Loans for Med/Dent School

[Dwayner]

I know I've yet to be accepted to school but I am starting to think about the money situation. Do any of you know much about the loan/line of credit application process? I read on the CIBC site " Only medical and dentistry students may apply for up to $150,000. Annual credit limit increases, the special one-time limit increase and other program features are subject to proof of enrolment, a continued good payment history and credit record, and a satisfactory cash flow analysis."

 

I'm going to ask the bank what that means. But I'm guessing as long as you have an acceptance letter they will throw at least 150k at you? For any additional money you have to go through secondary checks?

Can anyone put their two bits in?

 

Thanks

[Nunn]

im having the same issue as u....financing the education! this is wat i have found out so far. I believe all banks have a professional student line of credit which offers $150K max. With an acceptance letter i doubt u'd need a co-signer...but with one u may be able to get more money i'm not too sure. The bad thing about banks is u have to pay interest which is prime (6%?) for most if not all canadian banks rite now. For most banks u do have to pay interest every month...but Scotiabank has this plan where u can defer that payment until after u graduate...there's a 12 month grace period. With the line of credit the banks also give u a credit card. I know RBC offers a $5000 credit card. Scotiabank offers a Moneyback or VisaGold card with a limit of $5000 as well. TD didn't offer me one. I think CIBC does the same but don't quote me on it.

National Band (MD Management) offer $200K. I've had some trouble contacting them. The person i did speak to said that they offer professional loans specifically for medical students but i'm sure they do the same for dental students as well.

hope this helps

[Adversary]

What Nunn has said is correct albeit a few minor errors.

 

Below applies to all Professional Student Accounts.

 

1. Currently, RBC, CIBC, and Scotiabank has up the limit for the Line of Credit (LOC) to $200K (from $150 back when I started Dental School in 2005).
   
2. Co-signor is NOT necessary. Your acceptance letter is GOLD and is valuable enough to get you the LOC.
   
3. All banks (not just ScotiaBank) will allow you to defer interest payments until 12 months after you graduate.
   
4. RBC, ScotiaBank, and CIBC packages have an interest rate set at prime.
   
5. All Prof. Student packages include a GOLD/PLATINUM/ETC credit card with 5K limit. This is the face-value limit. I got it to 15K.
   

 

I do not know much about MD Management except that it was developed by the Canadian Medical Association for their medical students (I have family in medical school).

 

RBC, CIBC and ScotiaBank are the most competitive and offer similar Professional Student Packages. RBC and Scotiabank LEAD the pack in that they have an Account Manager DEVOTED to professional student accounts only - someone you can contact directly.

 

As for who you should choose, my best advice is to make an appointment to meet each Account Manager. As I have said before, it's all about which one fits you best.

 

If you want to hear my opinion or suggestion, please contact me. I am happy to share what I learned when I was looking into LOC's and Banking.

 

If you have any other questions, I am always happy to help.

 

Congratulations to all of you who have been accepted and good luck to those who are still waiting to hear!

[Tode]

Adversary covered just about everything.

 

There is just one thing, if you have a normal/good credit history all you need is your letter of acceptance. The only thing is that if you have been delinquent on a lot of previous payments, and so you have a poor credit rating you may have to get a co-signer.

 

I think as far as picking an institution you just have to pick the one that will give you the best personal service because all of the institutions offer pretty much the same things. I've had a really good experience with CIBC for my undergrad line of credit, so I'm going to stay with them.

 

One last point I will add: according to Canadian law, it is illegal for a university to turn away qualified students strictly for financial reasons. In other words, if you don't have enough money (even with a LOC) then you should talk to your university and they will figure things out with you.