lalab Posted April 24, 2013 Report Share Posted April 24, 2013 Say I'm an incoming out of province med student and want to relocate to Ontario for med school. Does the LoC cover such expenses? I might have to borrow from my parents or charge my credit card if it doesn't. Link to comment Share on other sites More sharing options...
PhoenixFlare500 Posted April 24, 2013 Report Share Posted April 24, 2013 You can use an LoC for whatever you want as long as you're not absolutely terrible with your money. The banks don't actually track it that actively until you get closer to your limit. Link to comment Share on other sites More sharing options...
PhoenixFlare500 Posted April 24, 2013 Report Share Posted April 24, 2013 Oh, so that may depend on your bank or your bank's particular rep. You'll want to talk the local reps in the city you're going to end up in and ask if they'll allow you to get the loc based on a letter of acceptance rather than confirmation of enrolment. Link to comment Share on other sites More sharing options...
mavrik13 Posted April 24, 2013 Report Share Posted April 24, 2013 I was able to access my LoC after I was able to produce a confirmation of enrolment. You should be able to do the same. Link to comment Share on other sites More sharing options...
ScotiabankMedsAdvisor Posted April 24, 2013 Report Share Posted April 24, 2013 You can normally access the funds once you have provided proof of enrollment. The average timeframe for having access to the funds is usually June or July depending on when we recieve all of the required documentation. This should allow you to have the funds in time to pay for the relocation costs. Link to comment Share on other sites More sharing options...
mt229431 Posted April 24, 2013 Report Share Posted April 24, 2013 I was able to access my LoC after I was able to produce a confirmation of enrolment. You should be able to do the same. Ditto. It took about a month from contacting the banks to signing the papers and having access to my LoC. I'll also be using it to relocate from Ontario to Nova Scotia. Good luck with your move! Link to comment Share on other sites More sharing options...
rmorelan Posted April 24, 2013 Report Share Posted April 24, 2013 yeah I did the same - this is where having your own professional adviser helps - they understand the situation and can help you avoid any issues regarding reasonable access to the funds. Link to comment Share on other sites More sharing options...
NewfieMike Posted April 26, 2013 Report Share Posted April 26, 2013 I ****ed around with a LoC for a while by just going into banks and meeting with someone. Don't do this. There is usually a representative of each bank who deals specifically with line of credits for medical students. I did it over the phone. Went in to sign some papers and had instant access to 50k (out of the total 200). Then drove to future shop. Link to comment Share on other sites More sharing options...
silvantes Posted April 26, 2013 Report Share Posted April 26, 2013 I just got mine approved!! and I know another accepted MUN med student who has his already. I took in my acceptance letter last week, and banker said I should have access to funds a day or so after I sign, which will be today. I am moving my family and definitely need the money for relocation. Good Luck! Link to comment Share on other sites More sharing options...
future_doc Posted April 26, 2013 Report Share Posted April 26, 2013 That's great! Link to comment Share on other sites More sharing options...
ScotiabankMedsAdvisor Posted April 26, 2013 Report Share Posted April 26, 2013 As NewfieMike pointed out is very important to contact somebody that deals with accounts of this nature on a day to day basis. A lot of bankers will never come accross these accounts as they don't work in a town that has a medical school. You should be able to get your funds advanced as soon as you sign and have shown proof of enrollment such as an acceptance letter. Timeframes will vary a bit for different universities as the acceptances are sent out at different times. Link to comment Share on other sites More sharing options...
Clover_236 Posted April 26, 2013 Report Share Posted April 26, 2013 I just got mine approved!! and I know another accepted MUN med student who has his already. I took in my acceptance letter last week, and banker said I should have access to funds a day or so after I sign, which will be today. I am moving my family and definitely need the money for relocation.Good Luck! If you dont mind me asking, which bank did you sign with? I got my LOC approved at RBC with my admission letter but the med financial adviser was very adamant that I cannot have access to the funds until I can provide them with a tuition slip and confirmation of enrollment. I have to move to a diff city as well, so having earlier access to the loc is gonna be helpful. Link to comment Share on other sites More sharing options...
rmorelan Posted April 27, 2013 Report Share Posted April 27, 2013 Hahahahaha I laughed out loud just now. You have to have priorities in life after all Link to comment Share on other sites More sharing options...
xIcewind Posted April 27, 2013 Report Share Posted April 27, 2013 What is a line of credit for besides grabbing cars and electronics? Hookers and blow? Link to comment Share on other sites More sharing options...
trojjanhorse Posted April 28, 2013 Report Share Posted April 28, 2013 What is a line of credit for besides grabbing cars and electronics? Hookers and blow? investment? Link to comment Share on other sites More sharing options...
