Jump to content
Premed 101 Forums

ScotiabankMedsAdvisor

Members
  • Content Count

    96
  • Joined

  • Last visited

  • Days Won

    1

Everything posted by ScotiabankMedsAdvisor

  1. Sorry for the delay I had to look into this. All existing customers are eligible for the increase. It won't happen automatically however. If anyone wishes to increase the limit of the card or get a second card they would need to talk to their advisor and sign documents for the increased limits.
  2. We had an update to our program today that now allows us to do a 10,000 credit limit for credit cards. This will allow us to offer the Scotia Gold Passport and Gold American Express cards. Both cards would come with the fee waived for the entirety of your four years of school as well as residency/fellowship.
  3. In my discussions with customers I have had a lot of people ask me if they should just go to the branch in their hometown to set up the professional line of credit. It is very important to make sure that you deal with somebody that specializes in Medical Financing. This way you are sure to get the proper advice and are guaranteed to get all of the perks that you are eligible for. If you are coming to Western I am able to set everything up regardless of where you are located in Canada.
  4. The advisor in Toronto is correct in the fact that you cannot automatically pay the interest. Our system is set up so that you can have minimum or full balance payments paid automatically. Due to the fact that there is no payment due it is impossible to setup the interest to be paid automatically. That being said you can set up a recurring transfer online which automatically transfers funds from your account onto the line of credit for a set dollar amount. I agree with the posters that it is better to keep a minimal balance in your account however and pay down your line of credit. This
  5. It's a combination of a bunch of things. The other banks will offer some of these things but not all of them in combination. 1.Unlimited Chequing Account for free throughout school & residency/fellowship 2.Unlimited free cheques throughout school & residency/fellowship 3.Either the Scotia Gold Passport or the Gold American Express with the fee waived for the duration of school & residency/fellowship. Most banks offer basic card with plan or travel rewards card but only waive fee for 1 year. 4.With our plan you are not required to make monthly interest payments. The interest
  6. The odd person does take loans from other organizations such as MD Management. It seems to be a rare occasion however as the plan doesn't match what we can offer. As rmorelan stated make sure you get the information and make an informed decision. I feel the majority of Western students choose Scotia because of our product having perks that no other bank can match. This on top of the excellent service we provide has made us the choice for the majority of existing Schulich students.
  7. I don't disagree that it's important. My point is that banks are always improving the plans. And by the time you reach the point where you are required to repay the loan the available options will likely have changed drastically.
  8. With respect to the Gold Passport or the Gold American Express you can get either one of the cards. The advisor that you met with was incorrect on a couple of factors. The Gold American Express fee would be waived under the plan throughout school and residency/fellowship. Also if you did want to keep the outside credit card it wouldn't lower the credit limit on your credit card. It would lower the overall limit of your line of credit. So instead of having a line of credit for 200,000 you would have a total limit of 199,000. This would mean that your annual limit would be 49,750 instead o
  9. The repayment of 3% of the balance is incorrect. You have access to the funds throughout the duration of residency/fellowship and for 12 months following completion. At that time the amount you owe converts into a loan which is repayable on a 10 year amortization. At this point you can look at setting up a Professional Line of credit at prime to use on an ongoing basis. In my mind repayment features shouldn't be one of the deciding factors in your decision. This is a minimum of 7 years away if you do a Family Medicine Residency. Banks will alter the plans over the next 7 years and the re
  10. With our plan you can get the Scotia Gold Passport or the Scotiabank Gold American Express. The fee would be waived for the entire 4 years of schooling on each of these cards.
  11. Sorry definitely wasn't trying to be misleading. Just bad wording more than anything.
  12. That's correct your interest gets added onto the balance each month so you do pay interest on your interest. You can make payments on the loan if you wish we just don't require it. As a student you don't have income so essentially you end up transferring funds from your line of credit into your account to put payments back onto the line of credit. Regardless you are paying interest on your interest. We just simplify it so you don't have to remember each month to do the payment.
  13. Lines of Credit are open loans. This means you can pay it off and close it whenever you want without penalty. In the last two months I have switched in 15 students for a variety of reasons. These could be anything from them receiving poor advice and service, fees, credit card, having to make payments on the line of credit. This seems like a small thing but you are busy and if you forget to make a payment it adversely affects your credit. You are charged interest on our line of credit based on the balance you owe. The difference is you don't have to physically make the interest payment
