ArchEnemy Posted June 18, 2014 Report Share Posted June 18, 2014 What rate are you guys getting at TD and other banks? I asked and it looks like TD and BMO offer Prime+1 but Scotia and RBC at Prime. If that is the case, why would anyone go with TD in the first place? There is also a chance that the TD person i talked was misinformed me. I got a LOC at TD at prime + 0%. PM me if you need a rep in Toronto. Quote Link to comment Share on other sites More sharing options...
mjd2012 Posted June 18, 2014 Report Share Posted June 18, 2014 i apologize if this is a silly question, but what documentation do you require to get a LOC? your acceptance letter from medical school? thanks! Quote Link to comment Share on other sites More sharing options...
Hockeynut Posted June 18, 2014 Report Share Posted June 18, 2014 Depends on the bank, some need proof of enrollment while others only need letter of acceptance then proof of enrollment come August/September. Email or call before going in so you have everything you need. Quote Link to comment Share on other sites More sharing options...
mjd2012 Posted June 18, 2014 Report Share Posted June 18, 2014 Depends on the bank, some need proof of enrollment while others only need letter of acceptance then proof of enrollment come August/September. Email or call before going in so you have everything you need. Awesome, thanks! Still in shock over the amount of money they will just give you.... so many shoes haha Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 18, 2014 Report Share Posted June 18, 2014 Awesome, thanks! Still in shock over the amount of money they will just give you.... so many shoes haha hahahaha well I guess that is still better than somethings I have seen people spend the money on. Quote Link to comment Share on other sites More sharing options...
ikillreid Posted June 18, 2014 Report Share Posted June 18, 2014 hahahaha well I guess that is still better than somethings I have seen people spend the money on. What things have you seen? Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 19, 2014 Report Share Posted June 19, 2014 What things have you seen? ahhh let's see 50K porche (used but well still it is a 50K porche with 8K on it) fully loaded ford F150, a couple of BMW (one lease one bought) 2K+ a month penthouse (in London so adjust your thoughts on what means TO people It was almost 5x my rent - staff doctors were in the building in less nice apartments). more clothes for top designers than I care to count Rolex watch - 15K I would say. some similar jewelry. 2 month first class world trip - before the start of classes. 20K cost A lot of the fully upgraded tech - 3K macbooks etc etc - all the toys basically. Clothes - a lot of clothes. and it goes on and on. Now this is still the vast minority but in a class of 170 a minority is still a lot of people. I knew people that maxed out every cent every year (thank goodness there were caps on their loans or they would have been in trouble). all survivable for the most part but man that can hold you back a bit. The biggest problems I think aren't the debt but the philosophy that hurts them later on (this is not good thinking) and the cash flow crunch in residency. Doesn't matter if you can pay it off in 7 years if you have no room to maneuver right now - Seen too much of that right now. Plus you earn nothing in your first 3 months of practice post residency, a little missed fact. There is often a lag between billing and getting the money as the government takes time to process and send out- so as a new staff you have to move, setup, and live for 3 months say on credit. If you don't have any left that can be annoying. All that assumes you can instantly get a staff job as well which is not for sure either. ha - this sounds a bit boring. I guess financial stuff often does. Live your life, have fun, don't starve etc but be reasonable as well. Make a plan that works for you with some room and do not become a slave to a bank. kuzco 1 Quote Link to comment Share on other sites More sharing options...
