bordeaux Posted July 12, 2012 Report Share Posted July 12, 2012 Someone need to quote that paragraph. So far we have contradicting information. One from a Scotia rep. And if anyone wants to sell their products, it's the rep. If the rep is not verifying it, I'm not sure if I was to trust what someone else says. My docs specifically say 15 years to repay and interest rate remains at prime throughout repayment. I and several others have said this now. Link to comment Share on other sites More sharing options...
MCATwannabe Posted July 12, 2012 Report Share Posted July 12, 2012 My docs specifically say 15 years to repay and interest rate remains at prime throughout repayment. I and several others have said this now. Could you quote the paragraph word by word please. Thanks. Link to comment Share on other sites More sharing options...
bordeaux Posted July 12, 2012 Report Share Posted July 12, 2012 Could you quote the paragraph word by word please.Thanks. Absolutely not. Believe it or don't or do what the rest of us did and go in and see for your self. Not going to dig my docs out again. Also ask them to show you their LOC competitive chart that shows all the main banks plus National Bank, and the differences in the LOC offerings. It shows it all very clearly. I'll also tell you this. My aunt is a financial advisor at Scotia and sat with me and my advisor (family can't take care of family at the banks I'm told) while we went through the docs and they both made a point of showing me that particular clause. They both said this is one of the best competitive advantages that Scotia has. Link to comment Share on other sites More sharing options...
deeman101 Posted July 12, 2012 Report Share Posted July 12, 2012 TD has sub-par services. No joke. I went there they wanted to give me prime +1 %, $200K and required a co-signor with 60K/year. I'm glad they left. Interestingly, they have started to racially discriminate against people with Iranian background, regardless of whether they are Canadian or not. They have been closing accounts based on "Sanctions for people in Iran", but these people aren't in Iran. Anyway, I don't like TD. Funny thing about TD, my friend has them for her LOC. On a mountain biking trip we were going to rent bikes, which were cheap but since the bikes were so ballin' a $500 deposit was needed. I had to spot her $500 deposit because it would have maxed her credit card limit. She was very surprised to learn I have a $5k limit with scotia. Link to comment Share on other sites More sharing options...
mm88 Posted July 12, 2012 Report Share Posted July 12, 2012 Scotia refused to release funds for reasons other than paying tuition without a tuition receipt. It's flippin' July. Who the hell pays tuition in July? So apparently I don't need money to move from one side of the country to the other and also don't need to wear clothes, have a roof over my head or eat.... What is up with that?! Funny thing about TD, my friend has them for her LOC. On a mountain biking trip we were going to rent bikes, which were cheap but since the bikes were so ballin' a $500 deposit was needed. I had to spot her $500 deposit because it would have maxed her credit card limit. She was very surprised to learn I have a $5k limit with scotia. She needs a better rep. Mine offered to increase my limit to $18,000! TD has sub-par services. No joke. I went there they wanted to give me prime +1 %, $200K and required a co-signor with 60K/year. I'm glad they left. You just have to talk to the right people! My rep told me: full 200k at prime and TD First Class Visa, no annual fee. Link to comment Share on other sites More sharing options...
aquablue Posted July 12, 2012 Report Share Posted July 12, 2012 Scotia refused to release funds for reasons other than paying tuition without a tuition receipt. It's flippin' July. Who the hell pays tuition in July? So apparently I don't need money to move from one side of the country to the other and also don't need to wear clothes, have a roof over my head or eat.... What is up with that?! She needs a better rep. Mine offered to increase my limit to $18,000! You just have to talk to the right people! My rep told me: full 200k at prime and TD First Class Visa, no annual fee. Weird, my full Scotia LOC went through with only the acceptance letter whereas I have trouble with TD just maintaining my student account. XD I guess it really depends who you see and at which branch. Link to comment Share on other sites More sharing options...
deeman101 Posted July 12, 2012 Report Share Posted July 12, 2012 I don't know who's your rep but one week after I got my acceptance I signed with scotia and had a 16k bank draft in hand to buy my car. They accepted my letter of acceptance as interm proof of me going to med school until I got an official enrollment letter. This is before I even knew how much tuition was. The most hassle I ever got was last year they asked for proof of enrollment to up my limit for yr2. Which took 3mins online. This year they just upped the limit without asking me. I used to bank with TD but I found they were the biggest PITA to do anything with. Other than branch hrs they were in no way convenient to me. But I feel like this is as arbitrary as who got away with being 10cents short at tim hortons and who didn't even get away with being 1 penny short (both situations happened to me). It all depends on who you get. Link to comment Share on other sites More sharing options...
future_doc Posted July 12, 2012 Report Share Posted July 12, 2012 I just spoke with TD and they told me interest rate stays at prime until loan completely paid. I spoke with Scotia, got a real bozo who didn't know what she was talking about. Link to comment Share on other sites More sharing options...
