Guest happy2bme Posted May 17, 2006 Report Share Posted May 17, 2006 Has anyone have any suggestions on who to talk to regarding a LOC from Royal Bank? I have the MD Management letter from the acceptance website, but I'd like to check out Royal Bank too, but only want to deal with someone who knows the ins and outs of their med LOC program. Link to comment Share on other sites More sharing options...
Guest btrots Posted May 17, 2006 Report Share Posted May 17, 2006 You can talk to Sophia Wong at the Northland RBC. Think she deals with most, if not all, of the med students that come through there. She knows what's up. In all honesty, I don't think there's any huge differences between the 2 companies, but you'll get a ton of info during Oweek, so there's no rush. b Link to comment Share on other sites More sharing options...
Guest happy2bme Posted May 17, 2006 Report Share Posted May 17, 2006 thank, it's a bit of a rush for me because I might do an RRSP withdrawl for life long learning and if so, I want to do this years 2006 RRSP contribution now into a "rrsp savings account or redeemable GIC" then take it out for school. But this years contribution has to stay in for 90 days before withdrawing to still make it count to my 2006 RRSP deduction. I don't want to take any of my other RRSP's out because they are doing well and have additional fees to withdraw from them even for Life long learning. So I want to know where I stand LOC wise ASAP Link to comment Share on other sites More sharing options...
Guest CrazyKath Posted May 20, 2006 Report Share Posted May 20, 2006 From shopping around I found RBC's credit line the most competitive. It's $150 000 and there are no restrictions on your withdrawl rate (ie: some companies divide your total over the 3 yr program and only let you access 50K a year). The interest is at prime and you get your account fees waived. There's also the option of a no-fee platinum Avion card (I've already earned a free flight or two.. but I have a shopping problem) although some ppl have had troubles getting the fees waived apparantly. If time is of the essence (ie: before you're attacked from all sides at O-Week by bankers) I'd check it out. ~K~ Link to comment Share on other sites More sharing options...
Guest mg83 Posted May 22, 2006 Report Share Posted May 22, 2006 Hey if you get a line of credit does that mean you won't qualify for student loans? Link to comment Share on other sites More sharing options...
Guest Kirsteen Posted May 22, 2006 Report Share Posted May 22, 2006 Hey there, If you get a line a credit, chances are you increase your chances of qualifying for student loans based on the larger debt load that you carry. Cheers, Kirsteen Link to comment Share on other sites More sharing options...
Guest I like to colour Posted May 22, 2006 Report Share Posted May 22, 2006 Are you sure that the avion credit card is without a fee? I was told that it was $120/year? Link to comment Share on other sites More sharing options...
Guest marbledust Posted May 22, 2006 Report Share Posted May 22, 2006 If you get a line a credit, chances are you increase your chances of qualifying for student loans based on the larger debt load that you carry. I don't think that is true in Alberta. I am almost 100% sure the Alberta Finance Board (which administers the applications for both provincial and federal loans) goes on income, not debt. It's been my experience that any student loans I recieved were based strictly on my income. I don't know though, maybe somebody else has a different experience. If anything, having more debt works against you (although they don't count LOC debt, just provincial or federal loans). Link to comment Share on other sites More sharing options...
Guest Kirsteen Posted May 22, 2006 Report Share Posted May 22, 2006 Hi there, I don't know much about Alberta student loans, but I do about Ontario and I should have stipulated that. Actually, in Alberta, although not perhaps for student loans, having more debt can work for you. If you have debt (and can prove it) you become eligible for many needs-based awards (at least, at the U. of Calgary). Additionally, in terms of Ontario student loans at least, if you have accrued student loan debt then you also become eligible for a student loan bursary to reduce the size of the student loan and these are assessed yearly. Cheers, Kirsteen Link to comment Share on other sites More sharing options...
Guest marbledust Posted May 22, 2006 Report Share Posted May 22, 2006 I don't know much about Alberta student loans, but I do about Ontario and I should have stipulated that I know....that was why I specifically mentioned Alberta. I assumed other provinces have different policies and ways of determing loan awards. The Alberta Board is quite strict on the amount of yearly and cumulative debt you are allowed to carry (I know because I have run into problems in the past on both accounts!) In fact, in Alberta, even if you pay back part of your loan, the amount you were given initially counts towards your total. So, as an example, if you have recieved the undergrad limit of $60,000 and pay back $20,000, you still are not eligible to recieve anymore money as an undergrad. There are different amounts for professional and grad school students, but it works the same. You are right about U of C having a number of financial-need awards. But given the relatively small number of these awards (in terms of the number of students in dire financial need), I don't know that having a large debt is really all that advantageous because these awards are not guaranteed. And you still need to deal with debt problems when you graduate However, having said that, the Alberta Board is quite generous with its remission program (the name has changed, and I am not sure what it is called now). If you have a certain level of government debt upon graduation, a portion of it is forgiven. I think it is based on your income in the six-month period following graduation. Or at least it was when I was eligible for the program. It can be a very good thing when $15,000 or so magically disappears from your loan Link to comment Share on other sites More sharing options...
Guest Lurkergonepublic Posted May 23, 2006 Report Share Posted May 23, 2006 the Alberta Board is quite generous with its remission program I've been curious about that lately. I had some remission applied to my loan after my BSc (Alberta res), and since haven't paid much of it off (interest relief + low income = a repayment strategy that hopes time and inflation will eventually devalue your loans ). Is that going to affect either my application for, or future remission of professional school loans? I suppose I'll be discussing all this with those in the know soon enough, but if anyone has past experience... Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.