Guest NurseNathalie Posted June 7, 2005 Report Share Posted June 7, 2005 Hello everyone... I have been starting my hunt for those elusive 'fincancing' options... and I thought I would share with you what I uncovered so far in Sudbury: I went to my CIBC branch. They offer student LOC's in the amount of $10 000 or $20 000 at a rate of 2.5% plus prime. THey also have a professional upgrading LOC that goes up to $35 000 at a rate of 1.5%+prime. Both LOC's require you to pay the interest on loan principal used, on a monthly basis, but the Professional loan is i beleive payable over up to 10 years. Like a typical bank loan, they look at assets vs debt and (based on credit risk) will give you the LOC. Its not really set up to be useful for a higher tuition- as that of the medical programme. In all fairness to CIBC, that was their stated maximums.. and when speaking with her briefly, she said that my application was immediately approved (as a STUDENT LOC and not the Professional LOC at $35 000) but if we tried upping the numbers, maybe I could have been approved for a higher amount initially... I just dont want to have to fight for this every year, and risk not getting it into 3rd or 4th year. I also visited a fellow by the name of Rob (who covers the Northern Ontario region - Timmins, Chapleau, Sudbury, etc..) who works for MD Management. MD management is a division of the CMA (Canadian Medical Association) which was created to better serve the medical population, including through medical school. Rob is a paid employee of the CMA.. so there isn't that 'push' to make a sale to pay his mortgage.. lol. THe MD Management financial counselling is objective, and in your best interest. They also look at you more in terms of potential earning potential, than a traditional bank loan. The service was REMARKABLE, and I highly recommend you make an appointment with him to discuss LOC's (they also offer MD Credit Cards, etc). they charge prime only, AND you dont have to pay the monthly interest.. you are CHARGED interest, but its compounded yearly.. so, its easier during your studies. You start paying on principal one year after starting your practice, and the LOC is also available during clerkship and residencies (when you also get a salary .. in some cases he said, up to $45 to 50 000/yr). they have a LOC up to $200 000 and they allot you a yearly max, etc... they are set up BY physicians.. FOR physicians. I should add that you need to become a member of CMA for this service.. which we will all do as physicians anyways, right? (about $300/yr for membership fees) AND as a student, the fee is under $25/yr to become a member. the number for MD management is: 1-800-267-2332 and the local number in Sudbury is: 671-9746. They are affiliated with the National Bank of Canada- and the rep that deals with all physicians and med students is in Montreal. You need to meet with Rob or Mark first, then they refer you to the main office in Montreal and they contact you to go through the loan application. Rob will also give you the forms that you need to fill out to become a CMA member. Did anyone check out the Royal Bank?? what are their options?? mind sharing?? I am also meeting with Diane Marlot next week, to inquire about federal loans and grants.. and i suggest that you contact NOMS' financial person to find out what are your best options, and about the money they raised for awards, etc... oh.. you can find out more about the MD Management service on the CMA site at: mdm.ca/md/solutions/banki...language=E hope this helps! and let me know what you guys came up with.. but i really think this MD Management is the best option! Link to comment Share on other sites More sharing options...
Guest kahone Posted June 7, 2005 Report Share Posted June 7, 2005 Nathalie, you really shouldn't have to pay more than Prime on ANY MD student LOC. Any bank saying more than Prime should familiarize themselves with their own products, and you shuold move on from them! MD MGMT and Royal offer similar options...slight differences but they are clearly the 2 most frequently used. Check THIS THREAD there is some good info. K Link to comment Share on other sites More sharing options...
Guest NurseNathalie Posted June 7, 2005 Report Share Posted June 7, 2005 oops.. just replied in the wrong forum! thanks for the info kahone.. very useful.. Link to comment Share on other sites More sharing options...
Guest jmh2005 Posted June 7, 2005 Report Share Posted June 7, 2005 ScotiaBank also has an excellent MD student LOC program which has helped me through my MD education at McMaster...I received 25,000 per year with options for increase as well, which I recently took advantage of... As was said, NEVER, NEVER pay more than prime...the folks up North clearly have no idea what is offered to MD students in the GTA...they had better start chatting with their colleagues down south, as MD management will be getting all the business... Good luck Link to comment Share on other sites More sharing options...
Guest NurseNathalie Posted June 7, 2005 Report Share Posted June 7, 2005 I will definetely have to go and discuss that with them! lol I was surprised when they were happy to report their '$20 000' for the duration of the studies! i though, umm.. maybe triple that, and THEN we can talk business! lol Link to comment Share on other sites More sharing options...
