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

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9 minutes ago, MDLD said:

So when I emailed RBC I was told the following information... 

 

At RBC we offer  medical student line of credit up to $225000 limit, and there is no grace period to pay off the principal after graduation.

On their website it says 350 K limit and that there is a grace period so im hella confused. 

I think you should try a different advisor. That's such a bad deal LOL

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1 minute ago, dooogs said:

I think you should try a different advisor. That's such a bad deal LOL

okay so i'm not insane lol 

Their website says 350K i actually can't find anything about a grace period, has anyone been able to get an RBC LOC with a 2 year grace period after residency since that is what scotia bank is offering...  looks like i might be making the switch. 

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You are getting a raw deal.

My RBC LOC is 350k, and when I finish residency it immediately converts into a personal LOC at the same rate - no grace period needed as it will apparently never go into repayment.  You need to speak to a medical/dental specialist.

18 minutes ago, MDLD said:

okay so i'm not insane lol 

Their website says 350K i actually can't find anything about a grace period, has anyone been able to get an RBC LOC with a 2 year grace period after residency since that is what scotia bank is offering...  looks like i might be making the switch. 

 

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Just now, ellorie said:

You are getting a raw deal.

My RBC LOC is 350k, and when I finish residency it immediately converts into a personal LOC at the same rate - no grace period needed as it will apparently never go into repayment.  You need to speak to a medical/dental specialist.

 

yeah its messed I am emailed sherry keshavarz who on their website is the specialist for Queen's. Should I just contact another from a different school? 

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That's really weird then.

My contact is Tanya Francis in Toronto (tanya.francis@rbc.com) and we just spoke this week - I asked her about grace periods and she told me that my LOC will not go into repayment at all.  She increased my limit to 350k earlier this year without my even asking, I think.  I honestly have no idea how it got to 350k - when I started medical school it was 200k.  She's been really helpful and hooked me up with everything I needed.

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11 minutes ago, dooogs said:

Can everything be done online or do I have to go in ?

I'm working with RBC and Rob is setting everything up online for me, but I apparently will have to go into a bank to sign papers- BUT he's sending them to a bank near me, not like a London branch (which is where he is based)

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25 minutes ago, ellorie said:

That's really weird then.

My contact is Tanya Francis in Toronto (tanya.francis@rbc.com) and we just spoke this week - I asked her about grace periods and she told me that my LOC will not go into repayment at all.  She increased my limit to 350k earlier this year without my even asking, I think.  I honestly have no idea how it got to 350k - when I started medical school it was 200k.  She's been really helpful and hooked me up with everything I needed.

automatic increases ha - they don't want you to wake up one morning and realize your friends have 350K somewhere else so you leave. 

Scotia did the same thing, and also doesn't have any conversion really of consequences when you are staff. 

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1 hour ago, hbmed said:

I'm working with RBC and Rob is setting everything up online for me, but I apparently will have to go into a bank to sign papers- BUT he's sending them to a bank near me, not like a London branch (which is where he is based)

yeah that is common - you obviously have to sign something for 350K dollars (one would hope) but it really isn't that hard for any of the banks. 

(that was Rod right?)

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On 6/6/2020 at 11:45 AM, med97 said:

Hello!

Can someone please provide us with a link for the PDF document with the respective advisors for each bank that people have been discussing here? Thank you so much!

My contact in Vancouver RBC is Angeline, her email is angeline.martinez@rbc.com. 
 

i decided to go and switch to RBC because everyone is right - banks do change their stuff all the time! And everyone offers us the same things and freebies really. It really came down to the one who was fast to reply, really efficient and really got along great. I got my LOC approved in one day! 
She was highly recommended by my sister and her colleagues as well who are all physicians so I think I’d wanna stick with someone who will be with me beyond med school. She knows everything we need to know even beyond med school.
 

well... until Scotia has another offer I just can’t refuse...

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9 minutes ago, rmorelan said:

yeah that is common - you obviously have to sign something for 350K dollars (one would hope) but it really isn't that hard for any of the banks. 

(that was Rod right?)

I think its Rob Stewart. Just spoke to him. He said it may take 2 weeks to let me know about the approval. Is that usual ?

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1 hour ago, pacerpacer1 said:

My contact in Vancouver RBC is Angeline, her email is angeline.martinez@rbc.com. 
 

i decided to go and switch to RBC because everyone is right - banks do change their stuff all the time! And everyone offers us the same things and freebies really. It really came down to the one who was fast to reply, really efficient and really got along great. I got my LOC approved in one day! 
She was highly recommended by my sister and her colleagues as well who are all physicians so I think I’d wanna stick with someone who will be with me beyond med school. She knows everything we need to know even beyond med school.
 

well... until Scotia has another offer I just can’t refuse...

i am in ontario and will be at queens do you think there is a problem having someone who isn't near you?

