Dr.Henderson Posted May 29, 2012 Report Share Posted May 29, 2012 For those of you with an RBC line of credit, I'm just wondering how it works not having an annual limit like some of the other banks. What I mean is, do you have to submit a request for X amount of dollars for the year, like CIBC requires or do you just have access to as much or as little as you need at any time? Thanks Link to comment Share on other sites More sharing options...
rmorelan Posted May 29, 2012 Report Share Posted May 29, 2012 For those of you with an RBC line of credit, I'm just wondering how it works not having an annual limit like some of the other banks. What I mean is, do you have to submit a request for X amount of dollars for the year, like CIBC requires or do you just have access to as much or as little as you need at any time? Thanks You have access to the full amount at any time. advantage is of course that you have a deeper fund to play with initially - over time that effect becomes less I guess (i.e. right now I am starting year 4 with a huge left over amount on my LOC). The draw back is you can get into trouble by over spending, which I have also seen. I have yet to see a really compelling reason as to why 50-60K a year is not enough for almost everyone but it does some up regularly Link to comment Share on other sites More sharing options...
Applemanv3 Posted May 29, 2012 Report Share Posted May 29, 2012 rmorelan is absolutely spot on (what else is new? ) I have no yearly limit on my LoC, a max of 200K at Prime, with the condition that I provide proof of continuing enrollment each year. Only annoying thing is that very few people at physical RBC locations actually understand the perks of an LoC, such as 12 free money orders/drafts a year, etc. Link to comment Share on other sites More sharing options...
future_doc Posted May 29, 2012 Report Share Posted May 29, 2012 At my bank, there is an annual limit which is good as I will never overspend. I never use my annual limit. Link to comment Share on other sites More sharing options...
rmorelan Posted May 29, 2012 Report Share Posted May 29, 2012 At my bank, there is an annual limit which is good as I will never overspend. I never use my annual limit. I haven't even some close to be honest - and that isn't for being overly cheap, it is just so much with OSAP etc,etc factored in. Link to comment Share on other sites More sharing options...
Dr.Henderson Posted May 29, 2012 Author Report Share Posted May 29, 2012 Perfect, thanks everyone. RBC was a good choice for me as I'm one of the rare exceptions that may creep up on the 50k/yr and will definitely be close or over this first year. With a small family (need a bigger place = more rent, more food, more everything), moving from B.C. to Ontario, and 20k of tuition it'll happen even though we live quite modestly. Student loans should hopefully knock that down quite a bit, but having wiggle room in case of emergencies is a great comfort. That's great that you have access to the full amount at any time. I didn't want to run into some unexpected expenses and then have to apply for more money for the year and wait for it to be approved. Link to comment Share on other sites More sharing options...
Dr.Henderson Posted May 29, 2012 Author Report Share Posted May 29, 2012 rmorelan is absolutely spot on (what else is new? ) I have no yearly limit on my LoC, a max of 200K at Prime, with the condition that I provide proof of continuing enrollment each year. Only annoying thing is that very few people at physical RBC locations actually understand the perks of an LoC, such as 12 free money orders/drafts a year, etc. Do you end up having to explain every time that you should be getting the money order for free? Link to comment Share on other sites More sharing options...
dy727 Posted May 31, 2012 Report Share Posted May 31, 2012 Do you end up having to explain every time that you should be getting the money order for free? if you don't want to, contact those people who advertise on the forum (Even if over the phone and even if they're far away from you). I highly recommend this over going to a local RBC branch and having to battle it out with a 'specialist' who have no fking idea what you're talking about when you say perks. Some of them actually treat you like a cheap dirt (then you just leave and move to other banks/branches) Link to comment Share on other sites More sharing options...
holiday1001 Posted May 31, 2012 Report Share Posted May 31, 2012 i'm a little worried that they'll give me under 200k. i did a 'budget' which came in at 35k a year, so they might just give me 120k and send me off Link to comment Share on other sites More sharing options...
Mithril Posted May 31, 2012 Report Share Posted May 31, 2012 They will not give you less than 200k. In fact I'm pretty sure many banks have bumped it past that. As a medical student you have a very high future earning potential. If they even hint at less than what is offered in their medical student/dental LoC, threaten to leave for another bank. Make them your *****. Link to comment Share on other sites More sharing options...
dy727 Posted May 31, 2012 Report Share Posted May 31, 2012 i'm a little worried that they'll give me under 200k. i did a 'budget' which came in at 35k a year, so they might just give me 120k and send me off i had this problem because i went to a local branch specialist. she had NO idea and she asked me to budget everything and crap... wasted a lot of my time she ended up applying for 200k for me anyways and got it, and she was pretty surprised seriously avoid local specialists -- they have NO idea what's up Link to comment Share on other sites More sharing options...
rmorelan Posted May 31, 2012 Report Share Posted May 31, 2012 i had this problem because i went to a local branch specialist. she had NO idea and she asked me to budget everything and crap... wasted a lot of my time she ended up applying for 200k for me anyways and got it, and she was pretty surprised seriously avoid local specialists -- they have NO idea what's up I am going to start sounding like a broken record here - but you really cannot just go to your local branch, they haven't got a clue. Just call the main branch in the city your med school is - ask to speak with the professional student loan specialist. When you get that person ask how many loan they have personally done (answer should be a lot or you still don't have the right person). Go from there. Link to comment Share on other sites More sharing options...
