Guest sassy101 Posted July 18, 2003 Report Share Posted July 18, 2003 I sent Andrea a quick email about when we can expect the registration packages and here is what she said. The Registrar's office and Priscilla are working on a problem with registration of courses. As soon as this problem has been sorted out the packages will be in the mail. Just thought I would let everyone know that it may be awhile yet. I was also wondering for those who have already visited the bank for the good ol' line of credit, was your acceptance letter enough? The RBC told me that I should bring a ' confirmation of registration ". However, with no package, I can't do that. Link to comment Share on other sites More sharing options...
Guest fox Posted July 18, 2003 Report Share Posted July 18, 2003 My acceptance letter was enough to get me the line of credit at Royal Bank (I talked to a lady named Kim and she set everything up). I had to bring in a few pay stubs, etc., but other than that it was pretty easy. I went to the Royal Bank on Whyte Ave., although if you aren't in Edmonton I guess that won't help you out too much. I also got a VISA gold card with a high credit limit. The only complaint I have with Royal is that you only get 25 debit transactions a month and then you have to pay extra for every transaction over the allotted 25 (which is the limit on a student account), so I pay with VISA all the time now and go home and move the money to my credit card right away online. I was so used to having free banking through the PC bank.... Thanks for asking about the packages, it's good to know that I don't need to check the mail all the time:) It's almost as bad as when I was waiting for interview letters (I'm that excited). Link to comment Share on other sites More sharing options...
Guest sassy101 Posted July 18, 2003 Report Share Posted July 18, 2003 me too fox! That is why I thought I should find out...I am getting lots of exercise running to the mailbox constantly. Thanks for the info on the credit line too. Link to comment Share on other sites More sharing options...
Guest snoopychan Posted July 18, 2003 Report Share Posted July 18, 2003 sassy: thanks for the info. Looks like there is going to be even more anticipation. But if there is one thing i learned from med school application, then it is just that. fox: I too am looking into LOC with RBC as they are my bank. I just had several questions for you if you don't mind. I know their interest rate is "the prime rate +1%". What rate were they able to offer you? Also, do they allow you to take out a LOC that will cover all 4 years, or do you have to take out an amount for each year? Thanks in advance. Kris Link to comment Share on other sites More sharing options...
Guest fox Posted July 18, 2003 Report Share Posted July 18, 2003 My LOC is at prime during med school, prime during residency, and then prime +2% (or 2.5%, I forget). There have been discussions in the Med School Forum about this, and everyone says don't settle for anything above prime. RBC offers a student line of credit for prime + 1, but has a different deal (just prime interest rates) for med students. I was preapproved for the $125 000 over four years, which works out to be $31 250 a year. The lady I spoke with said I am already approved for the four years, but will have to show proof of being in school every year to get access to the next year's amount. Hope this answers all your questions. Oh, I asked if student loans would count against me (I got a little OSAP this year, not much) and she said since I had already been pre-approved for the full amount it wouldn't count against me, but people at other schools (Western, for example) have said that student loans do count against you, so I hope the lady at RBC knew what she was talking about. Link to comment Share on other sites More sharing options...
Guest snoopychan Posted July 19, 2003 Report Share Posted July 19, 2003 Thanks fox. You answered all of my questions. I am going to get myself set up with a LOC next week with RBC, and just wanted to know exactly their deals for med students. I remain to work out my budget for the next 4 years. You said OSAP? I never knew you were from Ontario. Where exactly? Thanks again. Kris Link to comment Share on other sites More sharing options...
Guest fox Posted July 19, 2003 Report Share Posted July 19, 2003 Hey snoopychan I'm originally from Southern Ontario (Niagara), did my undergrad in Guelph and then moved here to go to school in 1999. Even though I've been here for years, I had to get OSAP since I haven't lived here for one full year without being in school. It's nice to have the LOC set up early, I got mine at the beginning of May and it has already come in handy. Prime just went down, too, this week, so it's at 4.75%. Make sure you get prime.... Link to comment Share on other sites More sharing options...