  14. I would say its the combination of all of the benefits of the plan that sets our plan apart from other banks. 1.Line of Credit at Prime (No co-signor required) 2.Free Unlimited Chequing Account 3.Free Travel Rewards for all 4 years of Schooling 4.Interest is simply added to the balance each month. Most banks require you to make interest payments. 5.Interest rate stays at prime after completion of school I can't speak for at other schools but at Western I would say another thing that sets us apart is our service. We know your studies are the most important thing so we try to make ev
  15. I just wanted to say congratulations to everyone that was accepted yesterday. If you would like any advice or information on professional lines of credit please feel free to contact me. Regardless of your current location in Canada I am able to assist in setting up your financing. Scotiabank is the #1 choice of Schulich Dental Students for their professional banking needs. Over 50% of the existing Schulich Dental students have chosen Scotiabank to advise them.
  16. I would say it is better to have everything within one institution. It makes your banking a lot more streamlined and straightforward. You are going to be busy enough with your studies so making things convenient is important. The beauty of the plan is that it comes with a free unlimited chequing account and a travel rewards card with the fee waived throughout your entire 4 years of school and residency/fellowship.
  17. We can use the acceptance letter to get the approval in place. As far as giving access to the funds we can advance a small portion of the line of credit with just the acceptance letter. I can't speak for other universities as the majority of my dealings are at Western. We can obtain proof of enrollment once you have accepted your offer and put down your deposit. Once we have the proof of enrollment we can make the rest of the funds available.
  18. 1. If you are going to a Canadian school a co-signer is not required unless there are credit issues. We do require co-signers when attending medical school in the states. 2.You can write cheques directly from the loc and the interest goes on top of your balance each month so you aren't required to make a payment. I would advise that your utility payments be put on your rewards credit card as automatic payments. This way you accrue points. You just need to ensure you pay it off in full on a monthly basis. 3.The only real difference is the fact that you will need a co-signer. Most student
  19. It shouldn't matter which one you apply for first. rmorelan is correct that you should first use OSAP. These funds are interest free throughout your schooling so ensure you maximize your OSAP. You also receive a large amount of debt forgiveness on these funds over your schooling.
  20. I just wanted to say congratulations to everyone that was accepted yesterday. If you would like any advice or information on professional lines of credit please feel free to contact me. Regardless of your current location in Canada I am able to assist 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 medical students have chosen Scotiabank to advise them.
  21. Just to followup on the previous post. I am also a salaried employee and I receive no monetary benefit from signing up a new client. The benefit to me is I know you are receiving excellent advice and service. My advice to you is to talk to the existing students. Find out who they are with and why. Find out how there experience has been. Find out if there are things they don't like about there plans. Find out if the bank they deal with does any extra things at the school for the classes.
  22. I've been reading a few threads with people talking about going into their local branches and the representatives not knowing proper information on the professional lines of credit. It is very important to contact somebody that specializes in this area. Most bank representatives will come across one of these every couple of years and therefore won't be able to give you the proper advice.
  23. I just wanted to say congratulations to everyone that was accepted yesterday. If you would like any advice or information on professional lines of credit please feel free to contact me. Scotiabank is the #1 choice of Schulich Med Students for their professional banking needs. Over half of the existing Schulich medical students have chosen Scotiabank to advise them.
  24. I would like to introduce myself to all prospective Schulich dental students. I am the professional student advisor for Scotiabank in London area. When you go to apply for your professional line of credit it is very important to contact someone that understands your specific professional student banking needs. If you were to walk into a local branch to apply, more than likely the representative would not be as knowledgable of your specific needs. Scotiabank is the #1 choice of Schulich Dental students for their professional student banking needs. I look forward to working with you and I wi
  25. The ones that max out the line of credit are usually spending money frivolously. With our plan you have access to more than enough money to pay for school and live comfortably and still have a considerable amount of unused credit. It makes you at least think about what you are spending your money on and prevents people from running out of money before they complete school.
×
×
  • Create New...