Jump to content
Premed 101 Forums

Recommended Posts

Hello, everyone.

While the LOC pinned post is extremely resourceful, it is getting difficult to sift through the years of information as well as the different deals offered by different banks.

Just as we do with acceptances/rejections, I thought it may be helpful to have a thread to post what LOC deal you were able to achieve.

I am interested to see what the general trend is so that we know what to ask for when we sign our own LOC's.

Feel free to include additional information beyond what is specified below.

What year was it signed?:

Bank Name:

Interest Rate:

Grace Period after Graduation from Residency:

Credit Card:

Additional Perks:

Advisor Name, Review, Contact Info [Optional]:

 

Looking forward to hearing your responses!

Share this post


Link to post
Share on other sites

not at bad idea - seems in general we are getting A LOT more questions about finance in general in the forum. We probably are going to create a subforum for finance as a result where these sorts of thing may have a home. 

I guess it makes sense - as tuition rises and costs increase more than income sources etc attention to how all of this is going to work out money wise would increase as well. 

Share this post


Link to post
Share on other sites
2 hours ago, MacMed2020 said:

Does someone who has their LoC with TD mind posting what they were able to bargain for? I'm interested in if they're able to match what Scotia offers...

My friends were able to obtain Prime - 0.25% from TD. They were offered one credit card - either the First Class Visa Infinite or the TD Aeroplan Visa Infinite, with the annual fees waived.

Share this post


Link to post
Share on other sites
42 minutes ago, ArchEnemy said:

My friends were able to obtain Prime - 0.25% from TD. They were offered one credit card - either the First Class Visa Infinite or the TD Aeroplan Visa Infinite, with the annual fees waived.

Interesting.. I'm finding it hard to justify going with TD since they require monthly interest payments even during school and don't allow you to convert to a professional line of credit afterwards

Share this post


Link to post
Share on other sites
32 minutes ago, MacMed2020 said:

Interesting.. I'm finding it hard to justify going with TD since they require monthly interest payments even during school and don't allow you to convert to a professional line of credit afterwards

You can set up the LOC to pay itself for the interest monthly. Speak to your advisor about that. Not sure about converting it into a professional line of credit after.

Share this post


Link to post
Share on other sites

Scotia gave me 275k, prime - 0.25, infinite momentum/ScotiaGold fees waived, and repayment starts 6 months after graduation (dental school). It stays as a line of credit with the same interest rate (prime - 0.25) after graduation and doesn't require interest payments during school. Also, the full 275k is available up front.

Share this post


Link to post
Share on other sites

What year was it signed?: 2016

Bank Name: Scotia

Interest Rate: Prime (gonna take care of that once the school year is over)

Grace Period after Graduation from Residency: 1 year I believe

Credit Card: Visa Passport Gold and AmEx Gold

Additional Perks: 200k up front with an extra 75k during residency

Advisor Name, Review, Contact Info [Optional]:

Share this post


Link to post
Share on other sites

What year was it signed?: 2017

Bank Name: Scotiabank

Interest Rate: Prime-0.25% (had to ask for it though!) 

Grace Period after Graduation from Residency: 12 months 

Credit Card: Haven't decided yet 

Additional Perks: Do not have to make interest payments during school, interest rate will always stay at prime-0.25%, advisor is going to try to get me some CFL tickets :P 

Advisor Name, Review, Contact Info [Optional]: JP Yong (Ottawa), was very nice and eager to make sure I understood and was happy with everything, jp.yong@scotiabank.com

Share this post


Link to post
Share on other sites
4 hours ago, PhoenixFlare500 said:

Interest still accumulates.

yeah sometimes the wording used is a bit confusing - there is no such thing as a LOC that is not charging interest. All the banks are equivalent about this although they may make it more or less automatic. Most people end up paying routinely hundreds of dollars per month in interest by the end. 

 

Share this post


Link to post
Share on other sites
6 hours ago, Goku said:

Is this a thing!?

The interest still accrues, the advisor said it just gets added to the total I owe for repayment after residency rather than having to make monthly payments during medical school 

Share this post


Link to post
Share on other sites
2 hours ago, MacMed2020 said:

Does anyone know what two credit cards are best to go with for Scotia? I saw someone in the big LoC thread say Infinite Momentum Visa and Gold AmEx but then someone else said that it wasn't possible to negotiate for that...

Yeah my advisor, who's a specialist in this, said that if they offer it to one person, they'll have to offer it to everyone. So yeah. I didn't bother negotiating.

Share this post


Link to post
Share on other sites

What year was it signed?: 2013

Bank Name: Scotia

Interest Rate: prime minus 0.25

Grace Period after Graduation from Residency: Not sure, probably 1 year.

