Q&a Forum Please?

[hohoho]

Medcest is a thing. I don't know if it's necessarily frowned upon. Can't be worse than the Lannisters. 

 Hahahahahahahahahahahahaaaa oh wow

[whovian]

Hey guys, I'm a long-time observer but just made an account to actually make some replies. I was also accepted to U of A this year (yay!). I'm from Calgary and will be looking to move up there, I was wondering what are the communities around the university that you guys recommend? Anything that is ideally walking distance to class would be amazing! 

[AIsForApple]

Hey guys, I'm a long-time observer but just made an account to actually make some replies. I was also accepted to U of A this year (yay!). I'm from Calgary and will be looking to move up there, I was wondering what are the communities around the university that you guys recommend? Anything that is ideally walking distance to class would be amazing! 

The two neighbourhoods immediately adjacent to the university are Belgravia and the Whyte Ave/Garneau areas, both of which are nice areas that are popular for student housing. Alternatively, you could just find someplace that's close to the LRT line (e.g. downtown), as there is a dedicated "Health Sciences" stop on the LRT. If someone isn't from Edmonton but is going to school here, there is a large chance that they live in either of the 3 areas I just mentioned

[LeBronto2019]

The two neighbourhoods immediately adjacent to the university are Belgravia and the Whyte Ave/Garneau areas, both of which are nice areas that are popular for student housing. Alternatively, you could just find someplace that's close to the LRT line (e.g. downtown), as there is a dedicated "Health Sciences" stop on the LRT. If someone isn't from Edmonton but is going to school here, there is a large chance that they live in either of the 3 areas I just mentioned

 

Completely agree! Also, if you're alright not being amongst students or the young professional life in Downtown or by university, you can also find other places along the LRT line. Southgate and Century Park come to mind as they are about 10 minutes or less away by train, have more centres nearby for shopping and other things, and have quite a bit of accommodation areas. 

[whovian]

Thanks to both of you  

[cw10]

Which bank do people usually use for their line of credit? Also curious if there was a particular branch or person you dealt with in Edmonton that was good.

[LakersFan]

f

[amichel]

I've heard most go with Scotia.

 

I also have a followup question: why do most people seem to need a line of credit? Is it mostly for people that aren't getting support from their parents (don't worry I fully intend to pay them back plus more when I'm out of school)?

Most people's parents can't fork over multiple tens of thousands of dollars a year for tuition and living expenses.

 

You are in a very fortunate position. Enjoy it!

 

PS: sorry, that sounded a tad snarky, didn't mean it that way at all. Best of luck!

[LakersFan]

f

[Justified]

No worries! Well I haven't applied for loans yet and I don't know how much the gov't will give to me. I might eventually end up needing a line of credit, my parents definitely aren't going to be able to help out with more than 10K a year. I'll look more into that when the situation rolls around!

 

I just recently applied for an RBC LOC, which is very comparable to the Scotiabank. Having gone through the painful process of applying at almost all major banks last year for an American school (only to be turned down because I didn't have strong enough cosigners) - RBC really impressed me with their pay-back plan and customer service. There's always government student loans through SIAMS (http://www.studentaid.alberta.ca/) as well - benefit with these is that there is no interest/payments while we're in school. Quite honestly, it's smart to apply for both. Here's a good structure:

 

- Use the SIAMS loans/grants *first*

- Use the LOC when you run out of SIAMS loans - this money you will have to pay interest payments on every month during school (prime - ~3% x the amount you owe / 12)

- When you graduate, it's a smart idea to transfer the amount of your SIAMS loans to your LOC - the interest rate is definitely lower

 

Hope this tidbit helps!

[LeBronto2019]

I think you have the opportunity to live at home, maybe have some scholarships or money saved up, etc. then really consider just going for provincial loans instead. If tuition is $13,500, you can take enough out of your student loans to get that much (or I think I maxed out at $10,000 for undergrad) and try to make up the other $3,500. From what others have said, you get more for being in professional programs but unless it's absolute last resort, don't do LOC!!! 

[plane]

Just my two cents: I had processed my application for my LOC early this summer, even though I will be utilizing student loans/bursaries first because:

 

(1) I wanted to get things done earlier and personally approach all 5 major banks re their med student LOC packages. LOCs are technically free as long as you don't use them, so why not have yours ready in case you'd need it? 

