Guest mdgazou Posted April 14, 2003 Report Share Posted April 14, 2003 Hey UWOMED2005, Do you have any contact information or any place that I could find out about this plan. Is it for medical students across Canada? Thanks Link to comment Share on other sites More sharing options...
Guest UWOMED2005 Posted April 14, 2003 Report Share Posted April 14, 2003 Here is the link Link to comment Share on other sites More sharing options...
Guest brandonite Posted May 9, 2003 Report Share Posted May 9, 2003 Sorry for bumping up a lot of old treads tonight... The MD Management proposal requires you to go through a budget with them before you're approved, and the only bank machines you can use without paying a service charge on are Citibank bank machines, of which there is 1 in the city of Winnipeg. I didn't like the idea that I would have to have my expenses scrutinized in order to get my student loan (I know, it might have been a good idea, but I can't stand being told what to do, especially with my money). And I didn't like the idea of paying $1 every time I need money out of the bank. I am with Royal, and am pretty happy. They gave me $98,000 over the 4 years, and free banking. I have an American Express card with a $5000 limit, and I also have a car lease that I did through GM. So, they took both of those off of the $125,000 limit. It's a bit annoying, but between the $98,000 and Canada Student Loans (which I should qualify for next year....), I shouldn't have a problem. Link to comment Share on other sites More sharing options...
Guest UWOMED2005 Posted June 3, 2003 Report Share Posted June 3, 2003 I did switch to MD Management (citibank). At UWO, it's necessary to have a car and our tutition is $14,000. . . so the traditional Banks just weren't cutting it. The advantages of the MD Management Line of Credit are that it's limit is greater ($120,000 over the four years/$90,000 over 3 years at Mac PLUS $10,000 each year for 4 years of residency) and it's MUCH better in residency as you continue to only pay interest, and that interest rate doesn't go up. I think most of the major bank credit lines jack up the interest rate as soon as you graduate. OSAP does as well. . . MD Management will actually help you calculate how much OSAP to roll into this LOC in residency to maximize OSAP repayment tax credits vs. the better interest rate (that's where that extra credit line space comes in Handy.) The interest rate is the same as RBC, which I think is the same as Scotiabank or Bank of Montreal. Yes, the disadvantage is that the banking package itself sucks - there's no machines anywhere, so you have to mail deposits in and withdrawals on the citibank card cost money. No Gold card either. That's really not a problem though. . . personally, I've kept my RBC account and citibank lets me transfer cash directly from their LOC to the RBC account (no charge), where I do cash transactions, use my RBC Gold Visa, etc. So it's kind of like having an RBC account, but a "job" that deposits money into my RBC account every so often. Of course, I'll be paying back that "job" for a long time to come. . . I think among the commercial banks Bank of Montreal and Scotia are the best ($100k not incl OSAP.) RBC is good ($125k, nice banking package and interest rate) but that $125k includes OSAP, bringing it down to about $90,000 if you get full OSAP over the four years. If you have previous OSAP from undergrad. . . forget about it. OSAP. . . you should be fine as long as you don't have lots of income and have been out of high school more than 5 years. You should get the max. . . which will be more at Mac, as your school year is ?12 months? Assets will also count against you. . . in fact, I thought cars over $5000 in value counted against you but its possible it's been raised to $10,000. One note on Prime: jmh is right, don't accept any interest rate more than prime! BUT. . . also be aware there are different prime rates: Bank of Canada Prime, and each Bank has its own Prime. Last year a bunch of my colleagues flocked to the Bank of Montreal because they were offering "prime -1"! As it turns out, their prime was a 1 point above everyone else's. . . so it turned out that "prime -1" was the same rate everyone else had. Good Luck Shopping. Link to comment Share on other sites More sharing options...
Guest faqir9 Posted June 13, 2003 Report Share Posted June 13, 2003 Did I read the post correctly....can you start with an LOC at one bank and decide a year or two later to transfer to another, essentially without penalty? Link to comment Share on other sites More sharing options...
Guest TimmyMax Posted June 13, 2003 Report Share Posted June 13, 2003 Hey faqir9, Yep, that's exactly what UWOMED2005 did, by the sounds of it, and to be perfectly honest, I will probably be switching over to Bank of Montreal by the end of the summer myself as Royal sucks. The MD Management package sounds good, but I'm not too thrilled with their "no machines anywhere" policy and I hate paying service charges! I wonder when President's Choice is going to set something like this up themselves. Could be a long time though... Best of luck! Timmy Link to comment Share on other sites More sharing options...
Guest mdgazou Posted June 13, 2003 Report Share Posted June 13, 2003 I am with the Royal Bank but I have to admit that their service has gone down the drain for the last few years and i'm looking for a bank with better service. Anybody knows the specifics of the scotia and the montreal bank lines of credit (limit, osap included or not, co-signors, etc...) I do know about the citibank line of credit but any other good LOC elsewhere that people know? Thanks in advance! Link to comment Share on other sites More sharing options...
Guest JSS02 Posted June 13, 2003 Report Share Posted June 13, 2003 I'm with BMO for my line of credit... the limit is $125,000 -$25,000 for each year of med school, and $12,500 for the first two years of residency. This is in addition to any OSAP loans you are getting. You don't need a co-signer. You just pay the interest during med school and PGY1, and then start paying off the principal in PGY2. There's a website with a bit more info: www.bmo.com/BrainMoney/po...ncing.html Link to comment Share on other sites More sharing options...
Guest UWOMED2005 Posted June 14, 2003 Report Share Posted June 14, 2003 I'll repeat: the MD Management plan works fine if you have another banking account that works for you (ie PC banking, RBC, whatever.) You can transfer money from one account to the other anytime NO problem. Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted August 7, 2005 Report Share Posted August 7, 2005 Floating back to the top. Ian Link to comment Share on other sites More sharing options...
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