LOC Cosigner

[PhoenixFlare500]

Also with Scotiabank the $50,000 a year limit isn't really a definite thing, it's just put there at first to deter people from blowing most of their whole $200,000 right away (which apparently has happened). If you talk to your banker and can justify why you should get more, they'll give it to you.

[hking03]

Also with Scotiabank the $50,000 a year limit isn't really a definite thing, it's just put there at first to deter people from blowing most of their whole $200,000 right away (which apparently has happened). If you talk to your banker and can justify why you should get more, they'll give it to you.

 

I met with a scotia rep today and she said they would not budge on the 50k limit.

 

The rep referenced the fact that some people have blown through the money quite quickly and they want to avoid that.

 

I do like the scotia options and think that they offer the best repayment program... but I'm kinda disappointed with the whole 50k annual limit.

 

I wonder if I will actually need the full 50k in Vancouver. I'm thinking my student loans should hopefully help out a bit.. and possibly some bursaries/scholarships... but still... it's scary to think about how much money I'm going to need.

[PhoenixFlare500]

I met with a scotia rep today and she said they would not budge on the 50k limit.

 

The rep referenced the fact that some people have blown through the money quite quickly and they want to avoid that.

 

I do like the scotia options and think that they offer the best repayment program... but I'm kinda disappointed with the whole 50k annual limit.

 

I wonder if I will actually need the full 50k in Vancouver. I'm thinking my student loans should hopefully help out a bit.. and possibly some bursaries/scholarships... but still... it's scary to think about how much money I'm going to need.

 

Did you talk to some random employee or was it the person that specifically deals with medical students? You really should only be dealing with that specific person (I suppose some banks may have multiple med representatives) because they know what they're talking about and can pull strings other people can't.

 

Also I don't know what the cost of living is like in Vancouver but I know here you definitely shouldn't need $50,000. If you think you need to spend that much here you have some serious lifestyle issues to consider.

[hking03]

Did you talk to some random employee or was it the person that specifically deals with medical students? You really should only be dealing with that specific person (I suppose some banks may have multiple med representatives) because they know what they're talking about and can pull strings other people can't.

 

Also I don't know what the cost of living is like in Vancouver but I know here you definitely shouldn't need $50,000. If you think you need to spend that much here you have some serious lifestyle issues to consider.

 

I spoke with the dedicated med rep.

 

Well, Vancouver's cost of living is much higher than Manitoba. I'm not saying I need 50k to survive, and there are other options to consider like bursaries, student loans through the government... but I am in a unique position that will probably end up hurting me when it comes to the government student loan application.

Given the constraints that I have with regards to where I can live I'm looking at about 15-18k just for the cost of housing annually. So, you can see where 50k goes quite quickly.

 

I don't have any serious lifestyle issues to consider... I live a pretty normal life. But my audi R8 takes premium fuel... what am I supposed to do about that .

[NLengr]

I know for a fact that scotia has extended over the 50k mark, usually if you have a decent reason.

 

And if they won't, just tell them you are gonna pull all your business and move to a bank who will meet your request. They'll change their tune pretty quick.

[MD2015]

^ +1. so true.

[Erk]

Well, Vancouver's cost of living is much higher than Manitoba. I'm not saying I need 50k to survive, and there are other options to consider like bursaries, student loans through the government... but I am in a unique position that will probably end up hurting me when it comes to the government student loan application.

 

Also consider that 50k of loan is, unless I'm grossly confused on how this works, completely untaxed. That's your after-tax income, which means you have an equivalent amount of spendable money to someone making ~80k per year or more. You'll be fine in any city in Canada; I have friends surviving in Van on 40k per year before tax.

[Chubby]

usually there is only one or two specific reps from the bank that deals with med/dent students, they are the ones that know the LOC for professional students well. My experience was that if you simply walk into any TD/RBC..etc branch, the rep there may not be aware of the special LOC for us and is likely to give out false information. Few years back, I believe the RBC LOC limit is $180,000. I didn't have any restriction back then, nor do I need a co-signer, not sure if things have changed or not. I think the best thing is to contact the school office, they probably have the contact info for the bank rep that we need to talk to.

[PhoenixFlare500]

I don't know if I mentioned this before but most banks have a list of their contacts on their websites, at least for med.

[JustMe]

$50,000 per year should be PLENTY of money at any Canadian med school including in Vancouver and Toronto. Remember that it's not free money and you have to pay back every penny plus interest...

 

By the time you're done school/residency you'll likely be settling down, wanting to buy a house, and considering having a family. It's hard to live a comfortable "grown-up" life when you're also stuck paying off $200,000 in bank debt because you were too extravagant when you were a student. The payments on that amount of debt + mortgage + interest on both are SCARY!!!

 

So have fun while you're in school and live in a decent place for sure... just show a little bit of restraint and you'll be thankful in the long run

[kdawg]

First post - Hurray!

