FOOSH Posted July 27, 2018 Report Share Posted July 27, 2018 I have a LOC at RBC and am currently in my final year of residency. It seems as though some people have their medical student LOC transition to a "professional" LOC that remains open afterwards. When I asked my advisor about this, she said: "Yes the LOC remains open but after the 2 year grace period it switches to a “reduce by payment” meaning your payments of principal and interest reduce the balance and limit. Essentially you are then working at paying it off. You can always re-qualify to have the LOC under the Medical Professional platform but it will no longer be a student LOC so we use your income as opposed to projected income. The rate however, remains very attractive." Is this what others are getting told? Should I speak to someone else or negotiate this differently? Link to comment Share on other sites More sharing options...
NLengr Posted July 30, 2018 Report Share Posted July 30, 2018 On 7/27/2018 at 2:44 AM, FOOSH said: I have a LOC at RBC and am currently in my final year of residency. It seems as though some people have their medical student LOC transition to a "professional" LOC that remains open afterwards. When I asked my advisor about this, she said: "Yes the LOC remains open but after the 2 year grace period it switches to a “reduce by payment” meaning your payments of principal and interest reduce the balance and limit. Essentially you are then working at paying it off. You can always re-qualify to have the LOC under the Medical Professional platform but it will no longer be a student LOC so we use your income as opposed to projected income. The rate however, remains very attractive." Is this what others are getting told? Should I speak to someone else or negotiate this differently? I'm with National for my LOC and mortgage (I swapped the LOC as leverage to get a better mortgage rate). I did that during my fellowship. They just swapped mine over to a professional LOC. Same rate. Link to comment Share on other sites More sharing options...
rmorelan Posted July 30, 2018 Report Share Posted July 30, 2018 On 7/27/2018 at 1:44 AM, FOOSH said: I have a LOC at RBC and am currently in my final year of residency. It seems as though some people have their medical student LOC transition to a "professional" LOC that remains open afterwards. When I asked my advisor about this, she said: "Yes the LOC remains open but after the 2 year grace period it switches to a “reduce by payment” meaning your payments of principal and interest reduce the balance and limit. Essentially you are then working at paying it off. You can always re-qualify to have the LOC under the Medical Professional platform but it will no longer be a student LOC so we use your income as opposed to projected income. The rate however, remains very attractive." Is this what others are getting told? Should I speak to someone else or negotiate this differently? sounds very similar to what I have been told for them. Link to comment Share on other sites More sharing options...
FOOSH Posted July 31, 2018 Author Report Share Posted July 31, 2018 11 hours ago, rmorelan said: sounds very similar to what I have been told for them. Thanks for the input, guys. When she said "working at paying it off", it made it sound like it just turns into a loan. But seems like it will still be use-able as a LOC (ie. with the ability to withdraw) after making a few phone calls. Does anyone know if it is difficult to "re-qualify"? Link to comment Share on other sites More sharing options...
rmorelan Posted July 31, 2018 Report Share Posted July 31, 2018 14 hours ago, FOOSH said: Thanks for the input, guys. When she said "working at paying it off", it made it sound like it just turns into a loan. But seems like it will still be use-able as a LOC (ie. with the ability to withdraw) after making a few phone calls. Does anyone know if it is difficult to "re-qualify"? scotia last time I check had part of it go off to permanent LOC and part to a loan you repaid. You just cannot forever have a 250K med student LOC it seems, although I know from other forums I visit you can get a professional LOC that is extremely similar. Link to comment Share on other sites More sharing options...
FOOSH Posted August 2, 2018 Author Report Share Posted August 2, 2018 On 7/31/2018 at 2:37 PM, rmorelan said: scotia last time I check had part of it go off to permanent LOC and part to a loan you repaid. You just cannot forever have a 250K med student LOC it seems, although I know from other forums I visit you can get a professional LOC that is extremely similar. Too bad... Hahaha I guess that was wishful thinking on my part Link to comment Share on other sites More sharing options...
rmorelan Posted August 2, 2018 Report Share Posted August 2, 2018 4 minutes ago, FOOSH said: Too bad... Hahaha I guess that was wishful thinking on my part ha on some level it might be tempting I suppose - just to have it there but fortunately as staff hopefully you would actually have some wealth instead ha. Plus if you ever actually needed a loan for something specific you probably could do it. Link to comment Share on other sites More sharing options...
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