MD2015 Posted June 7, 2015 Report Share Posted June 7, 2015 The above poster Tacrolimus is wrong - the LOC is at PRIME! Any med student offered a LOC at prime + 0.05% should NOT accept. Link to comment Share on other sites More sharing options...
Tacrolimus Posted June 7, 2015 Report Share Posted June 7, 2015 Ah, alright. My bad, I thought it was prime + 0.5%. That's great to know. Thank you both! Link to comment Share on other sites More sharing options...
MolarSolution Posted June 9, 2015 Report Share Posted June 9, 2015 . Link to comment Share on other sites More sharing options...
wottawa Posted June 17, 2015 Report Share Posted June 17, 2015 Hi. Would only the acceptance letter be required to release the funds as well or would we need a confirmation of enrollment for the funds to be released? Link to comment Share on other sites More sharing options...
wottawa Posted June 17, 2015 Report Share Posted June 17, 2015 Hi Schmitty. Was the acceptance letter sufficient for the release of funds for you? or did you need to wait till you get your confirmation of enrollment? For those looking for a good contact at an RBC downtown, I worked with this account manager: Veena Janardhanan | Sr Account Manager , University & Dundas Branch | RBC Royal Bank | Royal Mutual Funds Inc.| T. 416-313-5268 | F. 416-974-0023 She also specializes in MD/Dent LOCs and spend a lot of time with me in one meeting and did everything that was needed to get my full LOC amount quickly without a cosigner and with significant previous debt. Link to comment Share on other sites More sharing options...
schmitty Posted June 18, 2015 Report Share Posted June 18, 2015 Hi Schmitty. Was the acceptance letter sufficient for the release of funds for you? or did you need to wait till you get your confirmation of enrollment? When i got mine, my ROSI account (that's the U of T student information portal) showed "MD" and "accepted" or something like that. I just logged into my account in front of her and that was it. Link to comment Share on other sites More sharing options...
advisor.nalin Posted June 19, 2015 Author Report Share Posted June 19, 2015 CIBC Profesional Edge line of credit repayment options: Continue using your Professional Edge Student PLC with interest only payments You can continue using your Professional Edge Student PLC with payments of 3% of the outstanding balance or $60 - whichever is greater Convert your Professional Edge Student PLC to a CIBC Personal Loan with set principal and interest payments (Loan option allows you to make payments over 20 years for balances above $40,000) Amount Maximum amortization $10,000 or less 5 years (60 months) $10,000 — $20,000 10 years (120 months) $20,001 — $40,000 15 years (180 months) $40,000 or more 20 years (240 months Pay off all or part of the line of credit or loan at any time without penalty For all repayment options you get to keep the same variable rate of interest you had while in school Link to comment Share on other sites More sharing options...
rmorelan Posted June 20, 2015 Report Share Posted June 20, 2015 CIBC Profesional Edge line of credit repayment options: Continue using your Professional Edge Student PLC with interest only payments Convert your Professional Edge Student PLC to a CIBC Personal Loan with set principal and interest payments (Loan option allows you to make payments over 20 years for balances above $40,000) Amount Maximum amortization $10,000 or less 5 years (60 months) $10,000 — $20,000 10 years (120 months) $20,001 — $40,000 15 years (180 months) $40,000 or more 20 years (240 months) Pay off all or part of the line of credit or loan at any time without penalty For all repayment options you get to keep the same variable rate of interest you had while in school why would anyone chose option b )? - assuming both a) and c) would available. Link to comment Share on other sites More sharing options...
advisor.nalin Posted June 20, 2015 Author Report Share Posted June 20, 2015 why would anyone chose option ? - assuming both a) and c) would available. It all depends on the individual student, but the two main reasons are that they like having a deadline and tax planning. Link to comment Share on other sites More sharing options...
rmorelan Posted June 20, 2015 Report Share Posted June 20, 2015 It all depends on the individual student, but the two main reasons are that they like having a deadline and tax planning. but the loan is not taxable(?) It is a personal loan. What tax planning would be involved other than the usual income tax consequences of receiving income to pay for the loan etc from your corporation subject to tax? That is going to happen regardless. They only advantage would be the enforcement of deadlines, no? (and that is what automatic payments are for anyway - give you the same advantages without the disadvantage of having a rigid schedule). Link to comment Share on other sites More sharing options...
