Which bank?

[Guest AFib]

Hi there,

 

I will be starting at UofT Meds this fall and I'm looking at taking out a bank loan (i.e., line of credit) to finance the tuition. A question for you fellow incoming students as well as current UofT med students -- which bank are you going with? The acceptance package says something about a collaboration between UofT and ScotiaBank, but I've also heard Royal Bank as a pretty good option. Which bank offers the better package?

 

Let's share our financial wisdoms (of which I have little). Thanks a bunch!

 

P.S. I am not applying for OSAP. (Not eligible).

[Guest bigbits99]

I second this motion... some insights from current students would be fantastic... AFib... I'm in the same boat as you.

 

However, I would apply for OSAP even if you are ineligible (I am). Apparently, you need to apply for OSAP in order to be considered for bursaries later on in the year.

 

Later...

Mark

[Guest Kirsteen]

Hey guys,

 

The Royal does offer some attractive options, e.g., interest at prime, flexible amount, etc. I used them for my MBA financing.

 

Cheers,

Kirsteen

 

PS Bigbits (Mark) does this mean that you're turning down UBC in favour of an Ontario school?

[Guest Akane200]

Scotiabank gives you 25,000 a year at prime too. I signed with them because in the year that I did get into med school, Royal bank didn't have ANY product on the market, the one at CIBC was made up and at prime plus 3 or something, and BMO didn't have a brochure either but needed a guarantor (and also just made one up on the spot, so it didn't look that good). That was 2 years ago.

 

Scotia was the only one at the time with no guarantor needed, just buy the life insurance. They also had good customer services (CIBC sent me bank hopping all over downtown Toronto, I was so pissed off by the time I reached the fourth one because no one could tell me where they do the professional student plan). They were pretty flexible. Also, Scotia is the bank that U of T Medicine endorsed in our year because they had the special agreements in place.

 

The other banks may have better plans now, but I think that they are all more or less the same. Choose one that suits you. I heard Royal scales back the amount they give you if you get student loans from the government.

 

Once I signed on, I didn't bother to switch to another bank (which is what happened to a lot of my classmates), so my info is pretty outdated now (so check it all out yourself, interest rate should be at prime though).

 

(Just so you know, I also did not qualify for any OSAP too which is why the bank line of credits are a very very important source of finances)

[Guest UWOMED2005]

Royal offers med students (we're told it's a special package for Western med students, but I'm pretty sure it's the same package offered every where else) a $125,000 LOC, no co-signers, at prime. The only disadvantage is that the $125,000 includes OSAP; some of the other banks don't in the LOC. You also get a free banking package and a free Gold VISA. I'm pretty sure Bank of Montreal and Scotiabank are good. . . just make sure the interest rate you get is at prime!

[Guest Kirsteen]

To further UWOMED2005's post,

 

The Royal Bank banking package (if it's the VIP package) is pretty cool--no fees for anything: withdrawals from non-RBC ATMs, free cheques, money orders. Also, they give you more favourable rates for currency exchanges if you find yourself flitting all over the globe for summer electives...! But there's more... (Ginzu knives coming up, and no, I don't receive RBC kick-backs on the sly). Additionally, when you emerge at the other end, i.e., a graduate with an MD, they're quite happy to give you some nice help when financing your condo, car, etc. It's pretty favourable for them to keep you as a client. In short, work it! They have room to move and margins upon which to encroach.

 

Ciao,

Kirsteen