simplecomplex Posted July 16, 2011 Report Share Posted July 16, 2011 If government student loan and the student line of credit is not enough to cover the tuition and living expenses, is it possible to increase the limit of the LOC in the later year? My parents are not supporting me and I dont know if having a job is feasible while in dental school. Any advice? Link to comment Share on other sites More sharing options...
apache Posted July 16, 2011 Report Share Posted July 16, 2011 they probably will if you're close to done... it's in their best interest you finnish, i had this talk because i already have med debt and they said they could prob spot me an extra bit in my final year if i could show i was nearly done. on an aside, does anyone know wut the prov max yearly student loans for albertans in dentistry is? since dentistry is so much more expensive than med im guessing it would be a lot higher? im counting on gov loans big time! If government student loan and the student line of credit is not enough to cover the tuition and living expenses, is it possible to increase the limit of the LOC in the later year? My parents are not supporting me and I dont know if having a job is feasible while in dental school. Any advice? Link to comment Share on other sites More sharing options...
simplecomplex Posted July 16, 2011 Author Report Share Posted July 16, 2011 Ah I see. Do you know how much approximately the "extra bit" is? I am trying to plan everything but its so difficult! Link to comment Share on other sites More sharing options...
apache Posted July 16, 2011 Report Share Posted July 16, 2011 they weren't completely straightforward with me, but if you were like in your final year they could front you an extra 25-30 k or something, 200 k is the official limit but towards the end of your program you can apply for "supplemental" lines of credit... honestly, if you're almost done, they want you to finnish, so you can start paying their asses back! no one will give you extra cash unless you're pretty close to finishing though (like in your last year or semester, or in residency for med)... at least that was what i was lead to believe by my crooked banker (who was being honest with me... they're just all crooked, ya know ) i know the feeling about the planning though... i was considering joining the military but figure i can pull it off w/o being a slave to them for 4 years, especially since im working and saving money and this year, and lost like 70 g when the uranium sector psychologically collapsed after japan... if i can buy enough time it'll recover though, Merkel can showboat for votes in Germany all she wants but reality is she only is 3 percent of 2020 demand on a commodity that's in short supply and high demand... China, Russia, India, and even Japan's the long term fundamentals means I'll get the money back in 1-2 years and maybe make a profit, I just have to hold it out, aghhh! I feel bad for all the investors who sold off because of CNBC's bs while the hedge fund guys made a killing... now all the investment companies are rushing back to uranium and the stock prices are rising again, perfect example of a media orchestration of a business crises for profit... anyhoo, i digress Ah I see. Do you know how much approximately the "extra bit" is? I am trying to plan everything but its so difficult! Link to comment Share on other sites More sharing options...
simplecomplex Posted July 16, 2011 Author Report Share Posted July 16, 2011 Ah i see. Thanks for the helpful response. Yeah education is so expensive these days that sometimes its such a headache to figure out all the finances. :X Link to comment Share on other sites More sharing options...
DRUNKEN GORILLA Posted July 16, 2011 Report Share Posted July 16, 2011 If government student loan and the student line of credit is not enough to cover the tuition and living expenses, is it possible to increase the limit of the LOC in the later year? My parents are not supporting me and I dont know if having a job is feasible while in dental school. Any advice? Now loc is 250 k in scotia bank, osap is 10 to 14k annually. So, It will be enough. 250 + 14*4 = 305k 305k - 155k (tuition) = 150k / 4 years = 38k/year for living. Please Don't Buy Car. Any car. Link to comment Share on other sites More sharing options...
rmorelan Posted July 16, 2011 Report Share Posted July 16, 2011 they probably will if you're close to done... it's in their best interest you finnish, i had this talk because i already have med debt and they said they could prob spot me an extra bit in my final year if i could show i was nearly done. on an aside, does anyone know wut the prov max yearly student loans for albertans in dentistry is? since dentistry is so much more expensive than med im guessing it would be a lot higher? im counting on gov loans big time! I would say that depends a bit - last year I saw a bank refuse to increase the amount at the end and instead insist the dentist to be sell an asset to raise the funds because they knew the student had squandered the funding (bought a expensive car for no particular reason). They knew selling the car would raise enough funds to cover the remaining costs so they insisted on that. Link to comment Share on other sites More sharing options...
apache Posted July 16, 2011 Report Share Posted July 16, 2011 Yeah, you're right, it's very conditional! I was talking an absolutely desolate need to pay tuition type situation. If you have assets that you can sell (i.e. a 30,000 dollar car) there's really no need for you to borrow money to finnish a final semester in the first place, IMO a BMW isn't a necessary educational expense I would say that depends a bit - last year I saw a bank refuse to increase the amount at the end and instead insist the dentist to be sell an asset to raise the funds because they knew the student had squandered the funding (bought a expensive car for no particular reason). They knew sell the car would raise enough funds to cover the remaining costs so they insisted on that. Link to comment Share on other sites More sharing options...
