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Best LOC?

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mm88 Newbie

mm88

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Which TD branch did you go to? I tried to get one from my local branch in north Toronto and they told me it wasn't possible to waive the fees at all. They said it was done on a branch-by-branch basis, but it seemed like they didn't really believe me when I said I heard of someone who had 2 years of fees waived.

 

Switch your chequeing account to a Select Plus account: EVERYTHING is free! :D

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rmorelan Community Regular

rmorelan

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Has anyone been able (or heard of anyone else being able) to secure a LOC where principal AND interest payments were deferred until after residency?

 

In terms of the interest payments (which just come out of your LOC anyway) not reducing your total amount of available credit? Guess I am struggling with what you are asking :)

 

every LOC just adds the interest to your LOC as you go along. At 3 percent (which can and will change) that really doesn't impact things much initially.

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Meez Newbie

Meez

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In terms of the interest payments (which just come out of your LOC anyway) not reducing your total amount of available credit? Guess I am struggling with what you are asking :)

 

every LOC just adds the interest to your LOC as you go along. At 3 percent (which can and will change) that really doesn't impact things much initially.

 

Apologies, just realized I wasn't really clear about my question. I meant to ask solely about the interest payments. I'm in the process of negotiating a LOC and was wondering if I would be able to defer interest payments until after grad or residency should I ever need to use funds from my loan. In other words, I don't want any interest payments being paid from my LOC as this will simply add more interest as a result of funds being withdrawn from my LOC. Does that make sense?

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rmorelan Community Regular

rmorelan

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Apologies, just realized I wasn't really clear about my question. I meant to ask solely about the interest payments. I'm in the process of negotiating a LOC and was wondering if I would be able to defer interest payments until after grad or residency should I ever need to use funds from my loan. In other words, I don't want any interest payments being paid from my LOC as this will simply add more interest as a result of funds being withdrawn from my LOC. Does that make sense?

 

absolutely it makes sense :)

 

Unfortunately though only government loans are interest free during your time at school (that is one of there two main strengths). Any and all of the LOC are just standard unsecured loans and start developing interest right after you access the funds and you do owe interest which is applied monthly. That is why a common strategy is to max out your government loans and use the least amount of LOC you are comfortable with.

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cyv Newbie

cyv

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I was just read this on the BN website:

 

"No pay-back of principal or interest while you are a full-time student or resident"

 

Do other banks offer this as well? I thought you would normally have to pay interest during school? Am I misinterpreting this?

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future_doc Newbie

future_doc

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I was just read this on the BN website:

 

"No pay-back of principal or interest while you are a full-time student or resident"

 

Do other banks offer this as well? I thought you would normally have to pay interest during school? Am I misinterpreting this?

 

The interest is just capitalized, i.e., as they take the interest, your loan increases pro tanto.

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rmorelan Community Regular

rmorelan

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Oh I see....kind of misleading no?

 

a bit but really no bank is ever going to give an interest free loan to anyone. Only a government loan will do that. Still to be fair an unsecured loan at prime interest rate is incredibility rare so while we should fight for the best deal we can really the loan we get itself is quite good.

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DCX Newbie

DCX

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hi, i've just been approved for 250K at RBC and with a little pushing i was offered avion with fees waived for one year.:D

 

Anyway, I'm wondering.... how long does it usually take to pay back the loan after residency?

 

I know it all depends on your personal situation and so forth, but I just wanted to know how long it usually takes for an avg family doc fresh out of residency. Thanks!:D

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Dr.Henderson Newbie

Dr.Henderson

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hi, i've just been approved for 250K at RBC and with a little pushing i was offered avion with fees waived for one year.:D

 

Anyway, I'm wondering.... how long does it usually take to pay back the loan after residency?

 

I know it all depends on your personal situation and so forth, but I just wanted to know how long it usually takes for an avg family doc fresh out of residency. Thanks!:D

 

I've spoken to a few docs about this and most have said that they paid back the vast majority, if not all of it within 3 years. Some paid it off totally in 2. Really I would assume it depends on your total debt load (of course 150k is going to be easier to pay back quickly than 250k), and how much you're willing to work. If you put in 6 days/wk for a year doing regular clinic/walk-in/nursing home stuff like moo has posted about in the past I would assume you can destroy the debt pretty rapidly. That's my plan anyways.

 

If you're already used to living on 50k/yr through med and residency, you can just continue to live the same way for another few years and throw everything else at your LOC.

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DCX Newbie

DCX

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I've spoken to a few docs about this and most have said that they paid back the vast majority, if not all of it within 3 years. Some paid it off totally in 2. Really I would assume it depends on your total debt load (of course 150k is going to be easier to pay back quickly than 250k), and how much you're willing to work. If you put in 6 days/wk for a year doing regular clinic/walk-in/nursing home stuff like moo has posted about in the past I would assume you can destroy the debt pretty rapidly. That's my plan anyways.

 

If you're already used to living on 50k/yr through med and residency, you can just continue to live the same way for another few years and throw everything else at your LOC.

 

Thanks for clarifying that. So since our LOC is around 250k, by using grossly simple math, we can expect an avg family doc to take about 5 to 6 years to pay all that off?

 

Just wondering because there is this car that I want to buy. Its not a luxury car but I would definately need one if I choose to commute.

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