aspiringdentist 2 Posted April 11, 2020 Report Share Posted April 11, 2020 For those who have gotten the line of credit, how does the process work? What do we need to bring with us to the bank? And when are we able to get the line of credit? Quote Link to post Share on other sites
patrickstar 2 Posted April 12, 2020 Report Share Posted April 12, 2020 Following. And to add on to OP: what bank offers the best perks? Quote Link to post Share on other sites
McMarauder 80 Posted April 12, 2020 Report Share Posted April 12, 2020 Best to call the banks up first. Let them know that you've gotten into dental school and would like to apply for a LOC, and they'll tell you what you need. I remember just walking into TD back in 2011, and they scheduled an appointment with an advisor, and they told me what to bring with me the following time. As working MD's and DDS/DMD's, my friends and I are all with RBC. Censored and patrickstar 2 Quote Link to post Share on other sites
TheMolarBear 12 Posted April 12, 2020 Report Share Posted April 12, 2020 2 hours ago, aspiringdentist said: For those who have gotten the line of credit, how does the process work? What do we need to bring with us to the bank? And when are we able to get the line of credit? 36 minutes ago, patrickstar said: Following. And to add on to OP: what bank offers the best perks? Just need to go to your bank, ask to speak with a professional student loan advisor. They'll ask you to show a piece of government I.D. and your proof of enrolment (email the school for a letter). CIBC and Scotia-bank are probably the top 2 right now. Basically, CIBC is the bank that always sets the bar for the loan amount and other banks update their terms shortly after. All the banks will offer you some different perks with their packages so just shop around and see what you like. Also, once you're in school and for whatever reason decide that another bank is offering better terms and what not, it's really easy to switch over to another bank that offers the same program. Starburst and Guy in the know 2 Quote Link to post Share on other sites
McMarauder 80 Posted April 12, 2020 Report Share Posted April 12, 2020 6 minutes ago, TheMolarBear said: Also, once you're in school and for whatever reason decide that another bank is offering better terms and what not, it's really easy to switch over to another bank that offers the same program. to add to this, you can switch over once you start working as well. Just keep track of what each bank is offering, and which one of their plans best suit your changing needs. Quote Link to post Share on other sites
aspiringdentist 2 Posted April 12, 2020 Author Report Share Posted April 12, 2020 14 hours ago, TheMolarBear said: Just need to go to your bank, ask to speak with a professional student loan advisor. They'll ask you to show a piece of government I.D. and your proof of enrolment (email the school for a letter). CIBC and Scotia-bank are probably the top 2 right now. Basically, CIBC is the bank that always sets the bar for the loan amount and other banks update their terms shortly after. All the banks will offer you some different perks with their packages so just shop around and see what you like. Also, once you're in school and for whatever reason decide that another bank is offering better terms and what not, it's really easy to switch over to another bank that offers the same program. at what point can we get proof of enrolment though from the school? Quote Link to post Share on other sites
TheMolarBear 12 Posted April 13, 2020 Report Share Posted April 13, 2020 7 hours ago, aspiringdentist said: at what point can we get proof of enrolment though from the school? As soon as you get your acceptance. Just shoot an email to the admissions office and they'll send you a standard letter. Quote Link to post Share on other sites
Censored 12 Posted April 17, 2020 Report Share Posted April 17, 2020 On 4/11/2020 at 9:46 PM, TheMolarBear said: Just need to go to your bank, ask to speak with a professional student loan advisor. They'll ask you to show a piece of government I.D. and your proof of enrolment (email the school for a letter). CIBC and Scotia-bank are probably the top 2 right now. Basically, CIBC is the bank that always sets the bar for the loan amount and other banks update their terms shortly after. All the banks will offer you some different perks with their packages so just shop around and see what you like. Also, once you're in school and for whatever reason decide that another bank is offering better terms and what not, it's really easy to switch over to another bank that offers the same program. I am not sure about CIBC. I read some awful stuff about their customer service. Quote Link to post Share on other sites