deeman101 Posted July 12, 2012 Report Share Posted July 12, 2012 I just spoke with TD and they told me interest rate stays at prime until loan completely paid. I spoke with Scotia, got a real bozo who didn't know what she was talking about. Is this the Mtl branches? Was the rep from this list? http://www.scotiabank.com/ca/common/pdf/business/University_Reps_for_Web_siteV36.pdf If she was then thats interesting. I noticed a lot of my classmates are with RBC more than anyone else. MDF being second. And barely anyone with scotia. But in other schools the majority can be with scotia. I think the regional reps go a long way towards which bank to pick. Its also why I never moved my home branch to mtl. I don't want to leave me reps. Link to comment Share on other sites More sharing options...
future_doc Posted July 12, 2012 Report Share Posted July 12, 2012 Yes from Montreal but not on the list. Will try again - thanks! I am with MDF, their recommended bankers BN - but the loan will not stay at prime during repayment phase. So, in my best interests, I need to switch. BTW, sometimes TD pays us a bonus of $250 to switch and I think the next time will be during MedGames, so I will likely switch then or whenever they pay the bonus again. Those banks who don't put in writing that interest stays at prime until repayment are just not competitive - and we should all get the same deal, switching to just one or two banks who have this on offer in writing. The other banks will quickly fall in line or will no longer have any med student LOC business. Link to comment Share on other sites More sharing options...
MCATwannabe Posted July 12, 2012 Report Share Posted July 12, 2012 Yes from Montreal but not on the list. Will try again - thanks! I am with MDF, their recommended bankers BN - but the loan will not stay at prime during repayment phase. So, in my best interests, I need to switch. BTW, sometimes TD pays us a bonus of $250 to switch and I think the next time will be during MedGames, so I will likely switch then or whenever they pay the bonus again. Those banks who don't put in writing that interest stays at prime until repayment are just not competitive - and we should all get the same deal, switching to just one or two banks who have this on offer in writing. The other banks will quickly fall in line or will no longer have any med student LOC business. I think RBC says that it'll stay at prime until whenever they change it. I don't recall it being repayment. Now the question is when do they usually change it? during repayment or before? Link to comment Share on other sites More sharing options...
NaiNoremac Posted July 13, 2012 Report Share Posted July 13, 2012 I was at an RBC yesterday and was told that it stayed at prime forever.. however this is not in writing just a general policy that it is not changed for medical and dental students... regular students have their LOC interest go to prime+ 3.6 (I think) when they are finished school but we don't have to worry about it. I'm for sure double checking when I sign papers to see what the actual contract has to say about it though Link to comment Share on other sites More sharing options...
Dr.Henderson Posted July 13, 2012 Report Share Posted July 13, 2012 I was at an RBC yesterday and was told that it stayed at prime forever.. however this is not in writing just a general policy that it is not changed for medical and dental students... regular students have their LOC interest go to prime+ 3.6 (I think) when they are finished school but we don't have to worry about it. I'm for sure double checking when I sign papers to see what the actual contract has to say about it though This is the impression I was under. If it got to repayment and they tried to up the interest on me I'd make it pretty clear to them that they wouldn't be getting my business down the line. Banks aren't making money off of us on our LOCs, it comes later in the game when we want mortgages and business products etc. Link to comment Share on other sites More sharing options...
steffygraf Posted July 16, 2012 Report Share Posted July 16, 2012 Has anyone ever been rejected by a bank??? Desjardins (in Montreal) turned me down last week because I forgot to pay my visa on time just once... :( I thought getting a LOC was easy but I guess you need a really strong credit score? Do you guys know of any banks that might accept me even if my credit score is not the best?? thank you! Link to comment Share on other sites More sharing options...
future_doc Posted July 16, 2012 Report Share Posted July 16, 2012 Just try another bank and be upfront about that one time. Link to comment Share on other sites More sharing options...
chirurgus Posted July 16, 2012 Report Share Posted July 16, 2012 I was initially refused a LOC through BMO because of the exact same issue... i then went to RBC (and the visa i missed a payment on was an RBC visa) and told them the whole story and I was successfully able to set up my LOC through them... best of luck Link to comment Share on other sites More sharing options...
steffygraf Posted July 16, 2012 Report Share Posted July 16, 2012 That's a great idea, I should probably go to BMO since I have my credit card with them. Thank you! Link to comment Share on other sites More sharing options...
ronaldmcdonald Posted July 16, 2012 Report Share Posted July 16, 2012 Hmmm, my scotiabank rep that supposedly specializes in dealing with professional LOCs wouldnt give the momentum infinite card, because they have to follow the 60K annual income rule and tries to give me some garbage 1% cashback card instead... This person was kind of sketchy though, when I was filing my application with her, I told her I own my house with no mortgage, but she insists on writing down a made up "rent money" because she said she "earns more from it":confused: Any suggestions for next bank? I think I'll check out CIBC... Link to comment Share on other sites More sharing options...