apache Posted July 16, 2011 Report Share Posted July 16, 2011 Cool, do you have a link for scotia, I noticed a lot of dent programs mention having special agreements with them so that makes sense. Alberta was giving me 22 for meds, so I'm sure I'd get more for dent due to the tuition difference. That's awesome, it looks like scotia can help get it done! I have to confess, I bought a car, but it's far from fancy and pretty utilitarian, and I got it at a bargain basement (payed 55-60 percent of retail value?) price because of a bit of body damage despite being new and being the last model in it's year in the city. I'd sell it if I needed the cash though. I never got people who drove BMW's and lived in fancy ass apartments and complained about being poor, lol. Now loc is 250 k in scotia bank, osap is 10 to 14k annually.So, It will be enough. 250 + 14*4 = 305k 305k - 155k (tuition) = 150k / 4 years = 38k/year for living. Please Don't Buy Car. Any car. Link to comment Share on other sites More sharing options...
DRUNKEN GORILLA Posted July 16, 2011 Report Share Posted July 16, 2011 Cool, do you have a link for scotia, I noticed a lot of dent programs mention having special agreements with them so that makes sense. Alberta was giving me 22 for meds, so I'm sure I'd get more for dent due to the tuition difference. That's awesome, it looks like scotia can help get it done! I have to confess, I bought a car, but it's far from fancy and pretty utilitarian, and I got it at a bargain basement (payed 55-60 percent of retail value?) price because of a bit of body damage despite being new and being the last model in it's year in the city. I'd sell it if I needed the cash though. I never got people who drove BMW's and lived in fancy ass apartments and complained about being poor, lol. Scotiabank web, They show specialist rep. contact list. Link to comment Share on other sites More sharing options...
rmorelan Posted July 16, 2011 Report Share Posted July 16, 2011 Cool, do you have a link for scotia, I noticed a lot of dent programs mention having special agreements with them so that makes sense. Alberta was giving me 22 for meds, so I'm sure I'd get more for dent due to the tuition difference. That's awesome, it looks like scotia can help get it done! I have to confess, I bought a car, but it's far from fancy and pretty utilitarian, and I got it at a bargain basement (payed 55-60 percent of retail value?) price because of a bit of body damage despite being new and being the last model in it's year in the city. I'd sell it if I needed the cash though. I never got people who drove BMW's and lived in fancy ass apartments and complained about being poor, lol. In the case I was talking about it is was a 60000 dollar car - that is just crazy Link to comment Share on other sites More sharing options...
penpal person Posted July 16, 2011 Report Share Posted July 16, 2011 Now loc is 250 k in scotia bank, osap is 10 to 14k annually.So, It will be enough. 250 + 14*4 = 305k 305k - 155k (tuition) = 150k / 4 years = 38k/year for living. Please Don't Buy Car. Any car. I'm not sure how you managed to get 250 K from scotia- they were only willing to give me 200, although I presented a case justifying the 250 and have no other income sources. I have heard that there is a lot of inconsistency out there even within the same bank so everyone needs to be very careful to get everything in writing of what one is told by any given rep!!! Link to comment Share on other sites More sharing options...
DRUNKEN GORILLA Posted July 16, 2011 Report Share Posted July 16, 2011 I'm not sure how you managed to get 250 K from scotia- they were only willing to give me 200, although I presented a case justifying the 250 and have no other income sources. I have heard that there is a lot of inconsistency out there even within the same bank so everyone needs to be very careful to get everything in writing of what one is told by any given rep!!! You are right. Scotiabank increased that limit in a few weeks. 2years ago it was 150k last and this year 200k, Now I mean now 250k. They want to lend more money to MEd and Dent student at prime rate. But they charge prime + 1% to Law school student. Why?? And scotia suggest many small services. Free chque, Free Credit card ( No annual Fee) Free Transaction cost etc. ( I'm not scotia banker) It's value could be several hundred Dollars. Link to comment Share on other sites More sharing options...
Adversary Posted July 16, 2011 Report Share Posted July 16, 2011 Cause Law students are not as safe a bet as a dentist/doctor. As well, a lot of the promotion is for longterm - they know if you start with them, you may stay with them and they will have access to your earnings. I was with BMO all my life, but when RBC offered special accounts for dental/med students and BMO refused to counter, I went with RBC. Now, RBC has all my money. I have not looked into the accounts since starting and finishing dental school, but back then, Scotiabank and RBC were the biggest players. They offered pretty competitive packages and honestly, you can't really go wrong with either. You are right.Scotiabank increased that limit in a few weeks. 2years ago it was 150k last and this year 200k, Now I mean now 250k. They want to lend more money to MEd and Dent student at prime rate. But they charge prime + 1% to Law school student. Why?? And scotia suggest many small services. Free chque, Free Credit card ( No annual Fee) Free Transaction cost etc. ( I'm not scotia banker) It's value could be several hundred Dollars. Link to comment Share on other sites More sharing options...
simplecomplex Posted July 17, 2011 Author Report Share Posted July 17, 2011 omg scotia is 250k now? that extra 50k would really make a difference to me. i mean ubc dentistry is freaking expensive and the housing in vancouver is also expensive. on top of that, living expenses like food and clothing and the interests for the LOC can add up and there is no way i can afford all that without a big loan. Link to comment Share on other sites More sharing options...
