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LOC after Residency


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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? 

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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. 

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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. 

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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"?

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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. 

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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 :lol:

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4 minutes ago, FOOSH said:

Too bad... Hahaha I guess that was wishful thinking on my part :lol:

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. 

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