mjd2012 Posted June 19, 2014 Report Share Posted June 19, 2014 ahhh let's see 50K porche (used but well still it is a 50K porche with 8K on it) fully loaded ford F150, a couple of BMW (one lease one bought) 2K+ a month penthouse (in London so adjust your thoughts on what means TO people It was almost 5x my rent - staff doctors were in the building in less nice apartments). more clothes for top designers than I care to count Rolex watch - 15K I would say. some similar jewelry. 2 month first class world trip - before the start of classes. 20K cost A lot of the fully upgraded tech - 3K macbooks etc etc - all the toys basically. Clothes - a lot of clothes. and it goes on and on. Now this is still the vast minority but in a class of 170 a minority is still a lot of people. I knew people that maxed out every cent every year (thank goodness there were caps on their loans or they would have been in trouble). all survivable for the most part but man that can hold you back a bit. The biggest problems I think aren't the debt but the philosophy that hurts them later on (this is not good thinking) and the cash flow crunch in residency. Doesn't matter if you can pay it off in 7 years if you have no room to maneuver right now - Seen too much of that right now. Plus you earn nothing in your first 3 months of practice post residency, a little missed fact. There is often a lag between billing and getting the money as the government takes time to process and send out- so as a new staff you have to move, setup, and live for 3 months say on credit. If you don't have any left that can be annoying. All that assumes you can instantly get a staff job as well which is not for sure either. ha - this sounds a bit boring. I guess financial stuff often does. Live your life, have fun, don't starve etc but be reasonable as well. Make a plan that works for you with some room and do not become a slave to a bank. Wow.. that's incredible. I can see where the temptation comes from. After finishing an undergrad and living on very little for the past X years, it's easy to feel the excitement of the salary to come. For me, I drive an older corolla and thought about getting a new car, however, there's really not a thing wrong with ole Stella ha. Here's to keeping our feet on the ground for the next four years! Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 19, 2014 Report Share Posted June 19, 2014 Wow.. that's incredible. I can see where the temptation comes from. After finishing an undergrad and living on very little for the past X years, it's easy to feel the excitement of the salary to come. For me, I drive an older corolla and thought about getting a new car, however, there's really not a thing wrong with ole Stella ha. Here's to keeping our feet on the ground for the next four years! ha exactly! Balance, it is all about balance. You know it is amazing - we all know doctors that ran into money problems because of poor planning - and this is with full staff salaries. In the end it doesn't matter how much you make, it matters how much you save Plus on a more immediate practical level - there is a joke in medicine about if you are driving a car that is better than your staff's then you are just asking for trouble. You come off as really....well stupid and that has an impact. Quote Link to comment Share on other sites More sharing options...
ikillreid Posted June 19, 2014 Report Share Posted June 19, 2014 This is all fascinating. And a bit of a relief by comparison to hear just how far some people go. Tbh, part of me worries I'm falling into the stupid category with my spending atm. It's not necessarily the rational part of me that feels that way though... just the part of me that has been programmed from a middle-class upbringing, and poor undergrad years of funding my own way. The rational part of me though has given myself permission to spend a little this summer. I'm starting at Mac, so I won't have quite the same opportunity again, without summers or longer breaks. Plus, I've sat down and budgeted for everything, but I'm still going to end up with a hefty debt load! Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 19, 2014 Report Share Posted June 19, 2014 This is all fascinating. And a bit of a relief by comparison to hear just how far some people go. Tbh, part of me worries I'm falling into the stupid category with my spending atm. It's not necessarily the rational part of me that feels that way though... just the part of me that has been programmed from a middle-class upbringing, and poor undergrad years of funding my own way. The rational part of me though has given myself permission to spend a little this summer. I'm starting at Mac, so I won't have quite the same opportunity again, without summers or longer breaks. Plus, I've sat down and budgeted for everything, but I'm still going to end up with a hefty debt load! and that is fine! Enjoy your summer, celebrate your success! You have done the math and thought it through. Set your own goals and keep them Quote Link to comment Share on other sites More sharing options...
ellorie Posted June 19, 2014 Report Share Posted June 19, 2014 Every time you talk about that, Rob, I feel better about my debt - because WOW I spend a little too much more money on food - that's my real vice. Not expensive restaurants - just groceries. Quote Link to comment Share on other sites More sharing options...
