amska Posted May 27, 2010 Report Share Posted May 27, 2010 Well I am happy to hear that I've been misled, but if that is the case, then I was told false information directly from the "professional medicine LOC "person at the rbc in my city. I even specifically said that I didn't like that aspect of the LOC and all she said was that " perhaps at the period of repayement that I could renegotiate". So that's good if that is what your person gave you, bui still think I am going to go with scotia. As was just said a few posts earlier, you need to specify that you are looking for the medical student line of credit, which is different from the professional line of credit. You also need to make sure you're dealing with the medical student specialist who works with your school. Could anyone who has already started visiting banks (or is already holding a LOC from a previous year) comment on the general process/approach they are using? Have you been setting up an appointment with someone? Going in person to a bank and asking to speak to a loan specialist? How sleazy are the people in general in terms of trying to pressure you etc.? I have to admit I'm slightly dreading the whole process as my various experiences with banks up to this point have been on the same level as dealing with a used car salesman. Also, what perks have people been getting that are worthwhile? Everyone I have talked to (with the exception of CIBC) has been nothing but respectful and treating me like a VIP. I have been getting courtesy calls from banks wondering how my decision is going, and if I have any questions. They want your business, they know you have a very high income in the future. That's why they're willing to give us prime, and keep it at prime until repayment is over. You NEED to meet with them in person, it's just way better for questions, honesty, and transparency. And as I said above, you need to meet with the experts who are associated with your medical school - they know the schedule, the tuition, and the challenges. In terms of perks, they're often willing to negotiate the Visas you can get. Link to comment Share on other sites More sharing options...
chuck62 Posted May 27, 2010 Report Share Posted May 27, 2010 As was just said a few posts earlier, you need to specify that you are looking for the medical student line of credit, which is different from the professional line of credit. You also need to make sure you're dealing with the medical student specialist who works with your school. I was speaking with the specialist and i did specify that i was a medical student. Link to comment Share on other sites More sharing options...
nemesis Posted May 27, 2010 Report Share Posted May 27, 2010 ...You also need to make sure you're dealing with the medical student specialist who works with your school.... This information can be found, here! Link to comment Share on other sites More sharing options...
shannn Posted May 27, 2010 Report Share Posted May 27, 2010 For TD, it says that they use their TD Prime interest rate, which is 4.5%, is this true? http://www.tdcanadatrust.com/student/mds.jsp I was going to give them a visit on Saturday, but maybe I'll stick with Scotia or RBC. Does BMO have any airmiles options with their LOC? It's gonna be a busy weekend getting my finances together Link to comment Share on other sites More sharing options...
Laika Posted May 27, 2010 Report Share Posted May 27, 2010 TD Prime Rate is 4.75% as of April 28, 2008 It's since been decreased to 2.25%, the same as the other banks. Link to comment Share on other sites More sharing options...
nemesis Posted May 27, 2010 Report Share Posted May 27, 2010 No. TD uses prime (2.25%) like all the other banks. ...if you look here, it shows RBC's prime rate (which is 2.25%, as well) as of today. It's since been decreased to 2.25%, the same as the other banks. I'm surprised that hasn't been updated on their website... Link to comment Share on other sites More sharing options...
supafield Posted May 27, 2010 Report Share Posted May 27, 2010 Haha I called TD (my bank) to haggle about my credit card.... and had a bogus story that another bank offered me X cards with certain perks. The lady said that they were sorry I even had to check with another bank and that I already qualified for their top travel rewards card based on my credit limit alone.... it had nothing to do with salary, status or anything.... Haha they were all apologetic that someone hadn't already given me this card and I ended up feeling bad for even concocting the story to gain leverage. I'm sure there are better rewards cards out there, Capitol One has a few goodies, but I wasn't about to switch everything over a fairly minimal difference. As long as I keep a certain amount sitting in my account, the account is free and then the credit card I have no longer has an annual fee. Turns out I was just a sucker before. Link to comment Share on other sites More sharing options...
