future_doc Posted July 24, 2010 Report Share Posted July 24, 2010 Well, business is business right? Even though I'll probably be leaving them for Scotia at the moment, I wouldn't hesitate to go back in a few years' time if they offer me a good deal on a mortgage or chequing account (through PC Financial), for example. It's true though, why would they bother offering the product if the terms are so much worse than the competition? You hit the nail on the head, say 'business is business' and yes, always go where you can obtain the best deal. But I believe there is an integrity issue when CIBC offers non-competitive terms to unsuspecting borrowers in our category. Why they don't just remove themselves from this particular market is beyond me, 'buyer beware'! Link to comment Share on other sites More sharing options...
itimebomb2 Posted July 24, 2010 Report Share Posted July 24, 2010 Sorry to jump in late. Too lazy to read 14 pages of messages. Does anyone know if its possible to sign up for 2 LOCs? I am already with RBC but I feel like it might be nice to go with MD Financial as well if possible, since they offer physician specific consulting. Anyone know if this is possible? Link to comment Share on other sites More sharing options...
rmorelan Posted July 24, 2010 Report Share Posted July 24, 2010 Sorry to jump in late. Too lazy to read 14 pages of messages. Does anyone know if its possible to sign up for 2 LOCs? I am already with RBC but I feel like it might be nice to go with MD Financial as well if possible, since they offer physician specific consulting. Anyone know if this is possible? Cetainly not at the full amounts etc - they will do a credit check to prevent that. I would not be surprised though if you could get 1/2 of it at each of two banks Link to comment Share on other sites More sharing options...
shannn Posted July 25, 2010 Report Share Posted July 25, 2010 Is Scotia the only one that wants you to close your other credit cards before giving you the full $200k? Has anybody had to deal with this at RBC, TD or MD Financial? Scotia is the only one that does this from my experience. It's too bad too, I was ready to sign with them Link to comment Share on other sites More sharing options...
TheEggman Posted July 25, 2010 Report Share Posted July 25, 2010 Sorry to jump in late. Too lazy to read 14 pages of messages. Does anyone know if its possible to sign up for 2 LOCs? I am already with RBC but I feel like it might be nice to go with MD Financial as well if possible, since they offer physician specific consulting. Anyone know if this is possible? The financial consulting is done by MD regardless of where you get your LOC, your CMA membership ($22 for students, comes with life insurance) pays the salary of the consultants. So you can shop around for LOCs and still get the financial consultation provided by MD financial. I would recommend the debt planning session for any med student, it can really help you visualize what you will probably spend and maybe find areas to cut back. The "MD financial" LOC is offered through National Bank. MD financial is just acting as a LOC broker and shopping around to find what bank offers them the LOC they think would most benefit med students and residents. If TD suddenly offered and amazing LOC that no one else could match, MD would probably switch their LOC to TD. It is ultimately down to personal needs in a LOC. I like not having access to the full 200k until residency that way I can stay on budget. I can't imagine being saddled with 200k of debt before I can even start earning because I had access to, and spent, my whole LOC. Having a limit will make me think twice about how I spend and hopefully help reduce my debt load. I have many years of a large disposable income ahead of me, I don't need to live the high life now on someone else's money when I can do it with my own in a few years. Link to comment Share on other sites More sharing options...
itimebomb2 Posted July 26, 2010 Report Share Posted July 26, 2010 thanks! 22 bucks for financial consulting services as a student ... wow ... i cringe from thinking how much actual MDs have to pay... Link to comment Share on other sites More sharing options...
Ollie Posted July 26, 2010 Report Share Posted July 26, 2010 thanks! 22 bucks for financial consulting services as a student ... wow ... i cringe from thinking how much actual MDs have to pay... It's not $22 for a consultation. Your CMA membership is $22 which among other things includes access to MD management. Link to comment Share on other sites More sharing options...