advisor.nalin Posted June 22, 2015 Author Report Share Posted June 22, 2015 but the loan is not taxable(?) It is a personal loan. What tax planning would be involved other than the usual income tax consequences of receiving income to pay for the loan etc from your corporation subject to tax? That is going to happen regardless. They only advantage would be the enforcement of deadlines, no? (and that is what automatic payments are for anyway - give you the same advantages without the disadvantage of having a rigid schedule). I have had requests form students to convert line of credit them to a loan in their professional corporation, but thats advice they have recieved from their accountants, I assume they have a way around it. The repayment option depends on the student and how they want to manage their debt. I advise students to keep the line of credit under interest only payments and calculate the repayment figure based on the students time line (5,10,15,20 years) and just set up automatic payments. All froms of repayment allow you to pay it off in full or partial without a penalty or charges. Link to comment Share on other sites More sharing options...
robclem21 Posted June 29, 2015 Report Share Posted June 29, 2015 Hi Everyone, I will be entering medical school this fall at UofT and since many of you are in the same boat, I thought it would be a good time to share my experiences with the major financial institutions. After spending months researching medical student LOCs and meeting with advisors from almost every major bank (CIBC, TD, Scotia, RBC, and BMO), I decided to sign up with Nalin at CIBC. As someone with relatively little personal finance experience, I took the advice of many members here and focused on one main thing: customer service. Most banks were very quick to match LOC amounts (275K), interest rate (prime), and waive the fees on travel credit cards (up to all 4 years). However, where I noticed a big difference was in Nalin’s knowledge base, communication, and determination to provide the highest quality service for his clients. Before our first meeting, Nalin offered to commute to downtown Toronto and meet at a branch that was convenient for me (across the street from where I work). Furthermore, he was quick and detailed with responses and confirmation; something I definitely valued and appreciated. During our meeting, he was able to thoroughly describe the professional student LOC services offered by CIBC and answer all questions I had related to perks, annual limits, repayment, credit cards, bank accounts, etc. He was even knowledgeable about the services offered by other banks as well. This was very helpful when trying to communicate my expectations, and was not something I encountered when meeting with other advisors. Most importantly, Nalin is a leader at CIBC for dealing with medical student LOCs. He truly values you as a client, and will simply accommodate you over miniscule costs (cheques, forms, etc.). His growing network of medical students, residents, and physicians has further helped him advocate for the best possible student deals and position himself within CIBC to improve options for students. I have had nothing but positive experiences with Nalin at every stage from information gathering, to signing, to processing my LOC. At the very least, I encourage you to contact him (his username is available on this forum) prior to making a decision and if you have questions related to anything in my post, please don’t hesitate to PM me. Link to comment Share on other sites More sharing options...
xkittens Posted June 29, 2015 Report Share Posted June 29, 2015 I will also chime in and say that Nalin is an excellent human, and I'm not even signing on with CIBC. Link to comment Share on other sites More sharing options...
Borborygmi Posted June 30, 2015 Report Share Posted June 30, 2015 . Link to comment Share on other sites More sharing options...
Prof.A.DumbleDore Posted June 30, 2015 Report Share Posted June 30, 2015 Hi Everyone, I will be entering medical school this fall at UofT and since many of you are in the same boat, I thought it would be a good time to share my experiences with the major financial institutions. After spending months researching medical student LOCs and meeting with advisors from almost every major bank (CIBC, TD, Scotia, RBC, and BMO), I decided to sign up with Nalin at CIBC. As someone with relatively little personal finance experience, I took the advice of many members here and focused on one main thing: customer service. Most banks were very quick to match LOC amounts (275K), interest rate (prime), and waive the fees on travel credit cards (up to all 4 years). However, where I noticed a big difference was in Nalin’s knowledge base, communication, and determination to provide the highest quality service for his clients. Before our first meeting, Nalin offered to commute to downtown Toronto and meet at a branch that was convenient for me (across the street from where I work). Furthermore, he was quick and detailed with responses and confirmation; something I definitely valued and appreciated. During our meeting, he was able to thoroughly describe the professional student LOC services offered by CIBC and answer all questions I had related to perks, annual limits, repayment, credit cards, bank accounts, etc. He was even knowledgeable about the services offered by other banks as well. This was very helpful when trying to communicate my expectations, and was not something I encountered when meeting with other advisors. Most importantly, Nalin is a leader at CIBC for dealing with medical student LOCs. He truly values you as a client, and will simply accommodate you over miniscule costs (cheques, forms, etc.). His growing network of medical students, residents, and physicians has further helped him advocate for the best possible student deals and position himself within CIBC to improve options for students. I have had nothing but positive experiences with Nalin at every stage from information gathering, to signing, to processing my LOC. At the very least, I encourage you to contact him (his username is available on this forum) prior to making a decision and if you have questions related to anything in my post, please don’t hesitate to PM me. I contacted Nalin over the phone once to inquire my options of staying with my home bank (CIBC) for my LOC. While I ultimately ended up going with RBC for my LOC, Nalin was extremely knowledgeable and forthright. I was extremely torn into staying with CIBC and going with Nalin as my advisor but I ultimately ended up going with RBC. Link to comment Share on other sites More sharing options...
