Student Loans

[Guest squirrelgirl]

Does anyone have any words of wisdom on financing med school? Is there a specific bank that anyone recommends? I could definately use a hand figuring all this money stuff out.

[Guest AniyaSG]

You should soon be getting info about meeting with someone from Financial Aid. I was told they set up interviews with all 1st yr med students to discuss finances: loans, bursaries, budgets, etc... So if you have the patience to wait (I know I'm finding it hard ) they might be able to help...

[Guest line of credit]

I already secured a line of credit using only my letter of accptance. Most banks have special arrangements for med students. You can borrow up to 125000 without a co-signer.

[Guest V]

I got my line of credit from royal bank. Call Trudie Smith at the Ottawa branch (Riverside and Billings Bridge) at (613) 731-4734. Tell her you are a medical student looking for the proffessional line of credit, and she will do the rest.

 

You can get $125 000.00 (but if you have OSAP they subtract that from the total). So most students get $100 to 115 K. The have interest rates at prime, and that is definately the best rate going. Moreover, the best plan too.

 

If you need more info on other banks, just let me know as I have already contacted the major ones in Ottawa before going with RBC. I can post the #'s and info later, if need be.

 

Varun

[Guest line of credit]

Hey V, what is the difference between the Royal Bank and Scotia Bank. I got mine from Scotia and I am supposed to sign the papers today. So any input in the next couple of hours would be great

[Guest squirrelgirl]

I live in BC. Should I wait until I'm in Ottawa to get a line of credit or should I do it here?

[Guest V]

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[Guest V]

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[Guest V]

No real difference between Scotia or Royal. Did you get the full 100K from Scotia at prime? If you did then you are good to go.

 

RBC is the same as Scotia, except they have the potential to give you more (only if you dont have more than 25 thousand in OSAP). You might also want to check the repayment methods (For example, RBC requires you only pay interest on the money you used monthly, and you dont have to pay back the principal until residency). I say go an sign it if you secured the amount you require for your 4 years, and if you are happy with Scotia's conditions.

 

SquirrelGirl,

 

even if you live in BC you are fine. Just call the 1-800 number for Royal bank, do the application over the phone. Make sure to set up your home branch at the RBC in OTTAWA (cause you will need to go there when you are in school and so forth). I think the closest one is at Riverside and Billings Bridge. The lady there is Trudie Smith (see post above) and she will do all the paper work for you. She can then fax all the info to a RBC branch in BC closest to you to sign it, so you dont have to wait until you get to ottawa.

 

 

 

Cheers,

 

Varun

[Guest UWOMED2005]

I'm with Royal (and happy with their service) as well, but I think both Scotiabank and Bank of Montreal have similar plans as well. Not sure, but the credit limits for Scotia and BofM might not include OSAP, whereas the credit line for Royal does. Check it out.