Jaybird Posted June 19, 2014 Report Share Posted June 19, 2014 It's okay guys. Whenever you think you're spending too much, just remember.. *This post is purely meant as comedy and does not indicate my endorsement of any actions, behaviours, lifestyles, or other words I've forgotten to think of. Quote Link to comment Share on other sites More sharing options...
amichel Posted June 19, 2014 Report Share Posted June 19, 2014 Every time you talk about that, Rob, I feel better about my debt - because WOW I spend a little too much more money on food - that's my real vice. Not expensive restaurants - just groceries. I just signed a lease in Calgary, and I feel guilty about it daily. Paying almost $1500 for a 2 bedroom (there was no one bedroom where I wanted to be, plus, a one bedroom was 1260 anyways, rent is ridiculous in Calgary right now), and it is far from a penthouse. I feel guilty because I really should get a roommate. But I really don't want to. At all. Oh well I guess. Quote Link to comment Share on other sites More sharing options...
JohnDakota Posted June 19, 2014 Report Share Posted June 19, 2014 If I get in for fall 2015, I suppose the most valuable part of my grad school education will be learning how to live off of ~16k/yr after tuition. Quote Link to comment Share on other sites More sharing options...
Silverwolf1277 Posted June 19, 2014 Report Share Posted June 19, 2014 Every time you talk about that, Rob, I feel better about my debt - because WOW I spend a little too much more money on food - that's my real vice. Not expensive restaurants - just groceries. I'm not sure this can even be considered a vice. Considering it's what you're putting into your body, I think it's fully justifiable that it would be one of your major expenses. I'm scared of how big my grocery bill is gonna be, but it will be fully worth it. Quote Link to comment Share on other sites More sharing options...
Hockeynut Posted June 19, 2014 Report Share Posted June 19, 2014 I'm not sure this can even be considered a vice. Considering it's what you're putting into your body, I think it's fully justifiable that it would be one of your major expenses. I'm scared of how big my grocery bill is gonna be, but it will be fully worth it. There are a few things in life where one should not cheap out as it influences every aspect of life: Food, Mattress and shoes. In my opinion those three things can totally change the way someone lives/feels and considering the amount of time you spend on/in each of these things they are worth investing in. I can't imagine anyone regretting buying a nice comfortable mattress or a comfortable pair of shoes. @Jaybird What happened to all the Queen's/Tri-colour stuff in your signature? Quote Link to comment Share on other sites More sharing options...
Der Kaiser Posted June 19, 2014 Report Share Posted June 19, 2014 I just signed a lease in Calgary, and I feel guilty about it daily. Paying almost $1500 for a 2 bedroom (there was no one bedroom where I wanted to be, plus, a one bedroom was 1260 anyways, rent is ridiculous in Calgary right now), and it is far from a penthouse. I feel guilty because I really should get a roommate. But I really don't want to. At all. Oh well I guess. Calgary is brutal. I will likely be paying 2300$ 'cause we need a house for our kids. I thought the LOC was a lot of money until I calculated yearly rental. Quote Link to comment Share on other sites More sharing options...
Hyperalgesia Posted June 19, 2014 Report Share Posted June 19, 2014 Calgary is brutal. I will likely be paying 2300$ 'cause we need a house for our kids. I thought the LOC was a lot of money until I calculated yearly rental. Just wanted to throw it out there: You can find reasonably priced places in Calgary, but you won't find them within walking distance of the hospital unfortunately! All of the areas around Foothills (Parkdale, Kensington, Hillhurst, etc) are super desirable, and are expensive even when our housing market isn't still recovering from the massive flood last year. If you don't mind driving/taking transit, you can look for places a bit farther out and find better rental prices. (For example, my current rent in a 2-bed condo that is a 15 minute drive from the foothills is $585/mo, which is much more reasonable than the $950/mo I am going to be paying when I move to Parkdale in July haha). I just took a quick look on kijiji, and found several three and four bedroom homes between $1300 and $1800, most of which are a 15-30 minute drive from the foothills. Anyway, sorry for the total deviation from the main topic haha. Just wanted to toss out some options for people coming to Calgary from OOP! Quote Link to comment Share on other sites More sharing options...