Guest summervirus Posted July 19, 2003 Report Share Posted July 19, 2003 Hey everyone, My class just received an email with details on how to register. So, it seems like the registration stuff has finally been fixed... sorta... (I have the registration info but Beartracks isn't working for me at the moment). Aaaanyway, that means that your package should be sent out soon because the last piece of information for registration should be ready anytime. Link to comment Share on other sites More sharing options...
Guest Ali Posted July 19, 2003 Report Share Posted July 19, 2003 I just set up my line of credit with Bank of Montreal. It's a little different than the others: You can get $25000/yr for the four years of med school, and then $12500/yr for the first two years of residency for a maximum total of $125000. The interest rate is prime. They made my parents co-sign with me. I bank with BMO so it was easy for me, but neither of my parents do, so there was a little more paper work for them. Just another option for those of you looking to finance your education. Link to comment Share on other sites More sharing options...
Guest fox Posted July 19, 2003 Report Share Posted July 19, 2003 I didn't have to get a co-signer with my LOC, but I did have to get life insurance (it is 12 cents per $1000 I use of the line of credit, pretty cheap). The life insurance comes right out of my bank account every month, pretty simple. Link to comment Share on other sites More sharing options...
Guest snoopychan Posted July 19, 2003 Report Share Posted July 19, 2003 Hey fox, thanks for all the info. I have some money saved up over the years, so my LOC will be strictly for living expenses. Tuition, furniture, computer, and paying for LOC interest will come from the savings. I think it's kind of silly to use money from your LOC to pay for interest from your LOC. Wouldn't that be interest on top of interest? I aim to come out with at least a "decent debt" after school. Link to comment Share on other sites More sharing options...
Guest fox Posted July 19, 2003 Report Share Posted July 19, 2003 Hey snoopychan I think a lot of people pay the interest on their LOC by using their LOC... in my opinion it doesn't really make a difference if you use money you've saved to pay the interest or use it for something else. In the end you'll end up with the same amount of debt anyway. The interest payments come out automatically from my bank account. I have been in school for the last eight years full-time and have lived away from home for that whole time, so you can imagine it is expensive and I don't have much money saved. Actually, I have none saved since I just bought a new car. In the end if I end up in debt $120 000 or $130 000, it really doesn't make much of a difference when you're talking such big amounts anyway (this is, of course, my personal feelings). I am planning on working a bit, but the amount I will be able to work during the year probably won't keep the debt down much anyway. Link to comment Share on other sites More sharing options...
Guest snoopychan Posted July 19, 2003 Report Share Posted July 19, 2003 Hi fox, i am new to this whole financial planning thing. I have been living at home up until now, and really have not had too much of great expenses. I see that you have been living on your own for a long time, going to school and supporting yourself. I commend you for that. Thanks for your advice and opinion. Congrats on the purchase of a new car. Speaking of which, I will be living at Garneau Towers, so it will be a 5 minute walk to school. Thus, I don't think a car would be much use for me in the first two years. My question to ou and anybody else in the know is: Is a car pretty much necessary once you are in third year and have to travel for rotations? Thanks. Link to comment Share on other sites More sharing options...
Guest dokkktor Posted July 19, 2003 Report Share Posted July 19, 2003 fox, I had a question for you. - this question may seem silly since I know nothing about LOC's. You mentioned that you had to bring in some pay stubs in order to get your LOC. This implies that one of the pre-requisites for getting a line of credit is that you must be employed or have some other form of income. Is that correct?? Thanx. Link to comment Share on other sites More sharing options...
Guest fox Posted July 19, 2003 Report Share Posted July 19, 2003 I don't think it was a pre-requisite for getting a LOC (being employed), but I finished school in January and have been working full-time since, so they wanted to see proof of income. Having said that, they told me that they base your LOC on your PREDICTED income once you're done med school (which they estimate to be 100 000K a year), and that's how you qualify for the $125k over four years at RBC. I was kind of surprised they wanted the pay stubs, but I had some, so I was able to use them. Hope this helps. Link to comment Share on other sites More sharing options...
