deeman101 Posted June 6, 2012 Report Share Posted June 6, 2012 I've only dealt with a couple scotia professional student plan advisors but both were very great at accommodating to my needs. Aside the best LOC package on paper (in my eyes) they also go the extra mile for me. Like cancelling charges on overdrafts, setting up automated payments for me, allowing me to get bank drafts from other branches when I'm away, better exchange rates for US currency, etc. If you were to talk to my advisor I'm sure he'd get you the full 200k without much pushing. RBC on the other hand were total @holes in comparison. TD was just being ridiculous. Yeaaa....I'm really going to pay prime+0.5 when every other bank offers prime. And they made it so hard to close my TD accounts. But in general none of them gave a crap about me as an individual as my scotia advisors (former and current one) do. Link to comment Share on other sites More sharing options...
holiday1001 Posted June 6, 2012 Report Share Posted June 6, 2012 you do - but sometimes it seems if you switch LATE they are more restrictive. I have had people forced to reduce their loc at scotia and keep part of the loan elsewhere. That being said I have always found it possible to actually get a full switch over later in the game ( myself included) with a little pushing I certainly have the full amount and switched post first year. oops didn't realize we were talking about switching. how does switching work? your new bank pays off the old LOC? Link to comment Share on other sites More sharing options...
rmorelan Posted June 6, 2012 Report Share Posted June 6, 2012 oops didn't realize we were talking about switching. how does switching work? your new bank pays off the old LOC? Exactly bank a calls bank b and sets it up. Link to comment Share on other sites More sharing options...
ScotiabankMedsAdvisorLOC Posted June 6, 2012 Report Share Posted June 6, 2012 I don't think I am switching to scotia anymore. Apparently, they figure that you need 50k per year of schooling. So if you have 2 years left, then you need 100k, plus wtv amount you borrowed from your previous LOC. so basically, if you switch into scotia, you have no room to pay off your student loans at the end of your four years. I cannot believe how ridiculous this rule is. My understanding is that rule applys to med school only. You can apply for more funds for residency and to pay off osap to a "total borrowing limit" of $275,000. Link to comment Share on other sites More sharing options...
mm88 Posted June 7, 2012 Report Share Posted June 7, 2012 TD was just being ridiculous. Yeaaa....I'm really going to pay prime+0.5 when every other bank offers prime. And they made it so hard to close my TD accounts. But in general none of them gave a crap about me as an individual as my scotia advisors (former and current one) do. Really?! The TD guy I saw today told me repayment as at prime.... unless he lied to me! Link to comment Share on other sites More sharing options...
medhopefuls2016 Posted June 7, 2012 Report Share Posted June 7, 2012 I was just talking to a TD representative today and here is what I got. Sounds like a pretty sweet deal to me but I don't have any comparison (yet)....will be talking with rep from Scotia and RBC soon. Max: 4 years for 200K.... 60K per year max. Pay back methods: *During 4 years of med and 1 year grace afterwards, interest only at prime rate (calculated annually) *After that, principal at 1% and interest at floating prime rate. I will be chatting with RBC (seems to be everyone's favourite). Any advice guys? Specifically... 1) is it the case at every bank where payment following the grace period is prime + 1% for principal (see the second * above)? thanks guys Link to comment Share on other sites More sharing options...
holiday1001 Posted June 7, 2012 Report Share Posted June 7, 2012 it's 1 year after residency. the TD jokers didn't even know if fellowship is counted in that grace period... Link to comment Share on other sites More sharing options...
aryastark Posted June 7, 2012 Report Share Posted June 7, 2012 I was just talking to a TD representative today and here is what I got. Sounds like a pretty sweet deal to me but I don't have any comparison (yet)....will be talking with rep from Scotia and RBC soon. Max: 4 years for 200K.... 60K per year max. Pay back methods: *During 4 years of med and 1 year grace afterwards, interest only at prime rate (calculated annually) *After that, principal at 1% and interest at floating prime rate. I will be chatting with RBC (seems to be everyone's favourite). Any advice guys? Specifically... 1) is it the case at every bank where payment following the grace period is prime + 1% for principal (see the second * above)? thanks guys I haven't actually contacted an advisor yet, but from what I've read on this thread, most people at RBC are getting prime until one year post resdidency, then they set up a payment plan. They also don't limit you on how much you can take out per year, although I doubt that affects most people. Sorry if I misinterpreted anything! Link to comment Share on other sites More sharing options...
