Guest chemgirl Posted May 25, 2004 Report Share Posted May 25, 2004 So I went to TD Canada Trust to apply for a professional student line of credit. I went to the branch closest to campus because I figured they would deal with this sort of thing all the time. Anyways, to make a long story short, they only offered me $15 000 a year (although it was at prime), and this is pending approval of my husband as a cosigner. I thought this was really strange, since neither my husband or I have any debt, student loans or otherwise. I explained to her that this would only barely cover my tuition, books and fees, but still, this was supposedly the maximum I am eligible for. Can anyone shed some light as to which bank/bank branch in Edmonton I should go to, and whom I should contact at that branch, to receive the elusive 20-25k at prime per year? Link to comment Share on other sites More sharing options...
Guest snoopychan Posted May 25, 2004 Report Share Posted May 25, 2004 Hi Chemgirl, I got my LOC set up through RBC last year. With them, I was preapproved for $120,000 over 4 years, and they will allocate the annual break down based on your needs. Tell them in you are in a professional program, and don't settle for anything less than prime rate. I am not sure who the contact is in Edmonton, as I set mine up back home in Ottawa. However, I recall people last year setting it up at the Whyte Ave Branch, intersection of 109th st. What you need to show them is your letter of admission, and having the cost/fee spreadsheet provided to you from the school would be helpful. Hope this helps. Cheers. - Snoops Link to comment Share on other sites More sharing options...
Guest fox Posted May 25, 2004 Report Share Posted May 25, 2004 Funny you should post this as I was just there (RBC) today renewing my LOC. They actually have a new program for this year's incoming class, and I can give you the name of the person who I dealt with today. She will give you a much better deal and a much easier time than the bank you dealt with did. You can email me at ljb3@ualberta.ca and i can give you her contact info. As well, anyone else needing to set up a LOC, feel free to email me and I can help you out! Fox Oh, you DON'T need a co-signer. Don't deal with them, they obviously don't give many med students LOCs. Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted May 26, 2004 Report Share Posted May 26, 2004 Heya, I don't know if the Edmonton banks are offering the same LOC's as are available in Vancouver, but if so, then I can't advise you going with TD Bank. Their LOC is clearly inferior to those offered by literally all the other banks. Here's a table summary for LOC's from CIBC, BMO, RBC, TD Bank, National/MD Management, and Bank of Nova Scotia, provided by the Financial Aid Officer at UBC Med: www.med.ubc.ca/md/financialAssistance/LOC.htm Ian Link to comment Share on other sites More sharing options...
Guest chemgirl Posted May 26, 2004 Report Share Posted May 26, 2004 Thanks for your help everyone. Fox, I sent you an email, and Ian, it definitely looks like the lines of credit are the same with regards to TD Bank. $15000 is the max they will give. Hmmm, well, at least they offered me the maximum! I'll give royal bank a try. Link to comment Share on other sites More sharing options...
Guest physiology Posted May 26, 2004 Report Share Posted May 26, 2004 Hello Fox, Is the LOC that RBC is offering identical to Ian's link below? I'd like to know, so I can all these finances out of the way! Thanks! Link to comment Share on other sites More sharing options...
Guest fox Posted May 27, 2004 Report Share Posted May 27, 2004 I think that is what the RBC has. I know you get $150 000 now instead of the $125000 they offered to my year, and now you can get it in one lump sum instead of a set amount each year. Link to comment Share on other sites More sharing options...
Guest chemgirl Posted May 28, 2004 Report Share Posted May 28, 2004 Just a quick update... I called RBC but their phone is always busy! I called CIBC as well and spoke with a credit representative about their LOC's. I went in to meet with her two days ago. They offer $25,000 a year at prime, plus an additional $20,000 in yrs 3/4, and $5,000 in your first year of residency. She called me the yesterday to tell me I was approved, and I went in this morning to meet with her and sign the papers, and now I'm ready to go! I was very impressed with the prompt and friendly service. If anyone is interested in the name/number of this person, please let me know. Send me a PM and I'll get it to you! Link to comment Share on other sites More sharing options...
Guest pmcol Posted May 28, 2004 Report Share Posted May 28, 2004 I went with CIBC as well. The personal banking rep that handles the med students is great. She's friendly, helpful, and service was very prompt. I walked in off the street, never having spoke to her before, and a day later my LOC was approved. In case anyone is interested, I just walked in to the branch on 112 street and Whyte ave. and asked to see someone about the med student LOC. The bank is easy to reach from the hospital. Just cross 112 street and walk south, you can't miss it. I don't know how other banks work, but the CIBC LOC is based on financial need. So, not everyone may be approved for the full amount each year. I wasn't because I live at home, but I was still approved for more than enough to cover school costs. Link to comment Share on other sites More sharing options...
Guest fox Posted May 29, 2004 Report Share Posted May 29, 2004 Glad you guys had luck with CIBC. I needed more than $25000 this year to pay for everything (trips and partying included), just so you're aware (and our tuition was only 8500 this year). Link to comment Share on other sites More sharing options...
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