 

(2) Almost all of my daily transactions are via credit card -- having a free premium credit card means that I could start raking in points for free travel in the future!

[sleeping_sickness]

I went with the RBC LOC. I really like the customer service at RBC. Every interaction I've had with them has been fantastic. They're always available to answer questions, either over the phone or in person. I made it through the first 2 years of med school without touching my LOC but found that I used it quite a bit in med 3/4 with away electives and the CaRMS tour. I had provincial government loans and bursaries as well. Overall I'm not too worried about my debt load. It seems entirely manageable. I didn't live with my parents during med school and they didn't contribute to my tuition/living expenses.

[amichel]

No worries! Well I haven't applied for loans yet and I don't know how much the gov't will give to me. I might eventually end up needing a line of credit, my parents definitely aren't going to be able to help out with more than 10K a year. I'll look more into that when the situation rolls around!

I thought you meant without loans. Fair enough.

[amichel]

I think you have the opportunity to live at home, maybe have some scholarships or money saved up, etc. then really consider just going for provincial loans instead. If tuition is $13,500, you can take enough out of your student loans to get that much (or I think I maxed out at $10,000 for undergrad) and try to make up the other $3,500. From what others have said, you get more for being in professional programs but unless it's absolute last resort, don't do LOC!!!

Actually I think everyone should apply for one so you have it if you need it. Don't have to use it.

 

Unless you have uncontrollable spending habits, haha.

[LeBronto2019]

Actually I think everyone should apply for one so you have it if you need it. Don't have to use it.

 

Unless you have uncontrollable spending habits, haha.

 

But shouldn't we apply for it when we need it? I have leftover of scholarship money to pay off a year or two, so couldn't I apply before clerkship and use when needed? 

[amichel]

But shouldn't we apply for it when we need it? I have leftover of scholarship money to pay off a year or two, so couldn't I apply before clerkship and use when needed?

You could, or you could just do it now when you have free time. also if you need it unexpectedly, it takes a week or so to get.

[LeBronto2019]

You could, or you could just do it now when you have free time. also if you need it unexpectedly, it takes a week or so to get.

 

but doesn't the interest kick in based on how much you decide to use at that time? for example, if I decide to get a cheap car to use, then i'm tapping into the LOC and interest begins to accumulate from then onwards. 

[amichel]

but doesn't the interest kick in based on how much you decide to use at that time? for example, if I decide to get a cheap car to use, then i'm tapping into the LOC and interest begins to accumulate from then onwards.

Well of course you should use other sources first? Not the point in trying to make here.

[sleeping_sickness]

but doesn't the interest kick in based on how much you decide to use at that time? for example, if I decide to get a cheap car to use, then i'm tapping into the LOC and interest begins to accumulate from then onwards. 

I would apply for the LOC now and then just let it sit. It's not hard to have it set up but you may find that you won't have the time later. That way it's available in case of emergencies. If you have other funds available, use those first. Like I said, I signed up for the LOC before first year and didn't touch it until third year. 

[LeBronto2019]

I would apply for the LOC now and then just let it sit. It's not hard to have it set up but you may find that you won't have the time later. That way it's available in case of emergencies. If you have other funds available, use those first. Like I said, I signed up for the LOC before first year and didn't touch it until third year. 

 

Thank you for the advice! I spoke to TD today and they have some program that allows professionals (med and dent students included) to have a similar process as an LOC but with higher limits and less interest rates so I may venture down that path. Even though I'm paying all university tuitions on my own, parents are really iffy about having any debt later and cringe when I mention LOC. 

[amichel]

Thank you for the advice! I spoke to TD today and they have some program that allows professionals (med and dent students included) to have a similar process as an LOC but with higher limits and less interest rates so I may venture down that path. Even though I'm paying all university tuitions on my own, parents are really iffy about having any debt later and cringe when I mention LOC.

Hmm something is getting lost in communication. Maybe this is just the regular med student line of credit they are offering you? Should be pretty much the same between all the banks.

[sleeping_sickness]

Hmm something is getting lost in communication. Maybe this is just the regular med student line of credit they are offering you? Should be pretty much the same between all the banks.

It definitely sounds like the typical med school line of credit. Ridiculous limit of, what is it now, $250k at prime interest! Last I checked prime was something like 2.85%. It's definitely worth having, even just for piece of mind.