Line of Credit

[Guest Potato81]

Hi Everyone!

 

I suspect by now some of you have got your LOC sorted out with the bank. I haven't really done too much research yet, so I was wondering if any of you could tell me which bank you went with, and what the terms were. Thanks a lot!

[Guest scrubbed]

I personally haven't done anything, but check out Canadian Premed & Med School Forums

 

http://www.med.ubc.ca/md/financi...ce/LOC.htm

 

and

 

p084.ezboard.com/fpremed1...=1&stop=20

 

That should get you on track.

[Guest physiology]

Both of the above are good. If you want access to all of the $150 000 at once, then go w/ RBC. MD Management gives you the same (if not more), but it's split up over a few years.

 

RBC has more branches, so I went with them.

 

Physio

[Guest adduction]

I went with RBC too. It's a 150,000 max total limit that you only pay interest (prime) on during your education. Total principle repayment of what you used begins 12 months after completion of residency (yes...even if you do the six year residency).

 

MD Management gives you more money but they allot different amounts for the 4 yrs of med school and for the x-number of yrs for residency. I went with RBC since i'm already a client and also because I didn't want to be tempted with getting access to much much more money than I needed. I figure during residency i can pay off my principle if I just take the 150K from RBC.