TheEggman Posted July 26, 2010 Report Share Posted July 26, 2010 thanks! 22 bucks for financial consulting services as a student ... wow ... i cringe from thinking how much actual MDs have to pay... It also gets you life insurance and discounted disability insurance. You can have as many financial meetings as you want, the financial advisor follows you through your schooling. You also get copies of the CMAJ in the mail Link to comment Share on other sites More sharing options...
shannn Posted July 26, 2010 Report Share Posted July 26, 2010 You can join the OMA/CMA by visiting here: https://www.oma.org/Pages/FAQ.aspx# Click on the first question and it has the application form there Fee is $22 I will join soon...and I noticed they don't really verify that you are a medical school student either, lol Link to comment Share on other sites More sharing options...
mattg Posted July 26, 2010 Report Share Posted July 26, 2010 This is going to sound like a REALLY stupid question lol but why do people need 200k? I may be way off here, but aren't most people in Ontario able to cover the majority (75% or so) of their approx. 20k tuition via osap + bursaries... i know housing/utlities costs vary, but lets say they range from around $500/month to $1200/month ($6000/year to appox. $14000/year)... and food+spending money, lets say $5000/year (just a guess) anyways, after osap/bursaries, don't most people just need an extra $15-25k/year? Why do med students take out 200k loans? am i missing something? does OSAP get much worse for us after first year? do bursaries get much lower/non-existant after first year? Link to comment Share on other sites More sharing options...
runningdoc Posted July 26, 2010 Report Share Posted July 26, 2010 This is going to sound like a REALLY stupid question lol but why do people need 200k? I may be way off here, but aren't most people in Ontario able to cover the majority (75% or so) of their approx. 20k tuition via osap + bursaries... i know housing/utlities costs vary, but lets say they range from around $500/month to $1200/month ($6000/year to appox. $14000/year)... and food+spending money, lets say $5000/year (just a guess) anyways, after osap/bursaries, don't most people just need an extra $15-25k/year? Why do med students take out 200k loans? am i missing something? does OSAP get much worse for us after first year? do bursaries get much lower/non-existant after first year? Sometimes you don't get the 20K from OSAP because of other assets, and just because you have those assets it doesn't mean that you: A - Are actually able to turn them into cash to pay for tuition B - Are willing/want to turn them into cash to pay for tuition The 20K from OSAP/bursaries is never a guarantee. Also you have to keep in mind that not everyone is a bachelor living with 4 roommates. There are married people, people with children, people who own houses but have mortgage payments but can't work due to classes, etc. Also, for having the 200K line of credit, it is always better to have the money at hand in case you need it rather than running into a situation where you do need the money and having to go through the application process at a later date. Link to comment Share on other sites More sharing options...
mattg Posted July 26, 2010 Report Share Posted July 26, 2010 Sometimes you don't get the 20K from OSAP because of other assets, and just because you have those assets it doesn't mean that you: A - Are actually able to turn them into cash to pay for tuition B - Are willing/want to turn them into cash to pay for tuition The 20K from OSAP/bursaries is never a guarantee. Also you have to keep in mind that not everyone is a bachelor living with 4 roommates. There are married people, people with children, people who own houses but have mortgage payments but can't work due to classes, etc. Also, for having the 200K line of credit, it is always better to have the money at hand in case you need it rather than running into a situation where you do need the money and having to go through the application process at a later date. yea i know most people don't pay the full 20k with osap/bursaries... from what i've seen this year, it seems like a lot of people are just getting 10k or so from osap, anyways yea, i guess that makes sense - that some people are married, have mortgages, etc. i just want to make sure that i'm not missing/forgetting to consider some huge payment that hits at some point in the next few years (aside from tuition/housing/food) lol.... also wondering whether or not osap/bursaries are relatively stable over the 4 years (providing not much changes in terms of assets), or if they get progressively less generous as you move past first year Link to comment Share on other sites More sharing options...
runningdoc Posted July 26, 2010 Report Share Posted July 26, 2010 yea i know most people don't pay the full 20k with osap/bursaries... from what i've seen this year, it seems like a lot of people are just getting 10k or so from osap, anyways yea, i guess that makes sense - that some people are married, have mortgages, etc. i just want to make sure that i'm not missing/forgetting to consider some huge payment that hits at some point in the next few years (aside from tuition/housing/food) lol.... also wondering whether or not osap/bursaries are relatively stable over the 4 years (providing not much changes in terms of assets), or if they get progressively less generous as you move past first year Not that I am aware of. You might get the opportunity to attend some conferences providing you pay your way there (airfare+conference registration fee+hotel) which is manageable with a LOC but you probably won't have the money for with OSAP after tuition. Buying a car down the road. Taking a trip or two to unwind after some stressful months in class are also expenses that could rack up on you a little bit. Link to comment Share on other sites More sharing options...