 

I went to all of the major banks and it really came down to RBC and Scotia for me. After going through RBC's LOC agreement and seeing their weird Prime+whatever up to 5% after completion of all training, I went with Scotia.

If you're in Ottawa I strongly recommend going to see Jim Marshall at Scotia main branch on sparks street. He was by far the best banker I met with. Took the time to get to know me, and completely understood what I needed. He spoke to me for an hour and a half without an appointment!

He upgraded me to the Scotia Gold passport visa for free instead of the regular gold one. He also had everything setup and ready for me within 72 hours!

Good luck with whomsoever you choose to go with, just make sure you like your banker though. This could be a long relationship!

[DocT7]

First post - Hurray!

 

I went to all of the major banks and it really came down to RBC and Scotia for me. After going through RBC's LOC agreement and seeing their weird Prime+whatever up to 5% after completion of all training, I went with Scotia.

If you're in Ottawa I strongly recommend going to see Jim Marshall at Scotia main branch on sparks street. He was by far the best banker I met with. Took the time to get to know me, and completely understood what I needed. He spoke to me for an hour and a half without an appointment!

He upgraded me to the Scotia Gold passport visa for free instead of the regular gold one. He also had everything setup and ready for me within 72 hours!

Good luck with whomsoever you choose to go with, just make sure you like your banker though. This could be a long relationship!

 

Hey Kdawg,

 

Thanks for the post!! I am in Ottawa and I will go see Jim Marshall as well.

I was going to just do the online application, but I think you're right - it may be better if I go in and see someone.

 

Thanks for the post!!! Cheers!

[Jay_135]

I met with RBC yesterday and they knew exactly what I wanted when I said I had been accepte to medical school. The reps were extremely friendly and knowledgeable and offered me $200,000 at prime (3%). I went to make an appointment with TD and they looked at me like they had no idea what was going on. Not great since I am currently with TD. Even if TD does match RBC, RBC's first impression likely sold it for me.

 

Also, does anyone know if prime is subject to change over time? or is it a fixed rate like a contract? Thanks!

[Jay_135]

Also, when I asked them if I might need a cosign, the rep laughed and replied "you're an adult, were going to treat you like one" was very impressed by that lol.

[aaronjw]

I met with RBC yesterday and they knew exactly what I wanted when I said I had been accepte to medical school. The reps were extremely friendly and knowledgeable and offered me $200,000 at prime (3%). I went to make an appointment with TD and they looked at me like they had no idea what was going on. Not great since I am currently with TD. Even if TD does match RBC, RBC's first impression likely sold it for me.

 

Also, does anyone know if prime is subject to change over time? or is it a fixed rate like a contract? Thanks!

 

Prime is variable so it changes.

[Erk]

Prime is variable so it changes.

 

That said, it should remain quite low for the forseeable future, I think.

[aaronjw]

That said, it should remain quite low for the forseeable future, I think.

 

Agreed. 1yr trend has been steady and consistent. Broke the 4% barrier in Dec, 08 and has continued to trend downwards to 2% with a small spike in June,10 to bring it to where it is today.

 

 

I don't see it going above 4% within the next 18 months at least.

[kdawg]

Hey Kdawg,

 

Thanks for the post!! I am in Ottawa and I will go see Jim Marshall as well.

I was going to just do the online application, but I think you're right - it may be better if I go in and see someone.

 

Thanks for the post!!! Cheers!

 

 

I'm glad it helped, good luck!

[Hopeful_Waitlister]

I'm having a terrible time securing a line of credit. My issue is that I have been in school for quite a while and have generated a lot of government student loan debt. So, even though I have good credit, my debt to income ratio is poor. Does anyone on here have experience in this type of situation? I have yet to find a proper rep to speak with though. Does anyone know who the RBC rep is for UofC? Basically, I have a wife and three small children, so she is unable to work, or at least work enough to offset the cost of daycare and we would like to be able to secure a line of credit that would allow us not to stress about our finances for the next few years. If anyone has any suggestions or experiences to share, I would really appreciate it. Thanks.

 

PS My wife almost lost it on the manager at our local TD branch today.

 

Does anyone have the contact info for the other big bank reps for UofC students? Thanks.

[psychoswim]

Here are the RBC contacts:

http://www.rbcroyalbank.com/RBC:Sagl@o71A8cAByBu4MM/student/medical/specialists.html

[astrogirl]

Here are the Scotiabank contacts:

http://www.scotiabank.com/images/en/filesbusiness/26436.pdf

 

Calgary is near the top of the 1st page. I don't have any government loans yet, but I do have a $30,000 line of credit from another bank, and when I set up my LOC with Scotiabank they told me that government loans don't count against the amount that they'll give you (but other LOCs do). I didn't have any trouble getting an LOC even though I have debt and my income last year was only a few thousand dollars. Once you talk to the right rep, hopefully it will all work out.