Guest NorthernSLP Posted June 7, 2005 Report Share Posted June 7, 2005 I appreciate that everyone is sharing all their advice re: LOCs. This will save lots of time and headaches! Nursenathalie- I also have an appt set up with Rob from MD Management and I am glad to hear it is a helpful service. I must admit that the cost of 4 years of med school is a bit overwhelming and it is nice to hear that I am not the only one finds it a concern and is planning ahead! Link to comment Share on other sites More sharing options...
Guest opiedog Posted June 7, 2005 Report Share Posted June 7, 2005 Kind of shook me up when I called MD Management to discuss whether or not a waitlister should begin to make financial plans, only to find out that I was in their system and they had all my application data (address, etc). My first thought....holy smokes, do they know something I don't (heart was pounding with excitement that an offer might have come that I didn't know about)?? and then the second thought of...I don't remember signing a release of my personal information! I still don't know how they knew about me. I asked and was told they have all the data for all applicants. Still scratching my head over this one....especially after working in an field where privacy laws are strictly adhered to. Link to comment Share on other sites More sharing options...
Guest kupo Posted June 8, 2005 Report Share Posted June 8, 2005 yeah from what I hear, Royal Bank and Bank of Canada (MD Management) have it right when it comes to LOC's. Royal Bank doesn't have a yearly limit (at least out west, that's what we're told), so you get to spend the $150 000 max however you want. Food for thought. Kupo Link to comment Share on other sites More sharing options...
Guest NurseNathalie Posted June 8, 2005 Report Share Posted June 8, 2005 lol... I'm glad you mentioned it kupo .. I was approved with MD Management, and also at the Royal bank. Quickly comparing RBC and MD management LOC for medical students (as far as I understand.. and PLEASE correct me if I am wrong- I'm still reving at Dangerously high speeds here): as with MD Management, RBC only charge prime (IN YOUR FACE CIBC! lol). MD management gives you access to $30 000 in the first year, then $25 000 per year after that, up to the max of $200 000 (the written info stated that it was based on need, so I still have to verify if they deviate from that base amount after 1st year). RBC LOC is up to $150 000. RBC gives you access to the whole amount from the start- this could be problematic if you are not very good at budgeting and planning though! BUT it offers more flexibility for 'emergencies' (and if you have higher living expenses when added to the $15 000 for tuition- $25 000 racks up fast!) . I think accessing the funds would be easier with RBC, as the Cyrus(?) ATM machines arent around as much.. i think MD management- you are charged interest, compounded at the end of the year.. but you do not have to pay the interest every month- also a consideration when looking at monthly budget planning. At RBC, you pay the monthly interest of what you have used PLUS the insurance fee (a percentage of the principal goes towards some insurance). both have a grace period of 12 months after residency before you need to start paying it back. and both will let you use your LOC during your residency. you need to evaluate your needs, and see if MD management's yearly cap will be sufficient. You have to evaluate how good you are at managing your money too.. so you don't end up in 4th year with no money left.... wow.. there's just so much! lol the MD management 'loan officer' said (when explaining the program and why it was set up by CMA) that physicians are horrible with their finances... ok, got that one down pat! AND my handwritting is atrocious! im on my way to at least 'playing the part' of physician! lol Nat Link to comment Share on other sites More sharing options...
Guest kupo Posted June 9, 2005 Report Share Posted June 9, 2005 yeah i never knew how you would access ATM's for MD management, but apparently any machine thats apart of The Exchange network is fine, and that includes HSBC and, out here in BC, all the Credit Union ATMs, which amounts to a fair number of ATMs. Kupo Link to comment Share on other sites More sharing options...
Guest waterbottle2 Posted June 10, 2005 Report Share Posted June 10, 2005 Hello all NOMS students! Well, I have been doing some bank loan searching. I went to bank of Nova Scotia in the city I am now and they said, no problem with the LOC of 150000$. 35000$ per year. However, they noticed that NOMS wasn't on their school list, so I got in contact with a branch in Sudbury. The guy I talked to is studied up on everything going on at NOMS and said, just sign the forms and I will get the LOC at prime with a whole lot more little benefits because we are the inaugral class. They will even consolidate any other loans that you may have. Also, he said, if tution or any other NOMS fees goes up in the next three years, the LOC credit will also go up. I believe he said we can get 37500$ per year with no guarantor if you have reasonable credit history and this may go up if NOMS fees go up. If anybody wants the number of the guy I talked to, let me know. He was really exceptionnal and knew what was going on at NOMS specifically. ttyl Link to comment Share on other sites More sharing options...
Guest NurseNathalie Posted June 10, 2005 Report Share Posted June 10, 2005 wow..thats great news! its really comforting to see how local 'support' systems are making sure to meet the needs of the new Medical students! this new medical school is something that will benefit all aspects of the community- in one way or another. thanks for the info, waterbottle2 Link to comment Share on other sites More sharing options...
