Deanis Posted May 22, 2009 Report Share Posted May 22, 2009 I'm just trying to figure out which LoC to go with to cover med school. I'm wondering if any of you have any advice or tips about which banks you would go with or stay away from. Here's what I've got so far... RBC: prime+1 for 4+1 years, then principle payments need to be made on top. CIBC: p+1 for 4+1 years, then principle payments need to be made on top. TD: p for 4+1 years, then principle payments need to be made on top. BMO: p for 4+1 years, then principle payments need to be made on top. Scotiabank: p for until residency is completed, then principle payments need to be made on top. The principal structures vary, but BMO's beats TD's. So I'm currently thinking Scotia is the way to go. Any thoughts? Link to comment Share on other sites More sharing options...
justletmein Posted May 22, 2009 Report Share Posted May 22, 2009 this has been beaten to death in the Med school orientation 101 forum. Basically, they all offer similar products. Pick a bank you are comfortable with and DO NOT ACCEPT LOWER THAN PRIME RATE. Prime +1 is not acceptable, make sure the person you talk to knows you are a medical student and offers you the proper LOC. Favorites have been RBC and MD Financial (National Bank). Link to comment Share on other sites More sharing options...
justletmein Posted May 22, 2009 Report Share Posted May 22, 2009 By the way with RBC you dont have to pay principal until you finish residency. Not sure where you got those figures but many are wrong. You need to speak to bank representatives, dont rely on things you see online. Link to comment Share on other sites More sharing options...
NLengr Posted May 22, 2009 Report Share Posted May 22, 2009 Scotia is who I went with. It was down to them and RBC. Both offered the same package (prime with no fees). The thing that pushed me over to Scotia was that RBC made you take money out of your line of credit every month and then put it back into your line of credit in order to pay the interest. Scotia just adds the interest directly onto the LOC every month (you don't need to do anything). I didn't want the hassle of doing completely pointless money moving every month if I didn't have to. Link to comment Share on other sites More sharing options...
whale.of.a.time Posted May 22, 2009 Report Share Posted May 22, 2009 Yeah, I only know for sure about RBC but those numbers are wrong. It's prime for all 8 years, you only have to pay the interest until after residency, when you start paying the principal. You should definitely be talking to the medical student rep at the bank. They know more than your regular LoC branch person. By the way with RBC you dont have to pay principal until you finish residency. Not sure where you got those figures but many are wrong. You need to speak to bank representatives, dont rely on things you see online. Link to comment Share on other sites More sharing options...
Jochi1543 Posted May 22, 2009 Report Share Posted May 22, 2009 RBC is prime, by the way. I accidentally read the wrong section of their website, if you go to the professional/med student one, it says prime - and was confirmed to me by their rep today. As mentioned before, we're discussing it in Med School Orientation right now. Link to comment Share on other sites More sharing options...
blinknoodle Posted May 22, 2009 Report Share Posted May 22, 2009 Remember that you can always switch banks at any time... many people were lured by different promotions and switched before they graduated.. Link to comment Share on other sites More sharing options...
srindogg@hotmail.com Posted May 22, 2009 Report Share Posted May 22, 2009 Thanks for summary Deanis, thats pretty helpdful. On a side note, is anyone else tempted to do something really stupid with their line of credit? Link to comment Share on other sites More sharing options...
Deanis Posted May 23, 2009 Author Report Share Posted May 23, 2009 Ahhh, Srini. You got my back. You better be coming to UBC I actually didn't get the numbers from online, but all from representatives. But I'm guessing (after reading your guys'responses) that they weren't specific MD representatives of the banks. In the end I went with Scotia. Although the other banks might have been similar, they weren't even able to direct me to the right representative (I was very clear I waned a Medical student LoC). Anyways, glad to get another task (mostly) out of the way Yes, Srini. Sooo many really good (bad) ideas... Link to comment Share on other sites More sharing options...
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