lloyder34 Posted July 17, 2012 Report Share Posted July 17, 2012 My Scotia docs DO say repayment at prime. Could you let us know what your documents say exactly? I recently completed an application with Scotia, and here are some excerpts from the contract that might help to clarify the interest rates during repayment: (section) 2. INTEREST RATE - You agree to pay interest on your loan from the date of each advance in the following manner. Interest is comprised of our Prime rate, which is currently 3.00% plus an adjustment factor of .00%. We will change the Prime rate from time to time and will post a notice of this in our branches. We may also change the adjustment factor, but we will give you prior written notice of this, stating the effective date of the change (my italics) ... ... (section) 6. PAYMENT AFTER FINISHING STUDIES OR LEAVING SCHOOL EARLY - ... We may agree to a longer amortization period if you wish and the interest rate will be the same as in section 2 (my italics) So it would appear that at face value Scotia is offering you prime throughout school and for the duration of your repayment period following completion of residency. However, section 2 does say they have the power to increase the "adjustment factor" at any time, and you will have to abide by this rate during repayment. Seems like an escape clause for Scotia. Are any banks stating in the contract that this adjustment factor will not change, or is Scotia still the best option, although it is still somewhat of a gamble knowing that they could change the adjustment factor to whatever they want and you are stuck with it? Link to comment Share on other sites More sharing options...
Starhivest Posted July 17, 2012 Report Share Posted July 17, 2012 Could you let us know what your documents say exactly? I recently completed an application with Scotia, and here are some excerpts from the contract that might help to clarify the interest rates during repayment: (section) 2. INTEREST RATE - You agree to pay interest on your loan from the date of each advance in the following manner. Interest is comprised of our Prime rate, which is currently 3.00% plus an adjustment factor of .00%. We will change the Prime rate from time to time and will post a notice of this in our branches. We may also change the adjustment factor, but we will give you prior written notice of this, stating the effective date of the change (my italics) ... ... (section) 6. PAYMENT AFTER FINISHING STUDIES OR LEAVING SCHOOL EARLY - ... We may agree to a longer amortization period if you wish and the interest rate will be the same as in section 2 (my italics) So it would appear that at face value Scotia is offering you prime throughout school and for the duration of your repayment period following completion of residency. However, section 2 does say they have the power to increase the "adjustment factor" at any time, and you will have to abide by this rate during repayment. Seems like an escape clause for Scotia. Are any banks stating in the contract that this adjustment factor will not change, or is Scotia still the best option, although it is still somewhat of a gamble knowing that they could change the adjustment factor to whatever they want and you are stuck with it? +1. Mine says exactly the same thing. Maybe it's a canada wide policy and branches cannot make changes to the agreement? Link to comment Share on other sites More sharing options...
Dr.Henderson Posted July 17, 2012 Report Share Posted July 17, 2012 That would make much more sense, thanks lloyder Link to comment Share on other sites More sharing options...
future_doc Posted July 17, 2012 Report Share Posted July 17, 2012 Absolutely, this is an escape clause you could drive huge, wide trucks through. Link to comment Share on other sites More sharing options...
schmitty Posted July 18, 2012 Report Share Posted July 18, 2012 This is a great thread. Anybody in a situation where they have lots of debt BEFORE getting into med school? For e.g. I 'own' a condo but have a mortgage on it (about 65% of it's value left), as well as around $40K in student loans from UG and grad school. I am assuming this will significantly reduce the credit limit that most banks will give me for my MD? Link to comment Share on other sites More sharing options...
BigM Posted July 19, 2012 Report Share Posted July 19, 2012 This is a great thread. Anybody in a situation where they have lots of debt BEFORE getting into med school? For e.g. I 'own' a condo but have a mortgage on it (about 65% of it's value left), as well as around $40K in student loans from UG and grad school. I am assuming this will significantly reduce the credit limit that most banks will give me for my MD? If your UG/grad school debts are on OSAP they will not be deducted from the amount the bank grants you. If they are a seperate line of credit, then they will try to get you to switch it over to their line of credit and will still grant you a $200,000 max, but $40,000 of it will be used up. As far as I know, a mortgage will not affect the line of credit they will give you. The banks are willing to offer students mortgages on top of the line of credit. This could vary though as you are talking about a very sizable debt load. Link to comment Share on other sites More sharing options...
Sol32 Posted July 20, 2012 Report Share Posted July 20, 2012 Hey guys, first time poster here- I'm setting up my LOC at RBC and was wondering if anyone has been able to get the Infinite Avion fee waived for the duration of the study period? If yes, which branch were you able to do it at? Thanks, Link to comment Share on other sites More sharing options...
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