DentKoolKid 6 Posted April 20, 2020 Report Share Posted April 20, 2020 https://www.scotiabank.com/healthcare/ca/en/banking-solutions-for-medical-students.html Scotiabank is giving out $500 when you open, or transfer to, a Scotia Professional® Student Plan (SPSP) Line of Credit through MD Financial before April 30. Do banks do this often or does it sound like a good deal? edit: nvm it's only for MD students Quote Link to post Share on other sites
TheMolarBear 12 Posted April 21, 2020 Report Share Posted April 21, 2020 23 hours ago, DentKoolKid said: https://www.scotiabank.com/healthcare/ca/en/banking-solutions-for-medical-students.html Scotiabank is giving out $500 when you open, or transfer to, a Scotia Professional® Student Plan (SPSP) Line of Credit through MD Financial before April 30. Do banks do this often or does it sound like a good deal? edit: nvm it's only for MD students A lot of the perks are the same for med and dent. Banks group you into a category of professional students. Just call them and ask. TD offered something similar. Quote Link to post Share on other sites
cleanup 433 Posted April 22, 2020 Report Share Posted April 22, 2020 On 4/20/2020 at 11:59 AM, DentKoolKid said: https://www.scotiabank.com/healthcare/ca/en/banking-solutions-for-medical-students.html Scotiabank is giving out $500 when you open, or transfer to, a Scotia Professional® Student Plan (SPSP) Line of Credit through MD Financial before April 30. Do banks do this often or does it sound like a good deal? edit: nvm it's only for MD students Honestly you should be far more worried about the terms of the LOC than a measly $500 in credit. Go with the plan that works best for you, from an advisor you trust the most. Shop around. $500 is meaningless. Quote Link to post Share on other sites
JohnGrisham 1,700 Posted April 22, 2020 Report Share Posted April 22, 2020 50 minutes ago, cleanup said: Honestly you should be far more worried about the terms of the LOC than a measly $500 in credit. Go with the plan that works best for you, from an advisor you trust the most. Shop around. $500 is meaningless. The terms are mostly the same, and you can switch out at any time - so actually in a lot of cases, the 500$ is the differentiator for most students hah. Not to mention most advisors are hit or miss, and dont really offer much value add, especially for those who don't intent to do investing with a mutual fund sales rep at a big 5 bank. Quote Link to post Share on other sites
DentKoolKid 6 Posted April 22, 2020 Report Share Posted April 22, 2020 2 hours ago, cleanup said: Honestly you should be far more worried about the terms of the LOC than a measly $500 in credit. Go with the plan that works best for you, from an advisor you trust the most. Shop around. $500 is meaningless. 1 hour ago, JohnGrisham said: The terms are mostly the same, and you can switch out at any time - so actually in a lot of cases, the 500$ is the differentiator for most students hah. Not to mention most advisors are hit or miss, and dont really offer much value add, especially for those who don't intent to do investing with a mutual fund sales rep at a big 5 bank. Thank you guys for the suggestions. May I ask which bank are you guys using if you are taking LOC? Quote Link to post Share on other sites
toothurty 33 Posted April 22, 2020 Report Share Posted April 22, 2020 Lots of people I know are switching from Scotia to RBC. Last summer they started offering infinite grace period vs. 2 year grace period with scotia. All other terms the same as far as I know. DentKoolKid, JohnGrisham and Censored 3 Quote Link to post Share on other sites
cleanup 433 Posted April 22, 2020 Report Share Posted April 22, 2020 10 hours ago, toothurty said: Lots of people I know are switching from Scotia to RBC. Last summer they started offering infinite grace period vs. 2 year grace period with scotia. All other terms the same as far as I know. Sounds like something worth $500! TheGreatPiper, Zaandrei. and toothurty 1 2 Quote Link to post Share on other sites
Censored 12 Posted April 25, 2020 Report Share Posted April 25, 2020 If ur being cheap, u can technically take the LOC from scotia, get the 500, switch to RBC when u graduate, pay back scotia, enjoy infinite grace period from RBC. DentKoolKid 1 Quote Link to post Share on other sites
TheGreatPiper 7 Posted April 25, 2020 Report Share Posted April 25, 2020 8 minutes ago, Censored said: If ur being cheap, u can technically take the LOC from scotia, get the 500, switch to RBC when u graduate, pay back scotia, enjoy infinite grace period from RBC. I wouldn't be surprised if people do that haha Quote Link to post Share on other sites