holiday1001 Posted June 7, 2012 Report Share Posted June 7, 2012 I haven't actually contacted an advisor yet, but from what I've read on this thread, most people at RBC are getting prime until one year post resdidency, then they set up a payment plan. They also don't limit you on how much you can take out per year, although I doubt that affects most people. Sorry if I misinterpreted anything! even 250k at a 3-yr program. gonna use that leftover to buy an apartment/condo for residency I guess Link to comment Share on other sites More sharing options...
rmorelan Posted June 7, 2012 Report Share Posted June 7, 2012 Really?! The TD guy I saw today told me repayment as at prime.... unless he lied to me! TD at prime is the normal rate. Link to comment Share on other sites More sharing options...
john2901 Posted June 11, 2012 Report Share Posted June 11, 2012 I went to RBC to get my credit line because of their popularity amongst med students but I have the following issues with them, could anyone with knowledge of this subject please comment? 1. Their actual contract is very vague. The rep told me that repayment is after residency plus 1 year grace and that once repayment starts interest stays at prime. However, contract simply states that they MAY allow repayment after residency and MAY give me grace period. Also, it says that interest rate at any time will be determined by the bank and can be changed at any time as bank desires as long as they give me 30 days written notice (but will never exceed prime plus 5%). I am mostly concerned with them jacking up my interest rate during residency, which will be a disaster. When I asked the rep what's up with that, she said that it's been like this for centuries and contract cannot be changed. Her exact words were: "MD LOC is a special program we have... Our contract however is the one we use for standard student LOC... Can you imagine if we made a separate contract for every program we have? (wtf...?) One client had a problem with this before and I took it to our legal department and they said nothing can be done. It is an honour system, our program has been like this for many years, just trust me on this one, interest will not change". She went as far as offer me to go to another bank and hinted that I would be coming back to RBC anyway. I have not seen actual contracts in other banks besides RBC. Could someone please tell me whether all the banks are like that? I think that RBC is purposely making the contract heavily in favour of the bank so they can skrew you later... Does anyone have a LOC contract from any bank that says in writing that the interest stays at prime thoughout MD+residency+repayment and if yes, which one? 2. The rep said that if I don't buy LOC life insurance and god forbid I died while owing bank money, they would go after my parents to pay them off. There is no cosigner involved... so how would RBC be able to go after my parents? She said that they have a way and even gave me an example of another student at UofT who passed away, didnt have life insurance on LOC and now his parents are paying off his loan... How? Thanks in advance for your help. Link to comment Share on other sites More sharing options...
holiday1001 Posted June 11, 2012 Report Share Posted June 11, 2012 I discussed this with my guy, he said they'd go after your spouse. if you're not married, then they seize your estate, and that's all. so in the end, get the insurance if you have a spouse you need to protect. I think I asked about the parent thing and he said no they won't pursue them. I also encountered that funny business about the repayment. whenever I asked if it was prime until it was paid off, he said yes. then I read the contract and I was like, huh? he gave some weird answer too.. I wasn't too concerned about it. hopefully that doesn't come bite me back? Link to comment Share on other sites More sharing options...
future_doc Posted June 11, 2012 Report Share Posted June 11, 2012 Re no. 2, the banker is an idiot! They canNOT go after your parents, they are total strangers to the contract. Same for a spouse if you are separate-as-to-property. As for the remaining at prime for repayment, at least one other bank does not put it in writing. You can always change bankers at any time. Link to comment Share on other sites More sharing options...
