Guest mcm36 Posted May 28, 2004 Report Share Posted May 28, 2004 regarding an LOC, Is there a product available where the interest simply accrues during med school and you do not have to pay off the interest monthly? It just seems silly that you'd have to borrow extra money to pay off monthly interest fees doesn't it? particularly if your a full time student. Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted May 28, 2004 Report Share Posted May 28, 2004 As far as I am aware, this is not an available option with any of the bank LOC's available to Canadian med students. The closest thing you can get to this is setting up your LOC, so that your monthly interest payment is directly deducted from your remaining LOC's balance. In that way, you don't have to physically authorize your monthly payment; it's automated instead. Otherwise, you'll have to write out a cheque, or pay the bank monthly in some other fashion. Either way, since most med students have little to no income during classes, this does mean that you're borrowing additional money to pay the interest on the money you just borrowed, (not exactly the most financially-sound concept), but this is med school economics at work. If you are a debt-averse person, tooling up six figures of debt is a pretty intimidating scenario. The good thing is that you WILL be able to pay it off as a physician, particularly if you live below your means for the first few years while in practice. Ian Link to comment Share on other sites More sharing options...
Guest chemgirl Posted May 28, 2004 Report Share Posted May 28, 2004 mcm36, one of my friends was telling me the other day that the MD Management program through the national bank of canada has this option, so he switched his line of credit. Maybe it's a new thing, but it wouldn't hurt to give them a call and find out? Link to comment Share on other sites More sharing options...
Guest mcm36 Posted May 29, 2004 Report Share Posted May 29, 2004 many thanks for the helpful info! Finding the best finance options has been a little more complicated than I thought. Kind of strange that there aren't more programs out there for the med student market. I will look into MD Management right away. 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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