ikillreid Posted June 19, 2014 Report Share Posted June 19, 2014 I just signed a lease in Calgary, and I feel guilty about it daily. Paying almost $1500 for a 2 bedroom (there was no one bedroom where I wanted to be, plus, a one bedroom was 1260 anyways, rent is ridiculous in Calgary right now), and it is far from a penthouse. I feel guilty because I really should get a roommate. But I really don't want to. At all. Oh well I guess. Same. I really don't want a roommate anymore tbh. But I would be saving $350 per month, and half the cost of buying all the furniture. If I decide to live alone, I will probably feel this constant guilt. Though, I must say... it makes me feel better to see the prices you have to pay haha. (Sorry ). A one bedroom for me would cost like ~$850, and I still don't really want to do it. Quote Link to comment Share on other sites More sharing options...
amichel Posted June 19, 2014 Report Share Posted June 19, 2014 Just wanted to throw it out there: You can find reasonably priced places in Calgary, but you won't find them within walking distance of the hospital unfortunately! All of the areas around Foothills (Parkdale, Kensington, Hillhurst, etc) are super desirable, and are expensive even when our housing market isn't still recovering from the massive flood last year. If you don't mind driving/taking transit, you can look for places a bit farther out and find better rental prices. (For example, my current rent in a 2-bed condo that is a 15 minute drive from the foothills is $585/mo, which is much more reasonable than the $950/mo I am going to be paying when I move to Parkdale in July haha). I just took a quick look on kijiji, and found several three and four bedroom homes between $1300 and $1800, most of which are a 15-30 minute drive from the foothills. Anyway, sorry for the total deviation from the main topic haha. Just wanted to toss out some options for people coming to Calgary from OOP! Yah, I know, but as an OOP student, I really wanted to be close to school, so I'm going to pay the premium. Same. I really don't want a roommate anymore tbh. But I would be saving $350 per month, and half the cost of buying all the furniture. If I decide to live alone, I will probably feel this constant guilt. Though, I must say... it makes me feel better to see the prices you have to pay haha. (Sorry ). A one bedroom for me would cost like ~$850, and I still don't really want to do it. Yah, it's fairly brutal. the only thing that makes me feel better is that even with this rent, I'll likely end up with under 100 000 in debt (I'm lucky to have a decent resp from grandparents and didn't spend a cent in undergrad), which isn't too bad in the scheme of things. Quote Link to comment Share on other sites More sharing options...
ikillreid Posted June 19, 2014 Report Share Posted June 19, 2014 Yah, it's fairly brutal. the only thing that makes me feel better is that even with this rent, I'll likely end up with under 100 000 in debt (I'm lucky to have a decent resp from grandparents and didn't spend a cent in undergrad), which isn't too bad in the scheme of things. Ohh, in that case, I'm jealous haha. I'm looking at 180k I think, once OSAP is consolidated on the LOC. Quote Link to comment Share on other sites More sharing options...
lokiki Posted June 19, 2014 Report Share Posted June 19, 2014 I"m also one of those who might be spending a little more than I should with my shiny new LOC. I need a new laptop as mine is geriatric (but has served me well), and I really value being able to travel lightly so an iPad is on the shopping list too. With all the textbooks and apps that I'll be loading onto that iPad, I've decided to go with the 128 one. I'm also going to get some gear (I work in a sports retail store for the rest of the summer) becasue I'll never get this discount again and some of my stuff is really tired. And I can share my new tent etc with my new classmates. Quote Link to comment Share on other sites More sharing options...
amichel Posted June 19, 2014 Report Share Posted June 19, 2014 Ohh, in that case, I'm jealous haha. I'm looking at 180k I think, once OSAP is consolidated on the LOC. Yah I'm definetely lucky. Combination of scholarship for undergrad, living at home, and my grandparents winning the lottery (under a million, but enough to stock resp for all 3 grand kids). It's all relative though. I keep feeling bad cause if I got a roommate, it would be under 70 000. Quote Link to comment Share on other sites More sharing options...
mjd2012 Posted June 19, 2014 Report Share Posted June 19, 2014 So, do many students hold a LOC with a bank separate than the bank in which they do their own personal banking? Currently, I have all of my accounts, credit card, etc with BMO but their LOC is less impressive than some of the other banks, such as Scotia. Is it annoying to be dealing with separate institutions? Or does it work just fine? Any advice is appreciated! Quote Link to comment Share on other sites More sharing options...
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