Guest summervirus Posted July 21, 2003 Report Share Posted July 21, 2003 Hey snoopychan, I don't know the numbers... but, I have the impression that most students don't own a car, especially out-of-town folk like myself. Most of those that do own cars are either older students that have families or the people that are originally from Edmonton. I don't think that a car is necessary in your first two years. Yes, you'll need to get around town occasionally for class-related stuff, but you can get a ride from friends/classmates. Or, you can take the "blue limo" (city transit) like me. A car is almost essential in third and fourth year. I know there's a girl that just finished her fourth year that didn't have a car and opted to use the city transit during her clerkship years... but it was really hard for her. Even if you don't plan on purchasing a car, I would recommend you getting a license so you can at least rent a vehicle if you ever need to... like during your rural medicine rotation... Link to comment Share on other sites More sharing options...
Guest snoopychan Posted July 21, 2003 Report Share Posted July 21, 2003 Just got home from the womens international soccer friendly game between Canada and Brasil in Ottawa. WE WON, 2-1 with my favourite player (Kara Lang) scoring a goal!!! There were over 18,000 in attendance. I love soccer!! The womens team's next World Cup exhibition game is against Mexico on August 31st and guess where it is going to be...EDMONTON!! I am soooooooo there. This summer has been very kind to me, I love Edmonton already. summervirus: thanks for the info. My intention is to purchase a car in third year. I actually have an Ontario driver's license. I wonder if I can drive in Edmonton with that when the time comes, have to get a transfer to an Alberta license, or can apply for both. I was also quite impressed with the "blue limo" in Edmonton, as well as with the "speeding bullet" (LRT). Link to comment Share on other sites More sharing options...
Guest fox Posted July 21, 2003 Report Share Posted July 21, 2003 Snoopychan You will have to get an Edmonton driver's license when you buy a car. You'll have to register your car with Alberta plates since you'll be living here year round (during clerkship) and if you tried to register with your Ontario address you wouldn't get the benefit of not paying PST on your purchase (if you're buying a new car this can be almost $2000). It's not a big deal to switch your license over. You usually have to give up your Ontario license (physically give them the card) to get an AB one, but if you somehow managed to keep the card it wouldn't be valid anywhere anyway. But you have awhile to figure it all out since you are going to buy a car in a couple of years. I have to agree that having a car in third year would be a necessity. I have heard it takes about an hour to get to the west end or to millwoods on the bus (I assume we will be doing some of our clerkship hours at the Grey Nuns and the Mis, but I could be wrong). I imagine it would be torture to have to ride the bus for an hour after being on call for 30-36 hours. I can barely keep my eyes open after a 12 hour night shift sometimes! Link to comment Share on other sites More sharing options...
Guest snoopychan Posted July 21, 2003 Report Share Posted July 21, 2003 Hey fox, Thanks for the info regarding drivers licenses. Looks like car purchase and ownership will be in the distant future, another thing I am looking forward to. No PST would be nice. Taking the bus after being on call for 36 hours doesn't sound too tempting. I once worked a 18 hour shift, took the bus, and slept right through my stop and had to walk another 45 minutes home. Silly... Link to comment Share on other sites More sharing options...
Guest sassy101 Posted July 22, 2003 Report Share Posted July 22, 2003 I am sorry guys..I know you are probably sick of the line of credit questions but I am sort of worried right now. I went to talk to someone at the royal bank today and she told me that my application cant be processed without proof of registration. ( meaning that my acceptance letter isnt enough ). I was also told that I have to submit a fee schedule, cost of books, equipment etc ( I felt like saying ' the same as it bloody has been for all the others that have been done recently ) Basically I left feeling upset and kind of worried. Therefore, I am wondering how many people who are entering U of A med this fall have gotten a line of credit from RBC with only a acceptance letter? Also, was it very difficult to get the full 125000? The lady I talked to didnt seem like she did these often so I am considering going to the Whyte Ave RBC you went to fox. ( however right now I am in calgary ) If I should be going to a different branch or even an edmonton branch please tell me so. Thanks Link to comment Share on other sites More sharing options...