shannn Posted May 27, 2010 Report Share Posted May 27, 2010 Haha I called TD (my bank) to haggle about my credit card.... and had a bogus story that another bank offered me X cards with certain perks. The lady said that they were sorry I even had to check with another bank and that I already qualified for their top travel rewards card based on my credit limit alone.... it had nothing to do with salary, status or anything.... Haha they were all apologetic that someone hadn't already given me this card and I ended up feeling bad for even concocting the story to gain leverage. I'm sure there are better rewards cards out there, Capitol One has a few goodies, but I wasn't about to switch everything over a fairly minimal difference. As long as I keep a certain amount sitting in my account, the account is free and then the credit card I have no longer has an annual fee. Turns out I was just a sucker before. Nice, that's the Select Service Account, I have one too. You are also entitled to free cheques and a small safety deposit box Link to comment Share on other sites More sharing options...
amska Posted May 28, 2010 Report Share Posted May 28, 2010 Can I ask what city you are looking in? Because this is absolutely NOT the treatment I am getting in Toronto. I'm sorry to hear that! This has been in Hamilton, at the local branches that deal with medical students. Maybe you should ask the UofT students the names of specific bankers, you'll probably be treated a lot better. You're the one with the future financial potential - they should be grovelling at your feet, not the other way around! Link to comment Share on other sites More sharing options...
dashley Posted May 28, 2010 Report Share Posted May 28, 2010 Just thought I would add in. My cousin works at TD and as of today they increased their Med LOC's to 200, 000. No deferred payments though. Still wouldn't go with them though. Link to comment Share on other sites More sharing options...
joyciers Posted May 28, 2010 Report Share Posted May 28, 2010 During O Week, you'll get a talk by Scotiabank (an official sponsor of Schulich) and MD Financial. The 2013 class has worked hard to get extra perks with Scotiabank, and I would say that Scotiabank has a very solid offer. However, I opted to stay with TD, which also turned out to be a good decision just for convenience because it's the closest bank to me. Thing is, that I had talked to them back in Edmonton, and they were pretty much useless (said I needed a cosigner). Then I talked to the TD closest to me in Windsor, and they were useless too (refused to give me the credit card I wanted). I had to try a third time, at the main branch, before I found someone willing to deal with my "demands". Basically, I showed them what Scotiabank was offering me (I was mostly focusing on the credit card and waived fee, most everything else was comparable) and told them that if they wanted to keep my business, they needed to match the offer. Done and done. Moral of the story... you have to pick the branch and representative carefully, and in the end, you should be able to get everything you deserve no matter what bank. The websites are wrong and not updated, you WILL be able to get prime, if you don't, go elsewhere or try again. Just a note, tuition was due mid-August (or late Aug, I forget), which caught me by surprise, as tuition at the U of A was always due in mid-Sept This is me procrastinating.... last exam tomorrow!!!! --------------- Windsor 2013 Link to comment Share on other sites More sharing options...
Guest viscous Posted May 28, 2010 Report Share Posted May 28, 2010 During O Week, you'll get a talk by Scotiabank (an official sponsor of Schulich) and MD Financial. The 2013 class has worked hard to get extra perks with Scotiabank, and I would say that Scotiabank has a very solid offer. However, I opted to stay with TD, which also turned out to be a good decision just for convenience because it's the closest bank to me. Thing is, that I had talked to them back in Edmonton, and they were pretty much useless (said I needed a cosigner). Then I talked to the TD closest to me in Windsor, and they were useless too (refused to give me the credit card I wanted). I had to try a third time, at the main branch, before I found someone willing to deal with my "demands". Basically, I showed them what Scotiabank was offering me (I was mostly focusing on the credit card and waived fee, most everything else was comparable) and told them that if they wanted to keep my business, they needed to match the offer. Done and done. Moral of the story... you have to pick the branch and representative carefully, and in the end, you should be able to get everything you deserve no matter what bank. The websites are wrong and not updated, you WILL be able to get prime, if you don't, go elsewhere or try again. Just a note, tuition was due mid-August (or late Aug, I forget), which caught me by surprise, as tuition at the U of A was always due in mid-Sept This is me procrastinating.... last exam tomorrow!!!! --------------- Windsor 2013 Cant we defer our med tuition while we wait for OSAP to be processed? That would give ample time to work on LOCs too? At least UT undergrad allowed me to defer my tuition fees provided I had already applied for OSAP. Link to comment Share on other sites More sharing options...
