ScotiabankMedsAdvisorLOC Posted July 21, 2011 Report Share Posted July 21, 2011 Scotia has just announced an enhancement to the Professional LOC for Med Students. We now offer a limit increase of $15,000 per year during residency to a maximum total borrowing limit of $275,000 (excluding OSAP up to $60K). With this enhancement Scotia now offers the highest program limit available of all six financial Institutions. Please contact me for further details. Thanks, Catherine Link to comment Share on other sites More sharing options...
rmorelan Posted July 21, 2011 Report Share Posted July 21, 2011 Use wisely. Digging a $275,000 hole for yourself ain't ideal. True - guess you can only do that if you complete a 5 year residency. Still I guess this means that you won't have to really worry about interest payments if you don't want to in residency. Kind of adds some nice flexibility. Link to comment Share on other sites More sharing options...
NLengr Posted July 21, 2011 Report Share Posted July 21, 2011 It's nice to have the available money if you need it though. It's one thing to not spend it on trips to Europe, it's another thing to know you have the extra cash if your wife is pregnant and you are trying to budget, or if you suddenly need to install a new roof on your house. Link to comment Share on other sites More sharing options...
DocT7 Posted July 22, 2011 Report Share Posted July 22, 2011 I believe they still have the $50,000 a year limit, so this helps with digging too big of a hole too quickly. Gooo Scotia! Link to comment Share on other sites More sharing options...
rmorelan Posted July 22, 2011 Report Share Posted July 22, 2011 I believe they still have the $50,000 a year limit, so this helps with digging too big of a hole too quickly. Gooo Scotia! Yeah it is is 15K per year in residency so that is controlled as well. The plan seems pretty spaced out to me in a comfortable way. It has always been a bit of a warning flag to me when some one spends more than 50K + OSAP + whatever ( summer position, savings, something from friends, family, bursaries, scholarships.....can easily be thousands more) in a year. Link to comment Share on other sites More sharing options...
preppy038 Posted July 23, 2011 Report Share Posted July 23, 2011 Yeah it is is 15K per year in residency so that is controlled as well. The plan seems pretty spaced out to me in a comfortable way. It has always been a bit of a warning flag to me when some one spends more than 50K + OSAP + whatever ( summer position, savings, something from friends, family, bursaries, scholarships.....can easily be thousands more) in a year. That's actually a lot of money for a single student. But I guess for someone who is married, it's not a lot especially if they have kids :s Link to comment Share on other sites More sharing options...
rmorelan Posted July 23, 2011 Report Share Posted July 23, 2011 That's actually a lot of money for a single student. But I guess for someone who is married, it's not a lot especially if they have kids :s Yeah I guess but still in that case they may be another partner earning something at some point. Life of course gets more complex with kids regardless You still can up up to about 40K a year to play with post tuition. That is still a lot to play with regardless - I have seen it done quite well several times. OSAP I think does go up if you have a family (with the same max you have to pay back so more effective income) (?) Link to comment Share on other sites More sharing options...
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