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Best bank deals for your Line of Credit?


Guest ssup

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Guest Blackbird15

Thanks for the advice! This website has again proved to be a great source of information. I guess this LoC business is something that'll have to wait until orientation, since I don't know anyone in my class...

 

take care,

Blackbird

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  • 4 weeks later...
Guest UWOMED2005

Looks like MD Management has completely severed the citibank LOC. They have, however, started a new LOC with National Bank of Canada (The forgotten one of the big six - many think it's big 5.)

 

I just got the Factsheet. As printed, it's almost too good to be true:

 

Medical School:

- Interest Rate: Prime

- No INTEREST or principal payments needed, but interest will accumulate

- Up to $30k/yr (NOT incl OSAP)

- Maximum $120k (NOT incl OSAP)

 

Residency:

- Interest Rate: Prime

- Interest Payment only

- Up to $15k/yr to a total maximum of $150k (NOT incl OSAP)

 

Practice:

- As low as prime, risk based pricing

- Interest plus principal payments begin 12 months after completion of residency

- Option to convert into fixed-term loan

 

The only negative about this is compared to the other LOC packages is the bank account fees aren't free - $2.75/month for unlimited transactions. But you don't need to have the Bank Account if you don't want to. . . though I'm not sure what transfer fees are for National Bank so it might be worth it.

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Hi UWOMED2005,

 

Just wondering where you got this fact sheet, since the deal looks amazing - I would love to know who to contact about it (ie in Edmonton). Thought I was solid with RBC but I'm thinking twice about it after looking at your post.

 

Megs

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Guest UWOMED2005

I got it from the person at MD Management who has been managing my old MD Management/citibank LOC. They literally received it the same day they sent it to me.

 

How's that for service.

 

Contact the MD Management reps in Edmonton. Try http://www.mdm.ca or TRUST ME. . . you'll know who they are by the end of O-week at U of A.

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Guest UWOMED2005

Here's the link for all the MD Management reps for Ontario:

 

mdm.ca/md/about/index.asp...language=E

 

There's also quick access to all other provinces. . . I don't mean to be an uppity Upper Canadian. :)

 

And, yes, MD Management should be at the dinner hosted the night after the White Coat Ceremony unless they've changed the funding.

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  • 1 year later...

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