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so Sherry got back to me said the 225k limit was a mistakeand that was her bad she forgot it had changed. That dosn't make me feel vvery good if she going to help me with my money lol.  But still says RBC has no grace period. 

 

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2 hours ago, hbmed said:

I'm working with RBC and Rob is setting everything up online for me, but I apparently will have to go into a bank to sign papers- BUT he's sending them to a bank near me, not like a London branch (which is where he is based)

how do you like rob? 

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12 minutes ago, MDLD said:

how do you like rob? 

Rob seems great- it sounds like he's been doing this for a long time, and from the grapevine he's very popular amongst the RBC clients at Western. And, he IS a healthcare specialist- not sure if the person you talked to was. That may be a factor

I also got it being about a 2 week wait, but I'm also not an existing RBC member, and it is a busier time now for these 

Also Rob didn't say anything about a grace period- but their LOC never goes into "repayment"- so no grace period should be needed with this plan

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1 hour ago, rmorelan said:

yeah that is common - you obviously have to sign something for 350K dollars (one would hope) but it really isn't that hard for any of the banks. 

(that was Rod right?)

Someone already replied, but yeah, Rob is the RBC rep for Western, Rod is the Scotia rep. Definitely no qualms about having to sign for that- totally makes sense. :lol:

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16 minutes ago, MDLD said:

so Sherry got back to me said the 225k limit was a mistakeand that was her bad she forgot it had changed. That dosn't make me feel vvery good if she going to help me with my money lol.  But still says RBC has no grace period. 

 

I mean it's actually true that RBC has no grace period - because the loan never actually goes into repayment.  So maybe she is confused about that aspect?

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2 hours ago, pacerpacer1 said:

My contact in Vancouver RBC is Angeline, her email is angeline.martinez@rbc.com. 
 

i decided to go and switch to RBC because everyone is right - banks do change their stuff all the time! And everyone offers us the same things and freebies really. It really came down to the one who was fast to reply, really efficient and really got along great. I got my LOC approved in one day! 
She was highly recommended by my sister and her colleagues as well who are all physicians so I think I’d wanna stick with someone who will be with me beyond med school. She knows everything we need to know even beyond med school.
 

well... until Scotia has another offer I just can’t refuse...

Angeline has been great for me too. She set my LOC up initially. She's usually very proactive (was quick to contact me about upgrading my LOC when RBC changed their plans last year, no hassle), gets back to me right away when I have questions or need something, etc. 

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1 hour ago, MDLD said:

so Sherry got back to me said the 225k limit was a mistakeand that was her bad she forgot it had changed. That dosn't make me feel vvery good if she going to help me with my money lol.  But still says RBC has no grace period. 

 

Yeah - that's a red flag. Someone who can't even be bothered to check their own company webpage for up to date information cannot be relied upon to be proactive or keep you up to date. It's not your job to educate the advisor on their products. Find someone else. RBC has lots of good advisors. 

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8 minutes ago, newnsa98 said:

Sorry if this has been asked before but when is tuition usually due? I haven't received any info on this yet.

September 25th if you receive OSAP; September 1st if you dont. Its broken up into 2 installments if you go to a 4 year school

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Can anyone advise me on how to choose a bank? From what I can tell, the only difference is in credit cards and credit card perks (and possibly perks later on when the packages come out for this year), but being a newbie, I have no clue. Should I just talk to the advisors at each bank to get more information? Or can someone explained why they chose their bank (it seems like Scotiabank, RBC, and CIBC are equivalent)?

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On 6/3/2020 at 5:05 AM, baloneymaloney said:

Hey guys,

Finally getting access to my Scotia LoC today 350k @ 2.25%). Planning to wire 150k to IBKR immediately to start investing. Is anybody else on this spicy leverage train with me?

I'm thinking about making a thread or Facebook group for med students trading with their LoC.

What are you planning on investing in right now? I took out $10k back in April but was too worried about another crash to put anything in, obviously made a mistake in doing nothing back then and it seems like we missed the boat

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15 minutes ago, Redpill said:

What are you planning on investing in right now? I took out $10k back in April but was too worried about another crash to put anything in, obviously made a mistake in doing nothing back then and it seems like we missed the boat

REITS and banks are still a good bet for Canadian stocks 

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6 hours ago, MDLD said:

i am in ontario and will be at queens do you think there is a problem having someone who isn't near you?

Not sure but my sister was in residency in Toronto when she got her LOC last year. And she didn’t have to meet with Angeline in person to sign documents, according to her everything was done remotely. I met her once last year so for me it wasn’t a problem. She just emailed me the documents and I emailed back pdf signatures. Also there wasn’t an option to come in her branch as it was closed anyway due to COVID. You can ask her and try if she can arrange everything over the phone

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