PhoenixFlare500 Posted April 28, 2013 Report Share Posted April 28, 2013 What is a line of credit for besides grabbing cars and electronics? Hookers and blow? Financing biochemical terrorist attacks on American soil to distract governments from the fact that I'm stealing nuclear weapons which will then be used by the Russian government to attack the White House which is really another distraction to allow my people to sneak into Wall Street and crash the markets while giving myself the financial advantage in the new revival of the economy. So yeah, investment? Link to comment Share on other sites More sharing options...
jrmch Posted April 30, 2013 Report Share Posted April 30, 2013 What is a line of credit for besides grabbing cars and electronics? Hookers and blow? Just test drove a V8 Charger this morning. Want so bad. Link to comment Share on other sites More sharing options...
future_doc Posted April 30, 2013 Report Share Posted April 30, 2013 All things are possible. Best time to buy car/get a deal is just when new cars come out, and getting a one year old car from the dealer manager with about 12,000 km or from a recent trade-in. Link to comment Share on other sites More sharing options...
NewfieMike Posted May 1, 2013 Report Share Posted May 1, 2013 I went with BMO. TD wouldn't give me a prime rate (albeit this was just some monkey working behind a desk, not their specialist), and someone on here said that BMO was offering prime, so I went there. I have a feeling there is subtle differences between the big banks on their med school LOC policies. In retrospect it is a little annoying to have a LOC from a different bank than my main accounts (all the rest are with TD). I have to transfer money back and forth a bit and it takes a bit of a beating with the associated fees. Link to comment Share on other sites More sharing options...
rmorelan Posted May 1, 2013 Report Share Posted May 1, 2013 I went with BMO. TD wouldn't give me a prime rate (albeit this was just some monkey working behind a desk, not their specialist), and someone on here said that BMO was offering prime, so I went there. I have a feeling there is subtle differences between the big banks on their med school LOC policies. In retrospect it is a little annoying to have a LOC from a different bank than my main accounts (all the rest are with TD). I have to transfer money back and forth a bit and it takes a bit of a beating with the associated fees. that is exactly why you cannot go to the monkey behind the desk. I made the same mistake 4 years ago with TD - it was awful 60K max, at prime plus 2.5.... Link to comment Share on other sites More sharing options...
jrmch Posted May 1, 2013 Report Share Posted May 1, 2013 that is exactly why you cannot go to the monkey behind the desk. I made the same mistake 4 years ago with TD - it was awful 60K max, at prime plus 2.5.... Sounds like my undergrad LoC! Link to comment Share on other sites More sharing options...
future_doc Posted May 1, 2013 Report Share Posted May 1, 2013 That is why you pay off your undergrad LOC with the one you get for being a med student. Link to comment Share on other sites More sharing options...
jrmch Posted May 1, 2013 Report Share Posted May 1, 2013 Already done Currently sitting debt free! Edit: that's a lie, I just bought Osheaga tickets on my credit card... Link to comment Share on other sites More sharing options...
silvantes Posted May 1, 2013 Report Share Posted May 1, 2013 I went with TD , long time customer, 250K at prime. It took about a week from when I walked in with acceptance letter until I had my money. I have been buying new furniture and things for moving as furniture in NL is super expensive due to shipping costs..and I have to take a truck over anyway...26' UHaul reserved... Link to comment Share on other sites More sharing options...
jrmch Posted May 1, 2013 Report Share Posted May 1, 2013 I went with TD , long time customer, 250K at prime. It took about a week from when I walked in with acceptance letter until I had my money. I have been buying new furniture and things for moving as furniture in NL is super expensive due to shipping costs..and I have to take a truck over anyway...26' UHaul reserved... Did you think of buying the furniture at Sears (or other store that is also in NL), and then picking it up there when you get there? May save on room/shipping! Or maybe not. Hm. Link to comment Share on other sites More sharing options...
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