LOC now...??

[Guest Lorae]

I've decided I'd like to stick with RBC through med school and would like to apply for my LOC ASAP (no $$ saved for moving to calgary, new clothes, etc ) shopping spree:lol

 

Is the acceptance letter I received going to be good enough for the bank (it says things like "send a deposit and "we hope to see you in august")... or do I have to wait for a concrete confirmation of registration???

 

Just thought I'd ask here before pestering Adele with yet another question

[Guest bananacreampie]

Where are you moving from Lorae? Just interested in finding out where people are coming from.

 

cheers, bcp

[Guest Kirsteen]

Hi there Lorae,

 

I'll probably end up dealing with the Royal Bank for my LOC too. I contacted the person in the Toronto office who handles LOCs for professional education programs a bunch of weeks ago. She said that the initial acceptance letter would be satisfactory to initiate the LOC application process.

 

Are you hoping to deal with a Royal Bank in Calgary or will you be soliciting help from another branch?

 

Cheers,

Kirsteen

[Guest Lorae]

I'm moving from Edmonton. I plan to switch to a calgary branch, but I'd sure like to get it set up before I move.

 

I called the contact number on the website (medical school specialist) but he wasn't very helpful... it might have been better had been able to speak french.

 

i think i might phone the main number and try asking my questions again

[Guest Ian Wong]

Hi there,

 

As mentioned in some of the LOC discussions in the Med Student's forum, your best bet is to figure out which exact RBC branch the majority of the Calgary med students are using, and deal only with that location (and in particular, the individual at that branch location who handles all the professional LOC accounts). Anyone else is unlikely to be as up to date on the current LOC terms, and is much more likely to end up sticking you with a less than optimal interest rate/repayment scheme.

 

You should be able to start the LOC process off using jst your acceptance letter, but this will definitely be more likely if you go to that dedicated individual at the branch (since they'll know what the acceptance letter looks like, and be less likely to demand additional confirmation).

 

Ian

[Guest Lorae]

Well I took the giant leap and am now the proud owner of a 6-digit loan :x

 

While it makes you feel more confident with when you deal with someone who is very familiar with the product you're applying for, RBC has it set up so you can do things (almost) seamlessly without sitting with a specialist (but they do have specialists). I did the complete application over the phone (on wednesday) and then met with a personal banker to do all the signing today (friday). The only problem I encountered was having to make sure the credit specialist (on the phone) was filling out the right application:

 

Me: "no... I assure you the interest rate is prime"

Him: "hmm... I'm pretty sure student lines of credit are prime +1"

Me: "really... I think you should just keep reading... look for the special medical/dental program"

Him: "oh wait! here's something... let me just read this for a moment"

...

...

Him: "okay then... prime it is!"

Overall sticking with my bank is worth the little frustrations.

 

 

So now the next question is: Should I apply for federal/provincial loans now too (before any financial aid is awarded by the university)? Or does it matter?

 

thanks for all your advice!

[Guest sn0w0wl]

your best bet is to figure out which exact RBC branch the majority of the Calgary med students are using, and deal only with that location (and in particular, the individual at that branch location who handles all the professional LOC accounts

 

Can any current Calgary med students post some contact info for LOC contacts within the major local banks? (Is anyone going through MD Management? I'm still not clear on what that is.)

[Guest Lorae]

The specialist for the medical/dental LOC at RBC in Calgary is Anne McAndrews at the Bow trail branch.

 

I chose to apply over the phone and do the paperwork in Edmonton because I haven't moved down there. I plan to deal with Anne and change my branch once I've moved.

 

From what I understand MD management is a financial advising company that specially deals with MDs/residents/med students. They have a student LOC program that is administered through the national bank of canada.

 

When I was making my decision who to go with I basically wanted to stay with RBC for convenience. I think royal bank offers a "good" deal (AKA. the most money) - they will give you up to 150k with no yearly limits (although some may say this is a bad thing). I didn't ask for that much at this time though... I can apply for more later. I did not need a co-signor.

 

Also, I felt that the national bank of canada was seriously lacking in ATM accessibility and I feared that I would always have to use those *$ boxes that charge you $2.00 a transaction.

 

hope this helps.

[Guest Ian Wong]

MD Management is a financial advising company owned and run by the CMA. You will all become intimately familar with MD Management during your med school career, if for no other reason than the fact that they will be sponsoring a whole bunch of your events. Access to them is free if you are a CMA member (so you can drop in, and talk to them about managing your debt, setting up a budget, advise on home loans/RRSP stuff, as well as setting up the aforementioned LOC).

 

Here's a table from UBC Med's Financial Aid Officer, with information on the MD Management LOC, as well as contact information for that MD Management rep.

 

www.med.ubc.ca/md/financialAssistance/LOC.htm

 

Here's the MD Management website section for Medical Students and Residents (on there is a link to a .pdf describing the National Bank/MD Management LOC itself):

 

mdm.ca/md/solutions/banking/index.asp?url=/content/md/solutions/banking/medical-students.asp&language=E

 

Ian