UTPEOPLE Posted May 27, 2010 Report Share Posted May 27, 2010 Just reading a few posts in here... Whats this I hear about some banks offering freebies (like $500 sign on bonus with RBC) for LOCs? Can everybody summarize any sign-on bonuses that they got or have heard of? And please state the year that it was obtained in (to avoid expired rewards) Link to comment Share on other sites More sharing options...
BigM Posted May 31, 2010 Report Share Posted May 31, 2010 No signing bonus with MD Financial. However, you get a salaried financial counselor through the CMA (their job is to get you through with as little debt as possible as the CMA doesn't make money off your loan) and some discounts on insurance. You can get a credit card through them that gives 1.5% back in travel points. The card costs $100/year but the fee is waved through your first two years. Link to comment Share on other sites More sharing options...
justletmein Posted May 31, 2010 Report Share Posted May 31, 2010 the RBC 500$ is when you refer a friend. So as a 1sr yr med student its in your best interest to get the LOC, then find a friend who also needs a LOC and split the cash. Link to comment Share on other sites More sharing options...
UTPEOPLE Posted May 31, 2010 Author Report Share Posted May 31, 2010 the RBC 500$ is when you refer a friend. So as a 1sr yr med student its in your best interest to get the LOC, then find a friend who also needs a LOC and split the cash. cool! very interesting Link to comment Share on other sites More sharing options...
chuck62 Posted May 31, 2010 Report Share Posted May 31, 2010 I just had a meeting with RBC last week and they didn't mention anything about that. So, make sure you ask about it i guess. Link to comment Share on other sites More sharing options...
ChicoMaki Posted June 1, 2010 Report Share Posted June 1, 2010 how did you get the LOC already? I walked into RBC and thye told me i needed enrollment papers (not a signed copy of the acceptance letter). Link to comment Share on other sites More sharing options...
AdamP Posted June 1, 2010 Report Share Posted June 1, 2010 I just got my LOC set up through rbc for 200K (they said they were even willing to go as high as 250 if I thought i needed it). Didn't hear anything about a signing bonus, but the person I worked with wasn't a medical specialist, just the local branch manager my parents know. I will call and see what the deal is, I'm sure they will honour it, I haven't officially singed anything anyways. Also they took my acceptance letter as proof. Link to comment Share on other sites More sharing options...
AdamP Posted June 1, 2010 Report Share Posted June 1, 2010 They must have changed it. The $500 is a welcome gift RBC gives you for signing with them. I just verified it on Friday. I just called one of the london specialists, she said she's been doing meds locs for 13 years and never heard of this program. who was it you were working with that offered this? Link to comment Share on other sites More sharing options...
UTPEOPLE Posted June 2, 2010 Author Report Share Posted June 2, 2010 I was talking to the NOSM rep for Thunder Bay. Anne Kane. And it is in the email she sent me also. Maybe it is something specific to NOSM acceptees ? is there anything in there that suggests its a NOSM exclusive deal? Link to comment Share on other sites More sharing options...
UTPEOPLE Posted June 3, 2010 Author Report Share Posted June 3, 2010 what is Anne Kane's email address... I think that there is merit in emailing her and finding out if this is NOSM exclusive offer. might it be possible to post the entire email (minus personal info of course) Link to comment Share on other sites More sharing options...
Islander33 Posted June 3, 2010 Report Share Posted June 3, 2010 What's the difference between receiving 150k and 200k, if you don't mind me asking? Link to comment Share on other sites More sharing options...
AdamP Posted June 3, 2010 Report Share Posted June 3, 2010 what is Anne Kane's email address... I think that there is merit in emailing her and finding out if this is NOSM exclusive offer. might it be possible to post the entire email (minus personal info of course) her phone number is on the rbc website, it's easier to call these people, i'm seeing the london specialist tomorrow afternoon and i will bring this up. .... the difference between 150 and 200 is that you get 50 k more, hopefully not necessary if your just a single guy, but if you have a family and are starting meds you would likely need 200 perhaps more. Link to comment Share on other sites More sharing options...
UTPEOPLE Posted June 3, 2010 Author Report Share Posted June 3, 2010 her phone number is on the rbc website, it's easier to call these people, i'm seeing the london specialist tomorrow afternoon and i will bring this up. .... the difference between 150 and 200 is that you get 50 k more, hopefully not necessary if your just a single guy, but if you have a family and are starting meds you would likely need 200 perhaps more. keep me posted! Link to comment Share on other sites More sharing options...
UTPEOPLE Posted June 3, 2010 Author Report Share Posted June 3, 2010 Is your 200 up-front? Did they say they would give you 250 up-front? Or split? ive been meaning to ask... how did you get your 200k loan, was it with cosigner? Link to comment Share on other sites More sharing options...
BigM Posted June 3, 2010 Report Share Posted June 3, 2010 I thought that too, but after talking to the MD Financial people, I feel I'll be fine with 150K. In fact, they convinced me to only take a 35K line of credit for the first year. Combined with the 16000 I'll get from OSAP, I'll have more than enough. They estimate yearly costs to be about $36,000They said it's better to take less, as you are always tempted to use up your LOC if it's there to use. As far as keeping enough to pay off OSAP, at the end of 4 years, you'll only owe $28k max (the rest is forgiven) You'll be making almost 50K/year in residency so that shouldn't be too much of a burden. They also have a deal in works that OSAP interest is paid by the government while you are doing a residency in Ontario. In this case you wouldn't want to pay it off with your LoC. Link to comment Share on other sites More sharing options...
AdamP Posted June 3, 2010 Report Share Posted June 3, 2010 To update a previous post, the 200K hasn't gone through yet, its what we requested it could come back that I only get 150K, it all seems really carnival to me, and everything changes depending on who you ask.... as for the $500 dollar thing, she said they don't have that in london and it might just be a thing the regional VPs offer to try and entice students to sign with them, as of now they dont have that in london. Link to comment Share on other sites More sharing options...
Iago Posted June 4, 2010 Report Share Posted June 4, 2010 My limit for year one is 35K LOC and 16K OSAP which is 51K. More than enough. IPhone, laptops (2) and IPads (2) are included in fees. I think the point is that you're going to want to consolidate your loans in the end (i.e. pay off your OSAP with the LOC) to avoid interest payments on the OSAP loan. If that is a consideration, you might want to have more than 150K in the end. Personally, having a 50K LOC and 16K OSAP gives more flexibility than 35K + 16K. And who doesn't want more flexibility? Link to comment Share on other sites More sharing options...
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