Guest NorthernSLP Posted June 15, 2005 Report Share Posted June 15, 2005 Hi Waterbottle2 I have just begun contacting different banks and I would be really interested in talking to the guy from Scotiabank in Sudbury. If you could give me his number that would be great! See you in September!!! Link to comment Share on other sites More sharing options...
Guest waterbottle2 Posted June 17, 2005 Report Share Posted June 17, 2005 For more info on Scotia Bank, call Dario at 1-705-675-2855 ext.3001. He works at the Business Banking Centre, the nearest Scotiabank to the medical school. Sounds like a great guy to deal with. ttyl Link to comment Share on other sites More sharing options...
Guest NorthernSLP Posted June 17, 2005 Report Share Posted June 17, 2005 Thanks for the info! I'll get in touch with him and see what he has to say! Looks like I'll be completely switching banks as CIBC (who I am now with) is not at all competitive! Link to comment Share on other sites More sharing options...
Guest waterbottle2 Posted June 17, 2005 Report Share Posted June 17, 2005 I'm with CIBC right now too. But I am switching to Scotia bank! ttyl Link to comment Share on other sites More sharing options...
Guest NorthernSLP Posted June 24, 2005 Report Share Posted June 24, 2005 Hey, I talked to the Dario from Scotiabank and he does seem quite knowledgable. They have some special offers for first year NOMS students as Waterbottle2 mentioned. Sounds like one of the best deals so far but I still have to talk to MD Management. Link to comment Share on other sites More sharing options...
Guest macya Posted June 29, 2005 Report Share Posted June 29, 2005 Hi everybody, I'm not going to NOMS (I'm off to Mac) but I am getting financing here. I went to see Dario at Scotiabank and was really impressed so if you really don't know were to go to get financing go and see him he is really knowledgeable and in the very least will be able to explain everything to you. Good luck. Link to comment Share on other sites More sharing options...
Guest NurseNathalie Posted June 29, 2005 Report Share Posted June 29, 2005 Congrats on your acceptance at Mac's, Macya ! see you in August Nathalie. Link to comment Share on other sites More sharing options...
Guest bad boy buddhist Posted July 20, 2005 Report Share Posted July 20, 2005 just to add my two cents: dario rocks my world. and he's from the sault. and he knows my dad. - bbb. Link to comment Share on other sites More sharing options...
Guest megs29 Posted July 20, 2005 Report Share Posted July 20, 2005 Just to clarify... CIBC's LOC is at prime during school, residency and repayment. They have a max limit of $125000, with $25000 available each year (with good credit). It actually is a good program as CIBC bank machines are generally easy to find (for example, one in every 7-11). The LOC is also self-eating, meaning you don't have to transfer money out of your LOC into a bank account and then back into your LOC to pay your interest each month like RBC. Other than the lower maximum, CIBC is pretty competitive in the LOC market. You just have to make sure that you talk to someone who actually knows what they are talking about. I know in my small town in SK the loan officer had NO IDEA what the professional student LOC was about. On the CIBC website, there is a list of branches that have people who deal specifically with this LOC. Megs Link to comment Share on other sites More sharing options...
Guest omegaman Posted July 28, 2005 Report Share Posted July 28, 2005 I went with Scotiabank for my LOC. If you don't have a LOC yet you should contact Dario Ragogna at the Scotiabank in Sudbury (705-675-2855 x3001 or dario.ragogna@scotiabank.com). Some of the highlights include: -$37,500/year of your MD to $150,000 (interest is charged at prime only on what you withdraw not on the principal - best part is, you don't withdraw it, you don't owe it) -Special NOSM signing bonus...better than a free toaster -No fee banking, Gold Visa card...yeah -They'll give you more credit during your residency so you could buy a new car or something...although a 1991 Corolla does turn heads -12 months after your residency the amount you owe converts to a term loan at prime (-also, you can consolidate your government loans giving you a better interest rate than the gov offers!) Scotiabank is flexible and they want us as life-long customers. That's why they are willing to treat us right now. Call Dario! Link to comment Share on other sites More sharing options...
Guest kingrad Posted July 30, 2005 Report Share Posted July 30, 2005 if u have no assets to your name...but no debt either...will banks give a loan to a medical student? do u need a cosigner? Link to comment Share on other sites More sharing options...
Guest omegaman Posted July 31, 2005 Report Share Posted July 31, 2005 In my situation I have really no assets and a tiny bit of debt from school. I was approved for $37,500/yr from Scotia and I didn't need anyone to cosign. Maybe if you previously declared bankruptcy that would be a problem. The application is only one page long at Scotia. They are looking towards your future earning potential as a physician. Link to comment Share on other sites More sharing options...
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