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ScotiabankMedsAdvisor

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Everything posted by ScotiabankMedsAdvisor

  1. The proper policy is that we can approve the line of credit with an offer of admission. We cannot give access to the funds however until we have proof that you have accepted the offer. As mentioned above if you need access to a small limit to make the deposit this can be done.
  2. You should get unlimited e-transfers in school. Have them setup the student banking advantage plan account which gives unlimited e-transfers.
  3. I would like to echo what Alex has mentioned. Feel free to pm/email me with any questions. The most important thing as a customer is to be dealing with an advisor that knows what they are doing and have experience. If you go into a branch and the advisor says let me look it up or I'm not sure this is a bad sign. Regardless of what bank you choose please make sure you are dealing with an expert.
  4. I just wanted to say congratulations to everyone that was accepted to Western yesterday. If you would like any advice or information with respect to professional lines of credit please feel free to contact me. I have been working with Medical students at Western for almost 10 years. This experience ensures that you will be getting the proper advice and service. Regardless of your current location in Canada I am able to assist you in setting up your financing. Scotiabank is the #1 choice of Schulich Medical Students for their professional banking needs. Over 60% of the existing Schuli
  5. I just wanted to say congratulations to everyone that received acceptance to the Dentistry Program at Western. If you would like any advice or information with respect to professional lines of credit please feel free to contact me. I have been specializing in professional banking for almost a decade and bring with me a lot of experience and expertise. Regardless of your current location in Canada I am able to assist you in setting up your financing. Scotiabank is the #1 choice of Schulich Dental Students for their professional banking needs. Over 60% of the existing Schulich Dental St
  6. 1. Scotia now has a 2 year grace period at completion of residency/fellowship. 2.Yes you can look to increase your limit for residency. In the past you would have had to wait until accepted into residency. Now the increase can be done at any time. Since you likely did your application 4 years ago the approval would have been for 200k. Contact your adviser and they can do a quick application to get the increase approved.
  7. Other banks advisors have been saying this for years. My advice to students is always to put any surplus cash down against your line of credit as it is completely open. I have dealt with hundreds of medical students and I can think of one that worked part time during school. So having no income you have to pull from your line of credit to make interest payments so the RBC line is compounding just the same. You just have to do an extra step to make it compound. Also if you forget to make the interest payment with them your credit will take a hit. I hope this answers your questio
  8. It shouldn't be a problem. We need to get proof of enrollment which would consist of your offer of admission plus proof of you accepting the offer. Western will normally send out an email confirming they have received your deposit which takes care of this condition. I hope this helps but if you have any additional questions feel free to give me a call on Monday.
  9. I would say it's very important to deal with a specialist. If you don't you may not receive all of the perks you are eligible for. You do also need to provide proof of enrolment on an annual basis. We have a system in place here in London that we get it automatically on your behalf so you don't need to worry about it. I do also still come to the school twice a week if customers ever want to meet up.
  10. I just wanted to say congratulations to everyone that was accepted to Schulich Medicine yesterday. If you would like any advice or information with respect to professional lines of credit please feel free to contact me. I have been working with medical students for 9 years and have seen every financial situation imaginable. Regardless of your current location in Canada I am able to assist you in setting up your financing. Over the last year we have made many exciting program changes. Including competitive rate options, increased limits during school, post graduate options. Scotiaba
  11. This is incorrect you should continue to have complete access to your line of credit for residency/fellowship without principal payments. Within the year after completion of residency/fellowship you can convert your student line of credit to a professional line of credit. This remains in a revolving product so even though you will have minimum deposit requirement you can reborrow if needed.
  12. I can confirm that we have some exciting program enhancements coming up in the next few weeks. Feel free to give Josh or myself a call to discuss.
  13. With respect to the interest rate Scotia has no intention of doing sub prime lending at this time. It is important to note from what I have heard that CIBC offered this same Prime - .25% last year to some students. Some of these students have since had the rates increased to Prime. All of the agreements signed will have a clause in them that allows them to amend the agreement at any time. It seems to be an attempt to get students in when they are at the minimum balances and therefore the interest difference is miniscule. I can't say this will happen this year as well but this is the fallo
  14. As Alex said these changes have been confirmed. All applications will be processed this way going forward. That being said people will still have the option to take the funds in a staggered format if they feel they will not budget properly without the annual limits in place. Over the next few months we will be contacting all existing customers to discuss the changes and update there accounts if they wish.
  15. No we have wiggle room that we can move. It is a rare occasion that we actually have to adjust the limits however. In Ontario for instance you will get your OSAP/Grants/Bursaries somewhere in the range of 17K. So you will have these funds plus 50,000 limit on line of credit to pay on average 40,000-45,000 expenses all in. That gives you a buffer of over 20,000. The circumstances where it usually comes up is if there is some undergrad debt involved or for a car purchase.
  16. Based on my experience the credit burea will show the limit as well as the balance owing. The other thing that it usually shows is a payment on the credit bureau of 3% of your outstanding balance. This can be deceiving if you are trying to get a mortgage and can lead to issues getting approval. We run into this frequently when doing mortgages for residents. Another important reason to ensure you are dealing with someone that specializes as they will know how the products actually work.
  17. With respect to what sets us apart there are a number of things in my mind. At UWO specifically I would say it is our service that sets us apart from other banks. I specialize in Dental and Medical Financing and also come to the University twice weekly to meet with students. Students love this as it allows them to focus on schooling and if they do have questions they know I am there. On the product side of the equation all banks are similar but have small variances. -We do a limit of 275,000 at Prime -No Co-Signer required -We capitalize payments. Which essentially means we add the
  18. 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 callin
  19. I just wanted to say congratulations to everyone that was accepted to Western yesterday. If you would like any advice or information with respect to Professional Lines of Credit please feel free to contact me. I have been working with Dental students in different capacities for 8 years and have seen every situation imaginable. Regardless of your current location in Canada I am able to assist in setting up your financing. Scotiabank is currently the #1 choice for existing Schulich Dental students for their professional banking needs. Over 50% of existing Schulich Dental students have ch
  20. I just wanted to say congratulations to everyone that was accepted to Western today. If you would like any advice or information with respect to professional lines of credit please feel free to contact me. I have been working with medical students for about 8 years and have seen every situation imaginable. Regardless of your current location in Canada I am able to assist you in setting up your financing. Scotiabank is the #1 choice of Schulich Med Students for their professional banking needs. Over 60% of the existing Schulich Med Students have chosen Scotiabank to advise them.
  21. I just wanted to wish everyone good luck with the upcoming acceptances for Medical School. If anyone has any questions with respect to financing your schooling please don't hesitate to contact me. I have been specializing in Medical and Dental lending for years. This is very important as you can feel comfort that you are dealing with someone that has experience in professional lending.
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