SamR 13 Posted April 25, 2020 Report Share Posted April 25, 2020 I went with RBC because the infinite grace period is awesome, and I think the advisor told me we keep the LOC for the rest of our life, so if you needed that money to invest in something down the line its always available. DentKoolKid 1 Quote Link to post Share on other sites
toothurty 33 Posted April 26, 2020 Report Share Posted April 26, 2020 7 hours ago, SamR said: I went with RBC because the infinite grace period is awesome, and I think the advisor told me we keep the LOC for the rest of our life, so if you needed that money to invest in something down the line its always available. Advisor told me the same thing. LOC stays open as a professional loc which you can use for whatever you want. Quote Link to post Share on other sites
HouseBunny 7 Posted June 24, 2020 Report Share Posted June 24, 2020 Can someone explain the infinite grace period? Does that mean they won't make you pay back interest? im confused hahah chxiel 1 Quote Link to post Share on other sites
ag17 7 Posted June 24, 2020 Report Share Posted June 24, 2020 2 hours ago, HouseBunny said: Can someone explain the infinite grace period? Does that mean they won't make you pay back interest? im confused hahah Anytime you borrow money, overtime you pay back the principal (the amount you borrowed) plus interest. While you're in school, you only have to pay interest, and since many dental students don't have a source of income, you end up paying the interest from the LOC. Once you graduate, different banks have different guidelines on when you will start having to pay back the principal. At the time of writing, for most banks this period is 24 months after graduation. Note that you can start paying the principal before if you want and that you will still have to pay the interest during this period. RBC in particular has as you mentioned, an "infinite grace period", which means that you have the flexibility to start paying back the principal anytime you like, whether it'd be 10 months after graduation, or 10 years. Just remember that the more money you have borrowed, the more interest will accrue. So ideally you want to start paying back the principal as soon as you can. toothurty and AverageStudent 2 Quote Link to post Share on other sites
HouseBunny 7 Posted June 25, 2020 Report Share Posted June 25, 2020 7 hours ago, ag17 said: Anytime you borrow money, overtime you pay back the principal (the amount you borrowed) plus interest. While you're in school, you only have to pay interest, and since many dental students don't have a source of income, you end up paying the interest from the LOC. Once you graduate, different banks have different guidelines on when you will start having to pay back the principal. At the time of writing, for most banks this period is 24 months after graduation. Note that you can start paying the principal before if you want and that you will still have to pay the interest during this period. RBC in particular has as you mentioned, an "infinite grace period", which means that you have the flexibility to start paying back the principal anytime you like, whether it'd be 10 months after graduation, or 10 years. Just remember that the more money you have borrowed, the more interest will accrue. So ideally you want to start paying back the principal as soon as you can. Thanks so much for that explanation!! Reallly helped Quote Link to post Share on other sites
ffheynowff 0 Posted June 25, 2020 Report Share Posted June 25, 2020 Is RBC still offering Infinite Grace Period? I look through their website and it says "RBC gives you 2 years after you finish school before you have to start repaying your loan with full access to your credit line during the grace period." Quote Link to post Share on other sites
ellorie 609 Posted June 25, 2020 Report Share Posted June 25, 2020 12 minutes ago, ffheynowff said: Is RBC still offering Infinite Grace Period? I look through their website and it says "RBC gives you 2 years after you finish school before you have to start repaying your loan with full access to your credit line during the grace period." I am finishing this week - was told by RBC that they have converted my LOC to a professional LOC and that it will never go into repayment. Quote Link to post Share on other sites
offmychestplease 178 Posted June 25, 2020 Report Share Posted June 25, 2020 - Quote Link to post Share on other sites
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