Mithril Posted May 31, 2012 Report Share Posted May 31, 2012 I'll just leave this here: http://www.rbcroyalbank.com/student/medical/specialists.html Link to comment Share on other sites More sharing options...
rmorelan Posted May 31, 2012 Report Share Posted May 31, 2012 I'll just leave this here: http://www.rbcroyalbank.com/student/medical/specialists.html ha that works as well Link to comment Share on other sites More sharing options...
murphy303 Posted May 31, 2012 Report Share Posted May 31, 2012 They will not give you less than 200k. In fact I'm pretty sure many banks have bumped it past that. As a medical student you have a very high future earning potential. If they even hint at less than what is offered in their medical student/dental LoC, threaten to leave for another bank. Make them your *****. good call. doing this appointment next Monday. Link to comment Share on other sites More sharing options...
Dr.Henderson Posted May 31, 2012 Author Report Share Posted May 31, 2012 i had this problem because i went to a local branch specialist. she had NO idea and she asked me to budget everything and crap... wasted a lot of my time she ended up applying for 200k for me anyways and got it, and she was pretty surprised seriously avoid local specialists -- they have NO idea what's up I am going to start sounding like a broken record here - but you really cannot just go to your local branch, they haven't got a clue. Just call the main branch in the city your med school is - ask to speak with the professional student loan specialist. When you get that person ask how many loan they have personally done (answer should be a lot or you still don't have the right person). Go from there. Probably true in most cases, but it worked out fine for me with a local account manager for the sole reason that she was extremely eager to help me despite not knowing anything about the med line of credit. She started by showing me the professional student line of credit, I explained to her that the med LoC was different, and directed her to their own website explaining the features. From there we went through everything together and she made sure I got everything I wanted/needed. Approved for 250k today, prime interest rate, no principal payments until 12 months after residency, etc. I was quite happy with her service. I guess it depends on who you get and how well informed you are yourself before hand. I wasn't going in there without knowing every detail considering this is a huge sum of money. I would agree that a specialist would probably be the easiest route, but just thought I'd throw my experience into the mix to show that the right things can happen even with a non-specialist . Link to comment Share on other sites More sharing options...
holiday1001 Posted May 31, 2012 Report Share Posted May 31, 2012 if you don't mind me asking. around how much was your budget that you submitted? err to be more specific, did it come out to enough or close to filling that 250k? Link to comment Share on other sites More sharing options...
MED Specialist RBC05600 Posted May 31, 2012 Report Share Posted May 31, 2012 Hello guys and I would like to advise you to look for a Medical Specialist if you can as there are details on processing the account and Lines of Credit that we know inside out. I am Senior Account Manager @ Broadway and Cambie Branch in Vancouver and I have helped so many of your colleagues in the last 2 years. Fell free to contact me if tou have any questions or concerns @ fabiano.dias@rbc.com or at 604-6684304. Best of luck to all of you, Fabiano - Medical/Dental Specialist RBC Link to comment Share on other sites More sharing options...
Dr.Henderson Posted May 31, 2012 Author Report Share Posted May 31, 2012 if you don't mind me asking. around how much was your budget that you submitted? err to be more specific, did it come out to enough or close to filling that 250k? No, I was still a ways off, even though mine was higher than most because I have a family. I don't think it really matters though, it seems as though if you don't have any existing debt (e.g. OSAP) and have good credit you should be able to apply for and get the maximum if that's what you want. Someone can correct me if I'm wrong of course. Link to comment Share on other sites More sharing options...
rmorelan Posted May 31, 2012 Report Share Posted May 31, 2012 No, I was still a ways off, even though mine was higher than most because I have a family. I don't think it really matters though, it seems as though if you don't have any existing debt (e.g. OSAP) and have good credit you should be able to apply for and get the maximum if that's what you want. Someone can correct me if I'm wrong of course. When I was at RBC I had significant OSAP debit - that didn't matter either, still got the maximum amount Link to comment Share on other sites More sharing options...
holiday1001 Posted May 31, 2012 Report Share Posted May 31, 2012 ok that's a relief. i don't think i'll use more than 120k but it'd be sure to nice to have the full loan, in case I buy a condo for residency or something. although since mac is 3 years i might only get the 200k Link to comment Share on other sites More sharing options...
Mr.Sloth Posted May 31, 2012 Report Share Posted May 31, 2012 Is there any disadvantage to getting a LOC before applying for OSAP or vice versa? I wasn't sure if having the LOC would count as an asset when doing the OSAP application. Probably a silly question but help would be awesome! Link to comment Share on other sites More sharing options...
zeroNINE Posted May 31, 2012 Report Share Posted May 31, 2012 From the brief discussion I had with one representative, if you still have to pay off your OSAP from undergrad, then that might reduce the amount you get from LOC. But if you have OSAP for professional school, then that wouldn't hinder how much you will get from the LOC. I'm getting my OSAP first then I will apply for the LOC. Link to comment Share on other sites More sharing options...
Mr.Sloth Posted May 31, 2012 Report Share Posted May 31, 2012 Awesome thanks! I think I'll do the same, I have the OSAP application ready to be sent off and since this is really my first time getting any government funding it sounds like my LOC should be fine then Link to comment Share on other sites More sharing options...
apache Posted May 31, 2012 Report Share Posted May 31, 2012 those reps r idiots… seriously… none of their "policies" can't be changed in special circumstances…, my friends bf was up to over 300 before he just finished his residency. also, max your gov loans first, because you get a huge chunk off when you finnish school, depending on what you owe, then pay gov (i mean their private subsidiary company) with student line of credit… cause goes from 0 to 5 for gov From the brief discussion I had with one representative, if you still have to pay off your OSAP from undergrad, then that might reduce the amount you get from LOC. But if you have OSAP for professional school, then that wouldn't hinder how much you will get from the LOC. I'm getting my OSAP first then I will apply for the LOC. Link to comment Share on other sites More sharing options...
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