rmorelan Posted June 11, 2012 Report Share Posted June 11, 2012 I went to RBC to get my credit line because of their popularity amongst med students but I have the following issues with them, could anyone with knowledge of this subject please comment? 1. Their actual contract is very vague. The rep told me that repayment is after residency plus 1 year grace and that once repayment starts interest stays at prime. However, contract simply states that they MAY allow repayment after residency and MAY give me grace period. Also, it says that interest rate at any time will be determined by the bank and can be changed at any time as bank desires as long as they give me 30 days written notice (but will never exceed prime plus 5%). I am mostly concerned with them jacking up my interest rate during residency, which will be a disaster. When I asked the rep what's up with that, she said that it's been like this for centuries and contract cannot be changed. Her exact words were: "MD LOC is a special program we have... Our contract however is the one we use for standard student LOC... Can you imagine if we made a separate contract for every program we have? (wtf...?) One client had a problem with this before and I took it to our legal department and they said nothing can be done. It is an honour system, our program has been like this for many years, just trust me on this one, interest will not change". She went as far as offer me to go to another bank and hinted that I would be coming back to RBC anyway. I have not seen actual contracts in other banks besides RBC. Could someone please tell me whether all the banks are like that? I think that RBC is purposely making the contract heavily in favour of the bank so they can skrew you later... Does anyone have a LOC contract from any bank that says in writing that the interest stays at prime thoughout MD+residency+repayment and if yes, which one? 2. The rep said that if I don't buy LOC life insurance and god forbid I died while owing bank money, they would go after my parents to pay them off. There is no cosigner involved... so how would RBC be able to go after my parents? She said that they have a way and even gave me an example of another student at UofT who passed away, didnt have life insurance on LOC and now his parents are paying off his loan... How? Thanks in advance for your help. They cannot go after your parents but they can go after your estate (your parents would likely in theory end up paying for your funeral as your estate wouldn't be able to cover the cost). What they were suggesting - that is just silly - you are not responsible for your family members' debts. There is no cosigner - that means you solely carry the debt Link to comment Share on other sites More sharing options...
lost__in__space Posted June 12, 2012 Report Share Posted June 12, 2012 So I went to TD and they want "proof" that I am enrolled in the program, not just accepted. What can I give as proof? Deborah said that the Office of the Registrar doesn't give out proof of student status until August but I need the LOC now to pay for the first and last deposit on my rental condo for August. Link to comment Share on other sites More sharing options...
future_doc Posted June 12, 2012 Report Share Posted June 12, 2012 You were accepted and paid your deposit. Tell them you will go elsewhere if they don't give you what you need now at prime. If need be, I can get you the name of the top boss for this dept @ TD who works out of Toronto. Link to comment Share on other sites More sharing options...
lost__in__space Posted June 12, 2012 Report Share Posted June 12, 2012 You were accepted and paid your deposit. Tell them you will go elsewhere if they don't give you what you need now at prime. If need be, I can get you the name of the top boss for this dept @ TD who works out of Toronto. I guess as follow up here: my dad paid the deposit so it's not on my account so I don't have proof there, and he's out of country until Sept. Link to comment Share on other sites More sharing options...
Asta Posted June 12, 2012 Report Share Posted June 12, 2012 I printed a screenshot of my school screen saying the deposit has been paid/that I accepted the offer. Do you have a similar thing you can do? Link to comment Share on other sites More sharing options...
Dr.Henderson Posted June 12, 2012 Report Share Posted June 12, 2012 So I went to TD and they want "proof" that I am enrolled in the program, not just accepted. What can I give as proof? Deborah said that the Office of the Registrar doesn't give out proof of student status until August but I need the LOC now to pay for the first and last deposit on my rental condo for August. Apparently this is common practice now, I just emailed the UGME office at Queen's and one of the wonderful ladies wrote me a letter stating that I was enrolled in their program and expected to graduate in May of 2016. She sent me a pdf and mailed a paper copy, the bank accepted the pdf version no problem (good thing too because this was a couple weeks ago and the paper copy still isn't here- good work Canada Post!). Link to comment Share on other sites More sharing options...
Hills Posted June 12, 2012 Report Share Posted June 12, 2012 Further to the insurance question above... I'm in the process of arranging a LOC and was wondering how students usually deal with insurance? The bank's rate is approximately 75 cents (for death and disability) / $1000 of LOC used / month. So, say you have used $50,000, this means that you would be paying almost $500/year. Not exactly free. I could see this mounting to like $5,000 - $10,000 over the life of your LOC. (I know it would be a nice option for peace of mind, but I don't like the cost.) So does everyone generally get insurance and pay up? or take their chances? Link to comment Share on other sites More sharing options...
rmorelan Posted June 12, 2012 Report Share Posted June 12, 2012 I guess as follow up here: my dad paid the deposit so it's not on my account so I don't have proof there, and he's out of country until Sept. Ok, well the bank should be a bit more accommodating here - worst case they should extend you a short term LOC in the order of a few grand to cover you until the school gives you prove - and that is seriously the absolute worst case. Link to comment Share on other sites More sharing options...