Guest fox Posted July 22, 2003 Report Share Posted July 22, 2003 Hey Sassy I really think it is odd that you are having such problems. Everyone I have known that went to med school got money "thrown" at them, and I walked in and right out with being approved for the full 125k over four years. Maybe you should try calling RBC on Whyte Ave because they specifically have a program for med students at U of A. As for the proof of enrollment, that shouldn't be a problem as soon as our packages come, which sounds like it may be soon. Did you just walk into the bank and ask about an LOC or did you make an appoinment? I think if you make an appointment to talk to someone it makes a big difference, and don't forget to ask for a Professional (student) line of credit. They have student line of credits but they only go up to $15 000. I wouldn't worry too much unless you are in dire need of money before school starts. I went early just to get it out of the way and because I knew I would be super busy this summer and wanted to take some time off in August, which meant money had to come from somewhere. One more thing, I was under the impression that RBC required proof of enrollment (not just an acceptance letter) to get your LOC, but the lady I dealt with said it wasn't a problem (KIM- but maybe she didn't know what she was talking about and maybe I just slid through the cracks- but at the time she did say that several first year med students had already gotten their LOCs, and that was in May). Did you apply for student loans from your home province? If you apply now you'll probably get your money the first week of school, and it would be interest free until you graduate. Just a thought.... Link to comment Share on other sites More sharing options...
Guest sassy101 Posted July 22, 2003 Report Share Posted July 22, 2003 Thanks for the reply fox. Yes I sure did make an appointment at an RBC in Calgary . I figured it would be no big deal. I have excellent credit etc and I have my acceptance letter. I think that perhaps this lady just didnt really know much about it. She figures that I absolutely need my proof of registration etc and that not everyone gets the 125000 blah blah blah. I think she just doesnt deal with student lines of credit much. I am going to make a trip to Edmonton and go to the one on Whyte Ave and talk to Kim...Hopefully then it will be OK. Go figure. Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted July 22, 2003 Report Share Posted July 22, 2003 The most important part about setting up a line of credit is going to someone who actually has experience doing them. If you visit a branch that doesn't deal with medical students often, you'll end up on the short end of the stick; the interest rate will be higher, you'll have a lower maximum than you are supposed to, etc. It's a bit of a headache, but this is something best done at the branch where all your classmates are getting it done too. Ian Link to comment Share on other sites More sharing options...
Guest sassy101 Posted July 23, 2003 Report Share Posted July 23, 2003 That is exactly what I am thinking Ian. I was under the assumption that an RBC is an RBC...young, naive and silly I guess. Oh well...live and learn. I made an appointment with the Whyte Ave RBC. Then everything should be OK. I am sure it will be worth the drive. Thanks for the responses you guys. Link to comment Share on other sites More sharing options...
Guest DixielandDelight Posted July 23, 2003 Report Share Posted July 23, 2003 I am in the same boat, I have started thinking about $$ and that I should start looking into getting a bank LOC. I went to my bank the other day (TD Canada Trust) just to see what they could offer, and I couldn't believe that their max was $15 000/year!!!! i told them that BMO and RBC definitely give 100-125k, but she wouldn't budge. I hadn't heard much about anyone getting LOCs from TD, but I was surprised that we couldn't negotiate, even when my family has been with the bank for decades. I am kind of irked at them, and I might even switch banks all together if this is the way they treat me! No way I am bringing my business back to them. I don't know if this applies to UofA, but a friend from UofC said to wait until school starts to arrange a LOC, since the banks come in to talk to students. (maybe get better deals ). Does anyone know if it makes a difference to do it now or in Sept? P.S. I am so relieved, I finally have a place to live. My roomie and I found a main floor of a house near the U. phew! That is a load off. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.