w8kg6 Posted January 19, 2010 Report Share Posted January 19, 2010 If a person gets in to med school in March, when does this become available? Do you have to wait until Sept for the LOC to be available to you? Link to comment Share on other sites More sharing options...
xi88 Posted January 19, 2010 Report Share Posted January 19, 2010 If a person gets in to med school in March, when does this become available? Do you have to wait until Sept for the LOC to be available to you? It depends on the bank. I know that RBC, TD, and BMO will give you a $150000 LOC at prime rate as long as you show them your acceptance letter. I went in, asked for a LOC, showed them my acceptance letter, and 20 min later, I walked out with a bank card. Link to comment Share on other sites More sharing options...
NicMB Posted January 19, 2010 Report Share Posted January 19, 2010 I went through BMO, and the LOC was available shortly after I was approved. I remember using it right away to put a deposit down on my apartment. Accepted May 15, got LOC the following week, writing cheques middle of June. Hope this helps. PS: What school are you applying to that starts in March? US? That may have other implications for LOC through a Cdn Bank. Worth looking into. Link to comment Share on other sites More sharing options...
Jochi1543 Posted January 19, 2010 Report Share Posted January 19, 2010 It's usually a matter of a couple of days. You do need a non-provisional acceptance, so June-July is more realistic. Link to comment Share on other sites More sharing options...
w8kg6 Posted January 19, 2010 Author Report Share Posted January 19, 2010 I went through BMO, and the LOC was available shortly after I was approved. I remember using it right away to put a deposit down on my apartment. Accepted May 15, got LOC the following week, writing cheques middle of June. Hope this helps.PS: What school are you applying to that starts in March? US? That may have other implications for LOC through a Cdn Bank. Worth looking into. It's usually a matter of a couple of days. You do need a non-provisional acceptance, so June-July is more realistic. Dal and MUN get back to New Brunswick Applicants in mid-March. After paying for flights and hotels for interviews, it's looking like I'm going to have to live off my credit card until I either a) start my summer job (engineer's pay, woot!) or get my med LOC if I get in this round. That's the only reason I was curious. Also, what's the deal with cosigners? I don't have any major collateral (read, my net-worth is 0, haha), but I don't want to ask my folks to cosign. Link to comment Share on other sites More sharing options...
HBP Posted January 19, 2010 Report Share Posted January 19, 2010 I don't think you need a cosigner as long as you are attending medical school in Canada. They may ask you for one, but you can always go to a different bank. Your acceptance is your collateral! Link to comment Share on other sites More sharing options...
WaveSense Posted January 19, 2010 Report Share Posted January 19, 2010 Ya your loc should always be prime and don't require cosigner.. if its not, just go to a different bank Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.