Credit Card: ScotiaGold passport but I use Costco CapitalOne. Not sure how the momentum compares.

Additional Perks: Free email transfers. Not sure.

Advisor Name, Review, Contact Info [Optional]: pm me.

Edited by W0lfgang

Share this post


Link to post
Share on other sites

What year was it signed?: 2017

Bank Name: Scotiabank

Interest Rate: Prime-0.25% = currently 2.45% :D

Grace Period after Graduation from Residency: 1 year but my advisor said this is irrelevant since I can convert the line into a professional LOC with a similar rate after I finish residency.

Credit Card: Visa Passport Gold and AmEx Gold

Additional Perks: Interest is capitalized during school (no monthly payments!), interest rate will always stay at prime-0.25, direct access to the entirety of the LOC

Advisor Name, Review, Contact Info [Optional]: Beth Dai in Ottawa main branch, she is a sweetheart and was super understanding! Very knowledgeable too! IGN 10/10 would recommend :P beth.dai@scotiabank.com

Edited by Naturefeelzz

Share this post


Link to post
Share on other sites
On 2017-6-3 at 7:09 PM, Coronaxtra said:

Scotia gave me 275k, prime - 0.25, infinite momentum/ScotiaGold fees waived, and repayment starts 6 months after graduation (dental school). It stays as a line of credit with the same interest rate (prime - 0.25) after graduation and doesn't require interest payments during school. Also, the full 275k is available up front.

Hi Corona,

I also want the Infinite Momentum/ScotiaGold combo instead of the AmEx/ScotiaGold combo. Did they give you grief about changing from AmEx to Infinite Momentum or no problem at all to change? Also are the fees for both waived for all years until repayment or just for the first year? Thanks.

Share this post


Link to post
Share on other sites
44 minutes ago, northo60 said:

Hi Corona,

I also want the Infinite Momentum/ScotiaGold combo instead of the AmEx/ScotiaGold combo. Did they give you grief about changing from AmEx to Infinite Momentum or no problem at all to change? Also are the fees for both waived for all years until repayment or just for the first year? Thanks.

Hey northo60,

I was told it would have fees waived for all years during studies (4 years for dental school). Initially, my advisor said no however, he did do it in the end when I got aggressive about staying with my own bank instead of switching to Scotia. Heard others had similar success when negotiating. Good luck!

Share this post


Link to post
Share on other sites
3 hours ago, HappyAndHopeful said:

FYI, RBC is also now offering prime -0.25 on a $275k LOC, with 6 month grace period after graduation! 

Depending on where you get it but at the Ottawa branch, they offered me prime -0.25 on a $275k LOC but with 2 year grace period after residency graduation.

Share this post


Link to post
Share on other sites

I was surprised at how difficult RBC has been, while dealing with Scotiabank for their LOC has been hassle free. Especially odd because I've been an RBC customer (personal and business) for years. Has any one looked into MD Financial's LOC through National Bank? You need to have just finished your undergrad. They thought that I wouldn't qualify since I was a business owner, but then I explained to them that I have been a full time student the past 4 years, while running a business on the side.

Share this post


Link to post
Share on other sites
1 hour ago, Naturefeelzz said:

Depending on where you get it but at the Ottawa branch, they offered me prime -0.25 on a $275k LOC but with 2 year grace period after residency graduation.

I got the same offer at RBC. I'm thinking of taking it. What interest rate did you get after the grace period, was it still prime-0.25?

Share this post


Link to post
Share on other sites
4 minutes ago, seventeenfour44 said:

I got the same offer at RBC. I'm thinking of taking it. What interest rate did you get after the grace period, was it still prime-0.25?

I honestly don't remember. But I'm inclined to think it reverts to prime.

55 minutes ago, momMD2B said:

I was surprised at how difficult RBC has been, while dealing with Scotiabank for their LOC has been hassle free. Especially odd because I've been an RBC customer (personal and business) for years. Has any one looked into MD Financial's LOC through National Bank? You need to have just finished your undergrad. They thought that I wouldn't qualify since I was a business owner, but then I explained to them that I have been a full time student the past 4 years, while running a business on the side.

I had the same impression! I'm a long time customer of RBC so getting it with them would have been very convenient. However, I didn't like how intransigent they were. Also, I felt like they weren't that knowledgeable of what being a med student entails. Really felt like they wanted me to just take the money and go. Scotia on the other hand has amazing reps that are there to help you also manage your money and budget.
It's important to not settle for loyalty to a certain branch but make sure you are comfortable with your advisor and the deal he/she offers as you will be with them for the long haul!

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

×
×
  • Create New...