jenna-m Posted May 28, 2010 Report Share Posted May 28, 2010 sounds like some people are having a rough time with this! I'm really squeamish about financial stuff, so I'm glad I didn't run into too much trouble. I went for RBC, and the person who helped me was awesome. If anyone is in Hamilton (or going to Mac and making a trip out anytime soon) definitely go see Amanda DeGroote (her number is 905-521-2119 if you want to set up an appointment). Apparently she handles a lot of Mac students and she knew the RBC meds LOC package like the back of her hand. She even offered to stay late for me to come in and sign the paperwork since I was coming from out of town. good luck everyone! Link to comment Share on other sites More sharing options...
rmorelan Posted May 28, 2010 Report Share Posted May 28, 2010 Cant we defer our med tuition while we wait for OSAP to be processed? That would give ample time to work on LOCs too? At least UT undergrad allowed me to defer my tuition fees provided I had already applied for OSAP. You can work something out but OSAP will not cover the full amount of your tutition and you will have to pay a large chunk up front any how. If you have that at least + some setup funds you can certainly wait though Link to comment Share on other sites More sharing options...
nemesis Posted May 28, 2010 Report Share Posted May 28, 2010 sounds like some people are having a rough time with this! I'm really squeamish about financial stuff, so I'm glad I didn't run into too much trouble. I went for RBC, and the person who helped me was awesome. If anyone is in Hamilton (or going to Mac and making a trip out anytime soon) definitely go see Amanda DeGroote (her number is 905-521-2119 if you want to set up an appointment). Apparently she handles a lot of Mac students and she knew the RBC meds LOC package like the back of her hand. She even offered to stay late for me to come in and sign the paperwork since I was coming from out of town. good luck everyone! Btw, is it simply a coincidence that Amanda DeGroote, is the representative for the Michael G. DeGroote School of Medicine? Link to comment Share on other sites More sharing options...
chuck62 Posted May 28, 2010 Report Share Posted May 28, 2010 lucky13, no i highly doubt that is possible. you will need a credit check if you re-applied with another bank and they would immediately see that you spent 150 K way too fast. Really don't think they'd jump at forking over more money. When i spoke with Scotia, they even said that if I had a visa etc with another bank with a limit of 3000 for example, that they'd deduct that 3000 from the 200K total. Why on earth would you need to borrow 350K before you're even done school. Link to comment Share on other sites More sharing options...
chuck62 Posted May 28, 2010 Report Share Posted May 28, 2010 During O Week, you'll get a talk by Scotiabank (an official sponsor of Schulich) and MD Financial. The 2013 class has worked hard to get extra perks with Scotiabank, and I would say that Scotiabank has a very solid offer. However, I opted to stay with TD, which also turned out to be a good decision just for convenience because it's the closest bank to me. Thing is, that I had talked to them back in Edmonton, and they were pretty much useless (said I needed a cosigner). Then I talked to the TD closest to me in Windsor, and they were useless too (refused to give me the credit card I wanted). I had to try a third time, at the main branch, before I found someone willing to deal with my "demands". Basically, I showed them what Scotiabank was offering me (I was mostly focusing on the credit card and waived fee, most everything else was comparable) and told them that if they wanted to keep my business, they needed to match the offer. Done and done. Moral of the story... you have to pick the branch and representative carefully, and in the end, you should be able to get everything you deserve no matter what bank. The websites are wrong and not updated, you WILL be able to get prime, if you don't, go elsewhere or try again. Just a note, tuition was due mid-August (or late Aug, I forget), which caught me by surprise, as tuition at the U of A was always due in mid-Sept This is me procrastinating.... last exam tomorrow!!!! --------------- Windsor 2013 Question. Which credit card were they offering you with a waived fee? I don't believe that banks can control waiving the annual fee of a credit card as that is charged by VISA directly to your card. Was it perhaps one of the cards already with no annual fee? Which card was it, if you don't mind me asking... I ask because I am thinking of going with Scotia bank, but the visa i want has an annual fee and I wanted to know how unreasonable it would be for me to ask them to waive it. I've been told it's not really possible.... Link to comment Share on other sites More sharing options...