mattg Posted July 26, 2010 Report Share Posted July 26, 2010 Not that I am aware of. You might get the opportunity to attend some conferences providing you pay your way there (airfare+conference registration fee+hotel) which is manageable with a LOC but you probably won't have the money for with OSAP after tuition. Buying a car down the road. Taking a trip or two to unwind after some stressful months in class are also expenses that could rack up on you a little bit. cool, so it's more so just to have if needed for whatever, rather than all going towards basic needs... that's what i figured... i guess a lot of people won't end up using the full 200k anyways in that case Link to comment Share on other sites More sharing options...
shannn Posted July 26, 2010 Report Share Posted July 26, 2010 You could always buy $150K worth of gold and sell it in the winter when prices go up Hopefully the selling price will be far above and beyond the interest that accumulates Link to comment Share on other sites More sharing options...
naspec Posted July 26, 2010 Report Share Posted July 26, 2010 With interest rates that low, you could probably use it to buy some shares in the very bank that lent you the money, using the dividend payments to cover the interest and pocketing the difference. Although the profit on that would probably be razor-thin and not worth the effort/fees. Link to comment Share on other sites More sharing options...
rmorelan Posted July 26, 2010 Report Share Posted July 26, 2010 cool, so it's more so just to have if needed for whatever, rather than all going towards basic needs... that's what i figured... i guess a lot of people won't end up using the full 200k anyways in that case That is my understanding as well - 200K for most people tons. You also get a bit of money during clerkship as well (750 a month) by the way (or so I have been told). Link to comment Share on other sites More sharing options...
mattg Posted July 26, 2010 Report Share Posted July 26, 2010 You also get a bit of money during clerkship as well (750 a month) by the way (or so I have been told). wow, really - that's cool... i've never heard that... is that just 3rd year? or 4th year as well? edit: just did a search... apparently it was $6000 (500/month) in Ontario back in 2006... has it gone up? are you sure about the $750/month? Link to comment Share on other sites More sharing options...
rmorelan Posted July 26, 2010 Report Share Posted July 26, 2010 wow, really - that's amazing... i've never heard that... is that just 3rd year? or 4th year as well? Just over 12 months some where in there - not sure on the exact start end/times Should cover the added expense of interviews etc or at least put a big dent in it. Link to comment Share on other sites More sharing options...
mattg Posted July 26, 2010 Report Share Posted July 26, 2010 is that on top of any bursaries offered by the school? or does it replace them for the most part? Link to comment Share on other sites More sharing options...
BigM Posted July 27, 2010 Report Share Posted July 27, 2010 is that on top of any bursaries offered by the school? or does it replace them for the most part? It's seperate. I believe I was told that clerkship stipends come from the OMA or CMA (could very well be wrong about this). It sounds like they are also only in the 3rd year. Link to comment Share on other sites More sharing options...
rmorelan Posted July 27, 2010 Report Share Posted July 27, 2010 is that on top of any bursaries offered by the school? or does it replace them for the most part? No it is on top - it is income for the work you do during clerkship. At Western it seem to kick in 4 months into 3rd year and goes to the end of our electives which is mid way through 4th year. Still 12 months of course Link to comment Share on other sites More sharing options...
rmorelan Posted July 27, 2010 Report Share Posted July 27, 2010 wow, really - that's cool... i've never heard that... is that just 3rd year? or 4th year as well? edit: just did a search... apparently it was $6000 (500/month) in Ontario back in 2006... has it gone up? are you sure about the $750/month? Yeah it was raised recently I believe - 750 per month is the number Only thing is I am not sure how osap handles it Still 3000 income per term isn't that much, hopefully won't trigger any alarms etc Link to comment Share on other sites More sharing options...
itimebomb2 Posted July 27, 2010 Report Share Posted July 27, 2010 Yeah it was raised recently I believe - 750 per month is the number Only thing is I am not sure how osap handles it Still 3000 income per term isn't that much, hopefully won't trigger any alarms etc lol it would suck if it resulted in an equal loss of OSAP money haha. Do Mac students get the same rate? Link to comment Share on other sites More sharing options...
naspec Posted July 27, 2010 Report Share Posted July 27, 2010 Is Scotia the only one that wants you to close your other credit cards before giving you the full $200k? Has anybody had to deal with this at RBC, TD or MD Financial? Scotia just offered me the full $200,000 and it seems like they've dropped the subject of my other credit cards, so I'll probably be signing with them tomorrow. Link to comment Share on other sites More sharing options...
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