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I just wanted to say congratulations to everyone that was accepted yesterday. If you would like any advice or information on professional lines of credit please feel free to contact me.

 

Scotiabank is the #1 choice of Schulich Med Students for their professional banking needs. Over half of the existing Schulich medical students have chosen Scotiabank to advise them.

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Hello,

 

In regards to lines of credit, it is my understanding that students can usually get approved for up to $150K if they are medical students. My main question is about payments. If you are in school and have no income and are funding school with your line of credit, how are you supposed to pay the interest every month if you have no income? Or can you pay the interest with the line of credit too? Could you give us a little more information about what to expect with a line of credit? The rules, restrictions, etc.? Thank you.

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In regards to limits it varies from bank to bank. Our limit is 200,000 during schooling which we give in installments of 50,000 per year. We can also look to increase the limit to a maximum of 275,000 for residency/fellowship.

 

In regards to the payments our product doesn't require payments and the interest just accrues onto your balance. Other institutions require payments which you don't have any income to make. So what usually ends up happening is people transfer money from their loc into their bank account. And from there they transfer the money back onto the loc as a payment. Many students find this to be a huge pain and with busy lives forget to do it which negatively affects credit history.

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So what usually ends up happening is people transfer money from their loc into their bank account. And from there they transfer the money back onto the loc as a payment. Many students find this to be a huge pain and with busy lives forget to do it which negatively affects credit history.

 

Ha - I hated that. Forgot twice with a stupid NSF charge of 50 dollars each time. It isn't like they didn't know where the money was coming from :)

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