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If you have a representative from the city you're going to for school, they are usually more knowledgeable about the program, cost of tuition, housing, proof of enrollment etc. I went with an RBC representative from my hometown and he wasn't as familiar. I had to wait till I got the the statement of account for the LOC to be processed, whereas some people get processed based off of a letter of enrollment from the school. Also if you have someone completely unfamiliar with medical student LOCs, they might insist you need a cosigner, which is generally not true.

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If you have a representative from the city you're going to for school, they are usually more knowledgeable about the program, cost of tuition, housing, proof of enrollment etc. I went with an RBC representative from my hometown and he wasn't as familiar. I had to wait till I got the the statement of account for the LOC to be processed, whereas some people get processed based off of a letter of enrollment from the school. Also if you have someone completely unfamiliar with medical student LOCs, they might insist you need a cosigner, which is generally not true.

 

exactly - ONLY deal with the professional student loan manager. Ask who ever you are dealing with how many professional student loans they have personally arranged. If the number is less than 50 you are dealing with the wrong person and wasting your time.

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My experience chatting with the RBC rep (one of the ones you mentioned) is one of the things that turned me away from RBC here in London. They said several things that weren't true, and were either trying to misinform me to make their services look better, or they genuinely knew less than I did. Either way I walked out with my mind made up to avoid RBC. I think the local rep you go with is a really important part of the LOC decision, so pay close attention to how they treat you!

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err that isn't good - you would think they would have people standing by at this point ha!

Honestly the things they do sometimes it's ridiculous.

 

I've generally been happy with Scotia, but they sent me a letter a few weeks back congratulating me on completing residency and letting me know I'd need to start paying x number of dollars a month. I'm still in med school. Like really?

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I found a good rep. straight forward and simple. Hopefully it works out well!

The two examples I can think of is 1: saying that no bank is allowed to request a letter of enrollment from the school directly - but Scotia does this. 2: saying that no other bank offers to convert to a professional line of credit after residency - but Scotia also can do this. I don't remember if there were others. But I got a vibe from them that they felt I should be honored to get an LoC offer from them, whereas Scotia it felt like they felt honored to have me as a client. And yeah, something like that ( plus the convenience of the Scotia interest payments which roll on automatically) made the difference!

 

EDIT: I think you changed your post so I'm glad things worked out! For other readers ' sake, I was responding to a question about my specific experience with a London RBC rep

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The two examples I can think of is 1: saying that no bank is allowed to request a letter of enrollment from the school directly - but Scotia does this. 2: saying that no other bank offers to convert to a professional line of credit after residency - but Scotia also can do this. I don't remember if there were others. But I got a vibe from them that they felt I should be honored to get an LoC offer from them, whereas Scotia it felt like they felt honored to have me as a client. And yeah, something like that ( plus the convenience of the Scotia interest payments which roll on automatically) made the difference!

 

EDIT: I think you changed your post so I'm glad things worked out! For other readers ' sake, I was responding to a question about my specific experience with a London RBC rep

 

 

 

I was on the phone with RBC yesterday and they said that they were the only ones that will convert to a professional LOC after, Scotia can do this too? RBC said something along the lines of they don't ask you to reapply for anything. 

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exactly - ONLY deal with the professional student loan manager. Ask who ever you are dealing with how many professional student loans they have personally arranged. If the number is less than 50 you are dealing with the wrong person and wasting your time.

I don't necessarily agree with this. I set mine up with the CIBC branch in my small town back home through my standard financial advisor (not saying it is the best LOC, but it meets my needs). With regards to the actual service when setting it up, I had no issues. They knew eno ugh about their services, and it was extremely easy to go talk to them and get all my documents signed, which I liked.

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I was on the phone with RBC yesterday and they said that they were the only ones that will convert to a professional LOC after, Scotia can do this too? RBC said something along the lines of they don't ask you to reapply for anything. 

Definitely ask Rod about this, Scotia can do this. Also,when I went to RBC they said I'd have to show them an enrolment letter every year, so not re-applying, but also another annoying task to keep track of.

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We can definitely do Professional Lines of credit which are at Prime as well.  We don't convert the existing line of credit we look at setting up a new one that is at Prime as well.  The limits on these can vary depending on income and each one is done on a case by case basis.  The approval process is simple and takes no time at all.  The big reason for keeping the line of credit open after completion of residency is for tax purposes.  You will want to aggressively pay down your debt to reduce interest costs each year but want the ability to then re-borrow when the wonderful CRA comes a calling.  This is really only needed for the first few years after completion of residency until your school debts are paid off. 

 

We certainly do want people to pay down the debts as quickly as possible as this is the wise financial choice.  The other thing I always say to people is look at what is the best fit for you today.  The products are rapidly changing and you have a minimum of 6 years until completion of residency.  The products at all banks will more than likely look completely different 6 years from now than they do today.  Maybe at that time you decide that the bank you are with isn't a good fit due to product you can switch banks at any time without penalty.  It is a competitive landscape which is a great thing for you as consumers. 

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