Banking

[userNL]

Hi everyone!

 

I'm trying to sort out the best way to go about borrowing money. Believe me, any information you can offer will be helpful! Has anyone had any good experiences with a particular bank/plan?

[TheBestMedicine]

Hi everyone!

 

I'm trying to sort out the best way to go about borrowing money. Believe me, any information you can offer will be helpful! Has anyone had any good experiences with a particular bank/plan?

 

Hey,

 

Someone made a spreadsheet comparing Lines of Credit... be sure to look at all the tabs along the bottom:

 

https://docs.google.com/spreadsheet/ccc?key=0AiNty_uU8U2ndHQtVFJ2UDJpX09JQ0phbDVLUm9rOGc#gid=3

 

There are lots of threads about money, you can search "LOC" or "loan" and look at those...

 

I've never had a student loan, so if anyone has any tips about those I wouldn't mind hearing them either... The application that I've seen seems a little difficult to fill out for medical school.

 

On the upside, I think that NL Student Aid is a little more lax than some other provinces. For instance, I dont think that owning a car is held against us.

[The Mist]

Based completely on what I've read here, it seems that while all the banks will eventually relent and give you the 200 or 250 K (or whatever it is) at prime, RBC and Scotia tend to be easier to deal with. That being said, Im with TD, so I'm going to stick with them unless I have to go elsewhere because I imagine changing banks is a pain the ass.

 

A few things to keep in mind whichever way you go:

 

1. Ensure that you have the prime interest rate TRHOUGHOUT the repayment period.

 

2. Take advantage of free money. IP Memorial University med students specifically receive a grant (non-repayable) on top of regular student aid if they apply for student loans. Yes its more effort than just using your LOC, but free money is free money!

 

3. Keep in mind that interest rates can and will go up. Anyone looking at a decade long LOC of this magnitude would do well to look at historic prime interest rates and see how quickly they rocketed in the early 1980s. Keep a bit of breathing room in case you need to allow for higher interest in the coming years.

 

4. Ensure you deal with the actual professional LOC advisor for your bank. There are a few with each major institution in this city.

[TheBestMedicine]

1. Ensure that you have the prime interest rate THROUGH residency, not just until.

 

I read somewhere on here that you should ensure that you maintain the prime interest rate after residency, throughout the repayment period.

 

Someone had noticed that the bank contract said that it would be prime+something during the repayment period. They asked the banker about it and were assured that it would remain at prime... look out for that one.

[The Mist]

I read somewhere on here that you should ensure that you maintain the prime interest rate after residency, throughout the repayment period.

 

Someone had noticed that the bank contract said that it would be prime+something during the repayment period. They asked the banker about it and were assured that it would remain at prime... look out for that one.

 

You are correct, my apologies. I have edited my original post.

[AP_gooner]

Based completely on what I've read here, it seems that while all the banks will eventually relent and give you the 200 or 250 K (or whatever it is) at prime, RBC and Scotia tend to be easier to deal with. That being said, Im with TD, so I'm going to stick with them unless I have to go elsewhere because I imagine changing banks is a pain the ass.

 

A few things to keep in mind whichever way you go:

 

1. Ensure that you have the prime interest rate TRHOUGHOUT the repayment period.

 

2. Take advantage of free money. IP Memorial University med students specifically receive a grant (non-repayable) on top of regular student aid if they apply for student loans. Yes its more effort than just using your LOC, but free money is free money!

 

3. Keep in mind that interest rates can and will go up. Anyone looking at a decade long LOC of this magnitude would do well to look at historic prime interest rates and see how quickly they rocketed in the early 1980s. Keep a bit of breathing room in case you need to allow for higher interest in the coming years.

 

4. Ensure you deal with the actual professional LOC advisor for your bank. There are a few with each major institution in this city.

 

#2 that you listed: What grant are you referring to?

[The Mist]

From this website:

http://www.ed.gov.nl.ca/studentaid/assistance/fulltimestudents.html

 

under "Financial Assistance Available", Full Time...

 

Note: Eligible Memorial University medical students can receive up to a total of $200 per week in provincial assistance; $110 in loans and $90 in grants.

[AP_gooner]

From this website:

http://www.ed.gov.nl.ca/studentaid/assistance/fulltimestudents.html

 

under "Financial Assistance Available", Full Time...

 

 

Ahh got it. Looks like the eligibility for the grant depends on the income status of your family though... so not everyone would be eligible! Or am I completely missing something? lol

[coffeenut]

Your families income matters up to a certain point. Once you have been out of school for 4 years (or are 22 years of age) you are considered independent so it doesn't matter what your parents make. They also take into consideration whether or not you live at home.

[userNL]

Thanks so much for all the information!

[misskris]

I'm pretty sure having a car is considered an asset and does count against you - though I couldn't find out how much the car has to be valued at before it's considered an asset. I know in Ontario its $5000, but it definitely still counts against you in NL (hence why I don't have one yet).

[TheBestMedicine]

I'm pretty sure having a car is considered an asset and does count against you - though I couldn't find out how much the car has to be valued at before it's considered an asset. I know in Ontario its $5000, but it definitely still counts against you in NL (hence why I don't have one yet).

 

I didn't see it on the loan application... I guess I didn't look hard enough.

[NLengr]

It doesnt. I never had this as a problem. Nobody asked if i owned a car. I also just checked the application over and cant see a spot where they ask this year. Ontario and NL loans are very different things.

 

NL actually cares about it's population and wants to be helpful. Ontario doesn't. You can rot in a ditch as far as they care. Wouldn't give you the steam off their pee. In my experience that a general rule when dealing with NL vs. Ontario.

[TheBestMedicine]

It doesnt. I never had this as a problem. Nobody asked if i owned a car. I also just checked the application over and cant see a spot where they ask this year. Ontario and NL loans are very different things.

 

NL actually cares about it's population and wants to be helpful. Ontario doesn't. You can rot in a ditch as far as they care. Wouldn't give you the steam off their pee. In my experience that a general rule when dealing with NL vs. Ontario.

 

Awesome, thanks!