DRUNKEN GORILLA Posted July 17, 2011 Report Share Posted July 17, 2011 omg scotia is 250k now?that extra 50k would really make a difference to me. i mean ubc dentistry is freaking expensive and the housing in vancouver is also expensive. on top of that, living expenses like food and clothing and the interests for the LOC can add up and there is no way i can afford all that without a big loan. In your case, I mean UBC, maybe tuition is 220K. You can ask that 250k to 70k 70k 70k and final year 40k, so final year you need more, at that time you can ask another 30k or something. This is my feeling. Not sure. Confirm to bank rep.( Every school, 1 specific specialist on scotiabank.) If you need, you can use all the money one time, but I don't like that way. Just In case I invest that all money to US Dollar. And USA go default. Upps. Link to comment Share on other sites More sharing options...
Lita Posted July 17, 2011 Report Share Posted July 17, 2011 If you dont mind me asking, what dent school do you go to?? Now loc is 250 k in scotia bank, osap is 10 to 14k annually.So, It will be enough. 250 + 14*4 = 305k 305k - 155k (tuition) = 150k / 4 years = 38k/year for living. Please Don't Buy Car. Any car. Link to comment Share on other sites More sharing options...
DRUNKEN GORILLA Posted July 17, 2011 Report Share Posted July 17, 2011 If you dont mind me asking, what dent school do you go to?? Sorry, Lita. Not me. Link to comment Share on other sites More sharing options...
simplecomplex Posted July 17, 2011 Author Report Share Posted July 17, 2011 For the monthly interest on the LOC, do you know how much it is if we are borrowing 60k-70k per year (assuming max $250k)? Link to comment Share on other sites More sharing options...
DRUNKEN GORILLA Posted July 17, 2011 Report Share Posted July 17, 2011 For the monthly interest on the LOC, do you know how much it is if we are borrowing 60k-70k per year (assuming max $250k)? Basically it depends on balane. They calculate evry day, The end of month sum of interest added to your balance. You don't need to pay every month, only they make new balance. balance *( 0.03 /365) * 30 times. If they use XT computer with 86 processor, It needs 1 hour for calculation. First Year : 70000*0.03*30.5/365=175$/month . They will add This money (actually minus your balance) evey month. 70000*0.03=2100/year 2100/12=175$ Almost same, but It is monthly compound interest anyway. Second year 140000*0.03*30.5/365=351/month something like this. Now, first year you can use 68k second year 66k instead of 70k. It's banker's magic. They will calculate every day. and add every month to your balace. And wait wait, until you become Dentystry. After that day They will ask to you , Do you need car? House? Office? Why do you pay rent? Fercilities for your clinic? Life Insurence? And they will calculate again. Link to comment Share on other sites More sharing options...
rmorelan Posted July 17, 2011 Report Share Posted July 17, 2011 Cause Law students are not as safe a bet as a dentist/doctor. As well, a lot of the promotion is for longterm - they know if you start with them, you may stay with them and they will have access to your earnings. I was with BMO all my life, but when RBC offered special accounts for dental/med students and BMO refused to counter, I went with RBC. Now, RBC has all my money. I have not looked into the accounts since starting and finishing dental school, but back then, Scotiabank and RBC were the biggest players. They offered pretty competitive packages and honestly, you can't really go wrong with either. RBC and scotia still are and law is absolutely no where near as secure as meds and dentist plus those fields just don't seem to have the same long term profit potentials as doctors have. Link to comment Share on other sites More sharing options...
mintygum Posted July 17, 2011 Report Share Posted July 17, 2011 I'm really confused since I had understood from everyone I spoke to and a scotia rep that the standard max was 200K. Did anyone else get the same answer as drunken gorilla - ie that the max is now changed to 250K? Link to comment Share on other sites More sharing options...
rmorelan Posted July 17, 2011 Report Share Posted July 17, 2011 I'm really confused since I had understood from everyone I spoke to and a scotia rep that the standard max was 200K. Did anyone else get the same answer as drunken gorilla - ie that the max is now changed to 250K? Sounds like if there is an increase it just, just happened. I have inquires into that with overall scotia reps now. Hopefully they will give an answer soon Anyone else get one of these 250K LOCs? What I did hear 3 weeks ago was (I track this stuff pretty closely): We have just been notified that there are some major improvements being made to our Med/Dent Student Professional Banking plans. We haven't received the full details yet but I wanted to let you know. from the regional rep so yeah I will keep an eye on it Link to comment Share on other sites More sharing options...
simplecomplex Posted July 17, 2011 Author Report Share Posted July 17, 2011 Thanks for the helpful reply DRUNKEN GORILLA. Link to comment Share on other sites More sharing options...
sciappmed Posted July 17, 2011 Report Share Posted July 17, 2011 Scotia's new limit is now indeed 250K. Link to comment Share on other sites More sharing options...
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