amichel Posted June 30, 2015 Report Share Posted June 30, 2015 All of these read like paid advertisements, haha. I'm sure they're not but just so you know. Link to comment Share on other sites More sharing options...
Bambi Posted June 30, 2015 Report Share Posted June 30, 2015 To give balance, lol. I had a horrible experience with CIBC - and would never use them. So, each to our own experience and long live competition. Link to comment Share on other sites More sharing options...
xkittens Posted June 30, 2015 Report Share Posted June 30, 2015 All of these read like paid advertisements, haha. I'm sure they're not but just so you know. Haha that's what I thought as well, then I met Nalin. Hell now it's starting to sound like a cult. Seriously though bad LOC advisors are really annoying to deal with and after going to 6 or 7 banks myself I really think a good agent is valuable Link to comment Share on other sites More sharing options...
snacks Posted June 30, 2015 Report Share Posted June 30, 2015 I feel like I should give a plug for Rod McFadden at Scotia as far as London advisors go. Really down to earth guy compared to some of the financial people I talked to at other institutions, and a lot more knowledgeable. Made everything really easy and understandable! Link to comment Share on other sites More sharing options...
robclem21 Posted June 30, 2015 Report Share Posted June 30, 2015 All of these read like paid advertisements, haha. I'm sure they're not but just so you know. Ya, I know it sounds like that, but its really hard to find good advisors and I thought there would be many students who could benefit from my experiences. At the very least, it doesn't hurt to send a quick message or email and find our for yourself. It's not like anything is being sold up front. Link to comment Share on other sites More sharing options...
ploughboy Posted June 30, 2015 Report Share Posted June 30, 2015 Haha that's what I thought as well, then I met Nalin. Hell now it's starting to sound like a cult. Nalin cured my bunions and my diabeetus. Link to comment Share on other sites More sharing options...
Bambi Posted June 30, 2015 Report Share Posted June 30, 2015 When did he receive his M.D.? Link to comment Share on other sites More sharing options...
rmorelan Posted June 30, 2015 Report Share Posted June 30, 2015 I feel like I should give a plug for Rod McFadden at Scotia as far as London advisors go. Really down to earth guy compared to some of the financial people I talked to at other institutions, and a lot more knowledgeable. Made everything really easy and understandable! Quite the popular one at Western for sure - statistically speaking last time I checked Scotia did the bulk of the student LOC business for both med and dent in London/Windsor. Part of that is they really support the school in general and make LOCs a big part of their business plan. Link to comment Share on other sites More sharing options...
rmorelan Posted June 30, 2015 Report Share Posted June 30, 2015 All of these read like paid advertisements, haha. I'm sure they're not but just so you know. ha we are walking a fine line on these - still trying to figure out a balance between people getting the info that is useful, and flat out advertising. Still working on it. at the very least I am very serious about getting access to the information. That is the key. Transparency. Link to comment Share on other sites More sharing options...
RichardHammond Posted June 30, 2015 Report Share Posted June 30, 2015 I know all these posts sound cult-ish but Nalin is genuinely a great guy! He gave me a Nalin flag, a Nalin follower uniform and I'm waiting for my hard copy of the Book of Nalin. Link to comment Share on other sites More sharing options...
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