Dr.Henderson Posted June 12, 2012 Report Share Posted June 12, 2012 Further to the insurance question above... I'm in the process of arranging a LOC and was wondering how students usually deal with insurance? The bank's rate is approximately 75 cents (for death and disability) / $1000 of LOC used / month. So, say you have used $50,000, this means that you would be paying almost $500/year. Not exactly free. I could see this mounting to like $5,000 - $10,000 over the life of your LOC. (I know it would be a nice option for peace of mind, but I don't like the cost.) So does everyone generally get insurance and pay up? or take their chances? The OMA offers $100 000 life insurance with membership so there's that to start off with. In addition to that I'm looking into private insurance options, coverage is MUCH cheaper that way. Link to comment Share on other sites More sharing options...
future_doc Posted June 12, 2012 Report Share Posted June 12, 2012 Absolutely correct. I am unable to locate the name/phone no of top man in credt for TD but you can always phone blind and speaking even with his secretarty should make things happen if they have any common sense whatsoever. Link to comment Share on other sites More sharing options...
Hills Posted June 12, 2012 Report Share Posted June 12, 2012 The OMA offers $100 000 life insurance with membership so there's that to start off with. In addition to that I'm looking into private insurance options, coverage is MUCH cheaper that way. Thanks for the info. I just did some more digging and found a Dental LOC thread that came to the same conclusion. Link to comment Share on other sites More sharing options...
pluripotent Posted June 12, 2012 Report Share Posted June 12, 2012 I went to RBC to get my credit line because of their popularity amongst med students but I have the following issues with them, could anyone with knowledge of this subject please comment? 1. Their actual contract is very vague. The rep told me that repayment is after residency plus 1 year grace and that once repayment starts interest stays at prime. However, contract simply states that they MAY allow repayment after residency and MAY give me grace period. Also, it says that interest rate at any time will be determined by the bank and can be changed at any time as bank desires as long as they give me 30 days written notice (but will never exceed prime plus 5%). I am mostly concerned with them jacking up my interest rate during residency, which will be a disaster. When I asked the rep what's up with that, she said that it's been like this for centuries and contract cannot be changed. Her exact words were: "MD LOC is a special program we have... Our contract however is the one we use for standard student LOC... Can you imagine if we made a separate contract for every program we have? (wtf...?) One client had a problem with this before and I took it to our legal department and they said nothing can be done. It is an honour system, our program has been like this for many years, just trust me on this one, interest will not change". She went as far as offer me to go to another bank and hinted that I would be coming back to RBC anyway. I have not seen actual contracts in other banks besides RBC. Could someone please tell me whether all the banks are like that? I think that RBC is purposely making the contract heavily in favour of the bank so they can skrew you later... Does anyone have a LOC contract from any bank that says in writing that the interest stays at prime thoughout MD+residency+repayment and if yes, which one? 2. The rep said that if I don't buy LOC life insurance and god forbid I died while owing bank money, they would go after my parents to pay them off. There is no cosigner involved... so how would RBC be able to go after my parents? She said that they have a way and even gave me an example of another student at UofT who passed away, didnt have life insurance on LOC and now his parents are paying off his loan... How? Thanks in advance for your help. re: john2901 RBC is jerking you around. I had a really long reply written about how they did the same thing to me last year, but it just got lost with my ridiculous intermittent internet here. Long story short, they tried to make me sign a "up to prime+5% after medical school" agreement last year, and I told them "No frakkin way." I went to Scotiabank, who very kindly put "prime during medical school, residency, and repayment" in their contract. Walk away from RBC. I remain thoroughly unimpressed by how they handled it. Edit: Also, point #2 is a spaghetti-monster-forsaken LIE. The whole point of not having a cosigner is that, in the event of your death, they can't go after anyone related to you (except for your spouse, thus once again proving that marriage is for chumps). Either way, just get the free $100,000 insurance with OMA, which will cover a large portion of your debt should you die, and then apply for more coverage with either a private company or with OMA. (Frankly, I would choose OMA, because they will insure you for up to $3 million for a pittance, given that you are a relatively healthy non-smoking young person.) Link to comment Share on other sites More sharing options...
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