Rosie Posted May 28, 2010 Report Share Posted May 28, 2010 Does that mean that having past student debt will cut into the amount of money I receive from the banks? I have a personal line of credit out which paid for the last but of my undergrad, so I am wondering. Thanks!! Link to comment Share on other sites More sharing options...
amska Posted May 28, 2010 Report Share Posted May 28, 2010 Not 350k. I want 200k but I want it without annual caps. I'm thinking one way I could do this is to go with RBC for the first 150k, then switch to Scotia to get the last 50k if I need it. If you max out your medical student LOC, RBC told me you can apply for a second LOC, but that this one would NOT be at prime + 0%. This is more commonly done during residency. Still, why the heck do you need more than $150 000??? Link to comment Share on other sites More sharing options...
jenna-m Posted May 28, 2010 Report Share Posted May 28, 2010 Btw, is it simply a coincidence that Amanda DeGroote, is the representative for the Michael G. DeGroote School of Medicine? lol I couldn't help wondering this throughout the whole meeting! And I guess RBC loses some appeal if you are looking for more than 150k - I heard Scotia does 200k but since I'm going to Mac and only have 3 years it was looking like they would only want to give me 150 anyway. I can see how the extra 50 grand would be handy for a 4th year though.... Link to comment Share on other sites More sharing options...
jenna-m Posted May 28, 2010 Report Share Posted May 28, 2010 Does that mean that having past student debt will cut into the amount of money I receive from the banks? I have a personal line of credit out which paid for the last but of my undergrad, so I am wondering. Thanks!! oh, and this didn't affect anything for me - I had an LOC from undergrad too. I think they just care that your credit score is good, so as long as you don't have a long history of missed payments i think you're ok? Link to comment Share on other sites More sharing options...
sohini10 Posted May 28, 2010 Report Share Posted May 28, 2010 Its been posted in this forum that for all banks principal repayments starts 12 months after residency,but when I went to speak with a Scotia representative,he said that it starts 12 months after the end of M.D.,so if I took the LOC out this year,repayments will be due 5 yrs from now.I even clarified with him and he said that's how it is.Is that right or does the guy not know what hes talking about? Link to comment Share on other sites More sharing options...
dashley Posted May 28, 2010 Report Share Posted May 28, 2010 http://www.scotiabank.com/cda/content/0,1608,CID9887_LIDen,00.html It says after residency on the website and that is what they told me. I am realizing no one knows what they are talking about! Link to comment Share on other sites More sharing options...
sohini10 Posted May 29, 2010 Report Share Posted May 29, 2010 ya,it really does seem diff representatives from the same bank are saying diff things.that definately worries me.can someone else please confirm that this is in infact true and they have actually heard this from the representative's mouth. Link to comment Share on other sites More sharing options...
joyciers Posted May 29, 2010 Report Share Posted May 29, 2010 Question. Which credit card were they offering you with a waived fee? I don't believe that banks can control waiving the annual fee of a credit card as that is charged by VISA directly to your card. Was it perhaps one of the cards already with no annual fee? Which card was it, if you don't mind me asking... I ask because I am thinking of going with Scotia bank, but the visa i want has an annual fee and I wanted to know how unreasonable it would be for me to ask them to waive it. I've been told it's not really possible.... They gave me a platinum travel visa (1.5% back) which has an annual fee of $89. Scotiabank, according to the package they gave us during OWeek, gives you a Gold Visa (ScotiaGold Passport, 1% back) which has an annual fee of $110. I had to go twice to get the fee waived. It is possible. Link to comment Share on other sites More sharing options...
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