you need access to a small limit to make the deposit this can be done.

[ScotiabankMedsAdvisor]

I also wanted to let everyone know we have some exciting changes coming to our plan in next couple of weeks.  I met with some of our VPs last night to discuss the changes.  I will post the updates as soon as they are finalized.  I am bias but I believe these changes will make the decision easy for the majority of medical students to choose Scotiabank.

[IMislove]

1 minute ago, ScotiabankMedsAdvisor said:

I also wanted to let everyone know we have some exciting changes coming to our plan in next couple of weeks.  I met with some of our VPs last night to discuss the changes.  I will post the updates as soon as they are finalized.  I am bias but I believe these changes will make the decision easy for the majority of medical students to choose Scotiabank.

So does that mean wait for those changes to go through first before looking at LOCs?

[xiphoid]

15 minutes ago, ScotiabankMedsAdvisor said:

I also wanted to let everyone know we have some exciting changes coming to our plan in next couple of weeks.  I met with some of our VPs last night to discuss the changes.  I will post the updates as soon as they are finalized.  I am bias but I believe these changes will make the decision easy for the majority of medical students to choose Scotiabank.

Same question as above... Was planning on signing perhaps next week or the week after, so should I wait?

[TheC0median]

Hey there, so I hope to choose Scotiabank for my LOC and the Student Professional Plan. I understand they cannot give access to LOC funds, however are we able to receive the two credit cards. They would be quite beneficial this summer for travel (especially the new Visa). 

[casajayo]

1 hour ago, ScotiabankMedsAdvisor said:

I also wanted to let everyone know we have some exciting changes coming to our plan in next couple of weeks.  I met with some of our VPs last night to discuss the changes.  I will post the updates as soon as they are finalized.  I am bias but I believe these changes will make the decision easy for the majority of medical students to choose Scotiabank.

Same question as the others - I planned to set up a meeting next week, but wondering if I should wait? Or would it still be valuable to meet and then finalize at a later point when the new offer comes out?

[ScotiabankMedsAdvisor]

You can certainly start looking.  The vast majority of the program will not change.  Account will remain the same with fees waived.  Credit cards will stay the same with passport infinite and gold Amex with fees waived for duration of school & residency .  2 year grace period after completion of residency/fellowship with ability to convert to a professional line.  Interest rate will remain the same.  If you set it up before the changes you can always amend it after.

[Snowmen]

12 hours ago, ScotiabankMedsAdvisor said:

You can certainly start looking.  The vast majority of the program will not change.  Account will remain the same with fees waived.  Credit cards will stay the same with passport infinite and gold Amex with fees waived for duration of school & residency .  2 year grace period after completion of residency/fellowship with ability to convert to a professional line.  Interest rate will remain the same.  If you set it up before the changes you can always amend it after.

So the new standard for Scotia is the Passport Infinite instead of the Passport Gold?

[fremulon]

Does anyone have the original document or any helpful links?

[Eudaimonia]

@Mac the Marauder The plans have changed a bit since the document but you should get the gist of the various factors by reading this thread

1 hour ago, Snowmen said:

So the new standard for Scotia is the Passport Infinite instead of the Passport Gold?

Yeah I guess their website is outdated. I was offered the Infinite upfront without any negotiating. 

[ScotiabankMedsAdvisor]

14 minutes ago, Snowmen said:

So the new standard for Scotia is the Passport Infinite instead of the Passport Gold?

It is now an option under the plan.  There are certain income requirements to get the card as it is an infinite product.  The majority of students/residents can meet one of the requirements.

[distressedpremed]

1 hour ago, ScotiabankMedsAdvisor said:

It is now an option under the plan.  There are certain income requirements to get the card as it is an infinite product.  The majority of students/residents can meet one of the requirements.

If you have the passport gold already, can you upgrade to the infinite? 

[GTA Med Advisor]

3 minutes ago, distressedpremed said:

If you have the passport gold already, can you upgrade to the infinite? 

Yes, you can. Just speak to your Advisor about switching over.

[jumbocup]

Any particular things to look out for from other med students in BC? Seems like Scotia still has the best perks. 

[j17f]

@rmorelan do you have the contact info for a Reputable Scotia advisor in Ottawa? 

[rmorelan]

40 minutes ago, Jfourn said:

@rmorelan do you have the contact info for a Reputable Scotia advisor in Ottawa? 

sure - I will forward it when I get home. I try to keep information on as many of the of the advisers as I can. Definitely have Ottawa.

FYI - the long sig is now quite poetic ha