Guest uOttawaBch Posted May 21, 2006 Report Share Posted May 21, 2006 Hello all, I remember way back seing a reference to obtaining a LOC from Scotia with prime as the interest rate. I know that on the Admissions website at U of T, they make reference to an agreement that the school has with Scotiabank, but nothing else is mentioned. I called the bank but they didn't know anything about the agreement. Does anyone know anything about the "deal" that U of T has made with Scotia bank regarding the LOC? Thanks! Link to comment Share on other sites More sharing options...
Guest UTMed07 Posted May 22, 2006 Report Share Posted May 22, 2006 Does anyone know anything about the "deal" that U of T (click here for link to U of T's mention of it) has made with Scotia bank regarding the LOC? I know that on the Admissions website at U of T, they make reference to an agreement that the school has with Scotiabank, but nothing else is mentioned. I called the bank but they didn't know anything about the agreement.You have to talk to the right people at one particular branch. Med school LOCs are a tiny little niche product when you look at the banking industry as a whole. Most of the larger banks have packages --Royal, Bank of Montreal, Scotia. The Ontario Medical Association/Canadian Medical Association pushes the solution from MD Management; MD Management is owned by the doctors' organizations (CMA/OMA) and caters to doctors. In theory they ought to have the best deal... 'cause the doctors' organization control 'em. Shop around-- the LOC/tuition is the probably the biggest purchase you're going to make 'til you buy a house/condo. You should get the prime rate-- do NOT settle for anything less. Scotia probably paid the faculty big buckroos to get mention on the website. AFAIK their deal isn't better... whereas I couldn't find any details about it on their website... which IMHO is a reason NOT to go with 'em. Link to comment Share on other sites More sharing options...
Guest Steve MD09 Posted May 22, 2006 Report Share Posted May 22, 2006 I remember reading about that when I was doing my undergrad at U of T. I think perhaps Scotiabank just paid to advertise their product, I don't think they have any special offer specific to U of T students (I go to UWO now, so I'm not sure). Scotiabank's medical student plan is competitive with any of the other banks' deals. They offer $37,500/year over 4 years at prime, with no fees for unlimited transactions. A bonus is that the LOC is accessed through an overdraft on a business chequing account, so you don't have to transfer money between accounts, you can write cheques directly against your line of credit. Repayment starts as late as 1 year after end of residency, and the amortization can be up to 15 years. Some people around here have said that they were asked for a co-signer, although I was not. Link to comment Share on other sites More sharing options...
Guest hydes79 Posted May 22, 2006 Report Share Posted May 22, 2006 I've heard it's better to wait until the orientation week before applying for LOC, because all the banks would be presenting information about their LOCs for med students? What do you guys think? Link to comment Share on other sites More sharing options...
Guest Ollie Posted May 22, 2006 Report Share Posted May 22, 2006 Yeah you can wait until O-week unless you really need the money before school starts. As long as you have a student loan, your tuition is deferred until November. Link to comment Share on other sites More sharing options...
Guest uOttawaBch Posted May 22, 2006 Report Share Posted May 22, 2006 As far as the orientation week is concerned, does anyone know anything about what the banks may do to try and win us as a customer? The reason I'm asking is because I will be moving to Toronto, but I would like to have my LOC taken care of before my 1st week at school (less stress, and my co-signer will be back in Ottawa). If there's some big bonus to waiting for the banks to win us over during the 1st week, I'll wait, otherwise I'd rather have this hassle taken care of... Thanks for the links to the banks...I called and they didn't know anything about the LOC for med students. But on the website, it's all there! Thanks! Link to comment Share on other sites More sharing options...
Guest mshammer Posted May 22, 2006 Report Share Posted May 22, 2006 Hey guys... on the Scotiabank site, look up "Small Business - Student Professionals"...they have a deal for med/dentistry/law students. And yes, lots of the other banks do as well. My question is: do we pay the full tuition at once, or in semester installments? cheers! Link to comment Share on other sites More sharing options...
Guest hydes79 Posted May 24, 2006 Report Share Posted May 24, 2006 You made a good point uOttawaBch. I will also be moving to Toronto and I would like to get LOC done before school starts. I'm trying to decide between RBC and MD management. Can anybody tell us if it's worth waiting until the o-week? Link to comment Share on other sites More sharing options...
Guest uOttawaBch Posted May 24, 2006 Report Share Posted May 24, 2006 Hey Hydes, I was speaking with Kelly at MD Management today...he mentioned that after we're finished our residency, like other banks we would have 12 additional months of interest only. But the bonus with MD (I'm not sure if the banks would do this or not) is that they calculate the repayment terms based on prime, rather than prime + 2% like some of the other banks (he mentioned that Royal Bank would renegotiate the repayments with a higher interest rate). I didn't realize this...something to think about? 8o Link to comment Share on other sites More sharing options...
Guest Steve MD09 Posted May 24, 2006 Report Share Posted May 24, 2006 Repayment terms are definitely an important issue to think about. Scotiabank charges prime during repayment as long as your amortization period is 10 years or less. If you opt to pay over 15 years, it's prime + 0.5% (n.b. you can pay it back as quickly as you want, but the bank sets up a minimum payment schedule). Did they tell you how long the amortization period is for the MD/National Bank plan? Link to comment Share on other sites More sharing options...
Guest hydes79 Posted May 24, 2006 Report Share Posted May 24, 2006 Thanks uOttawaBch and Steve MD09. I didn't know the interest rate during the repayment stage is different from the interest rate while we are at school/residency. Now, I'm thinking maybe it's better to wait until O-week to find out more details about the LOC. Link to comment Share on other sites More sharing options...
Guest MD4eva Posted May 29, 2006 Report Share Posted May 29, 2006 Do we need to join CMA to be eligible for a LOC with MD management? Link to comment Share on other sites More sharing options...
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