someonenew Posted April 12, 2012 Report Share Posted April 12, 2012 hello. I have an active student loc with rbc. I am an entering student, and my school hasn't started yet. However, I am interested in going to a different school, than the one I got the LOC approved for. Both of the schools are in the States. Could somebody here, who is familiar with RBC's loan procedures, or who knows someone in RBC's loan department, please tell me if it is possible to change the school on this LOC? Why I ask is because different representatives keep giving different answers. Some say that the loan application (the loc is activated on my account now, and the first portion of it has been already released to me) will have to be resubmitted, and another approval will be needed from credit department. Some say that another credit approval wouldn't be needed, the school can just be changed as is, as long as the school is on the approval list (it is) and the program is same (that is too). And I actually got this LOC approved with difficulty, since my account manager had said it was a borderline application, and if resubmitted, he did not know if it will be approved again. Then there are some representatives who say to just use the amount I have released to whichever school I want to go to. Then come next year with the enrollment proof from the school I am in. As long as school is in approved list, and as long as program is same, it shouldn't matter. And now I am lost. Because I want to go to a different school. But I also don't want to take any chances with this loc I have signed. Is there someone here who has gone through this and can share some thoughts on this? Would it be unwise if I use this amount that has been released, for a different school, and then come back next year and give them proof and tell them that my school has been changed? Can they cancel because of that? Link to comment Share on other sites More sharing options...
PaedsDoc Posted April 12, 2012 Report Share Posted April 12, 2012 Hey, I actually asked this question as I was signing the loan. From what I understand, it is better not to use the money given to you for a specific school elsewhere. The money is signed to you to go to a specific place. In regards to changing schools, it doesnt matter. THe reason they are giving you different answers is that technically they do "resubmit" your application, by changing the name of the school. Hoewever, I think they can see that it has been approved before, so it shouldnt be a problem getting it again. Link to comment Share on other sites More sharing options...
CdnatWayne Posted April 12, 2012 Report Share Posted April 12, 2012 I currently have a RBC LoC, I started school in 2009 (currently finishing up 3rd year) so I am not sure if policies have changed since then. RBC asks for a letter of good standing each year from my school to continue the LoC. There are no conditions on how I can spend the money or how much. I would keep the LoC you have right now. Attend whatever school you would like to goto next fall and then just tell your bank or just tell them at the end of 1st year of medical school when they ask for a letter of good standing. AFAIK, the LoC is not school dependent. Link to comment Share on other sites More sharing options...
someonenew Posted April 12, 2012 Author Report Share Posted April 12, 2012 Thank you for the responses guys. PaedsDoc: something my account manager had said was that there was a possibility of the credit folks demanding a change of this loc from unsecured to secure, if the application was resubmitted (for another approval). even though it would be just a school change. but the other representatives have said there is no further credit approval required; that should mean no resubmission... CdnatWayne: that's what I was informed by someone else too; he said the school does not matter, the program should be same. but my account manager had said that once the loan is issued, it is for this particular school only, since it has been issued against this school. Any changes will be made by credit people. On the other hand, another rep told me to just give us the enrollment information, of whichever school you go to, this year or next, and the loan dept will just make that change. So, is it the loan dept who ultimately releases the loans every year? Because if yes, then there should be no need to get the issue over to the credit dept. wish we had student or applicant who worked in royal bank's loan department, lol Link to comment Share on other sites More sharing options...
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