Lines of Credit for Medical Students (Scotia is the best option)

[RKsf]

RBC doesn't seem to have any limits. Any reason why you went with Scotia over RBC?

I have an LOC from undergrad with them and the service has been impressive, so that was definitely a factor. Otherwise the automatic interest payments (too many things to worry about, I don't want to have to remember to pay myself from the LOC in order to pay the LOC interest...) and the better rewards card, plus waived fees for longer made it just a better deal than RBC for me overall!

[RedLily]

I personally went with RBC (though mine is in Quebec, and I think it's slightly different from Ontario).

 

Scotia and RBC are pretty close- seems like iit's the representative you talk to and the bank you may have had the most exposure to that are the deciding factor. So, for me, I've already been with RBC for a long while and have done well, plus the rep I have been dealing with from RBC (ioan jurjan) has been great, plus the perks of the LOC I was able to have set up. All this made RBC the clear choice for me personally. But again, it depends on the rep you speak with, and your own experience. 

[FrenchPressedMD]

when deciding what bank to go with, do you guys go and visit each bank personally and talk to the representatives? I am not sure where to start from

[_ _]

when deciding what bank to go with, do you guys go and visit each bank personally and talk to the representatives? I am not sure where to start from

Yep! I was entirely clueless, so I just walked in and told them what I needed help with. They were beyond nice to me, and explained it all really well!

[FrenchPressedMD]

Yep! I was entirely clueless, so I just walked in and told them what I needed help with. They were beyond nice to me, and explained it all really well!

Thank youu!

[rmorelan]

Yep! I was entirely clueless, so I just walked in and told them what I needed help with. They were beyond nice to me, and explained it all really well!

 

that is exactly what they are supposed to do - ha! (of course I would argue it is only partially being nice - you are a customer, they have a product. It is a sales meeting )

 

good approach still - just know the basics first so you know what that bank offers, and go from there.

[amichel]

A decent part of why I went with Scotia was honestly that they don't make you remember to pay your interest out of your LOC every month. It's so much easier and I find it super weird that other banks don't do it for you.

[s2MD]

For those of you that currently have LOCs with Scotia or any other bank for that matter, what does it report on your credit file?  Does it show only your balance or is it like a credit card showing both your LOC limit and current balance?

Thanks.

[ScotiabankMedsAdvisor]

Based on my experience the credit burea will show the limit as well as the balance owing.  The other thing that it usually shows is a payment on the credit bureau of 3% of your outstanding balance.  This can be deceiving if you are trying to get a mortgage and can lead to issues getting approval.  We run into this frequently when doing mortgages for residents.  Another important reason to ensure you are dealing with someone that specializes as they will know how the products actually work. 

[alsdjflks]

Based on my experience the credit burea will show the limit as well as the balance owing.  The other thing that it usually shows is a payment on the credit bureau of 3% of your outstanding balance.  This can be deceiving if you are trying to get a mortgage and can lead to issues getting approval.  We run into this frequently when doing mortgages for residents.  Another important reason to ensure you are dealing with someone that specializes as they will know how the products actually work. 

 

Is Scotia firm on the  per year limits for LOCs? 

[ScotiabankMedsAdvisor]

No we have wiggle room that we can move.  It is a rare occasion that we actually have to adjust the limits however.  In Ontario for instance you will get your OSAP/Grants/Bursaries somewhere in the range of 17K.  So you will have these funds plus 50,000 limit on line of credit to pay on average 40,000-45,000 expenses all in.  That gives you a buffer of over 20,000.  The circumstances where it usually comes up is if there is some undergrad debt involved or for a car purchase.

[rmorelan]

No we have wiggle room that we can move.  It is a rare occasion that we actually have to adjust the limits however.  In Ontario for instance you will get your OSAP/Grants/Bursaries somewhere in the range of 17K.  So you will have these funds plus 50,000 limit on line of credit to pay on average 40,000-45,000 expenses all in.  That gives you a buffer of over 20,000.  The circumstances where it usually comes up is if there is some undergrad debt involved or for a car purchase.

Ha 17K or higher.

[GTA Med Advisor]

We have the option to give up to $70K during the first year, and/or up to the full $200K in second year if need be. I haven't had any of my clients request the latter yet, and before doing so I'd want to sit down and have a conversation with a client to make sure we would be doing that for the right reason(s).

[rmorelan]

We have the option to give up to $70K during the first year, and/or up to the full $200K in second year if need be. I haven't had any of my clients request the latter yet, and before doing so I'd want to sit down and have a conversation with a client to make sure we would be doing that for the right reason(s).

 

good to know - kind of  equates everything I suppose again.

Edited May 20, 2016 by rmorelan

[Ethereal]

Sorry if this has been answered before, but is the RBC limit (275k) the same for 3 year programs like McMaster?

EDIT: It is the same.

[Snowmen]

Hi everyone,

 

I'll be going through the process of getting a line of credit for med school and was unsure about what I should be asking. I'm planning on meeting with representatives from RBC, Scotia and CIBC (current bank for my physiotherapy LOC).

 

Do you guys have any tips to get better perks (ie: waived credit card fees) or specific representatives I should be talking to in the Montreal area (although I'll be attending Sherbrooke University)?

 

Thanks

[lemons22]

Hi everyone,

 

I'll be going through the process of getting a line of credit for med school and was unsure about what I should be asking. I'm planning on meeting with representatives from RBC, Scotia and CIBC (current bank for my physiotherapy LOC).

 

Do you guys have any tips to get better perks (ie: waived credit card fees) or specific representatives I should be talking to in the Montreal area (although I'll be attending Sherbrooke University)?

 

Thanks

 

 

This thread was really helpful for me in preparing for my meeting with a financial advisor at Scotia today!

[Sepoma]

Anyone get any good deals on credit cards/bank account with your LoC?

 

I know RBC offers the Avion Infinite first year fee waived. Anyone get the Privilege?

 

For Scotiabank anyone able to get the Momentum Visa fee waived?

 

Any small things for your daily banking?

 

I'm just looking at my options right now for credit cards and their rewards (the small things) trying to get the best possible deal because all major banks are pretty much $275,000 at prime.

[Rorzo]

Anyone get any good deals on credit cards/bank account with your LoC?

 

I know RBC offers the Avion Infinite first year fee waived. Anyone get the Privilege?

 

For Scotiabank anyone able to get the Momentum Visa fee waived?

 

Any small things for your daily banking?

 

I'm just looking at my options right now for credit cards and their rewards (the small things) trying to get the best possible deal because all major banks are pretty much $275,000 at prime.

I got the Momentum Visa fee waived, as per the link below it shouldn't be too hard

 

http://forums.premed101.com/index.php?/topic/89632-medical-professional-loc-residency-limits/

[hypersomniac]

Does anyone know what would happen to your LOC if you don't match into the residency the first time and you take a gap year?

Do you lose your LOC and have to start repaying the principle?

What would happen why you match the second year? You can continue using it? Or you have to make a new application?

 

Thanks!

[lemons22]

I got the Momentum Visa fee waived, as per the link below it shouldn't be too hard

 

http://forums.premed101.com/index.php?/topic/89632-medical-professional-loc-residency-limits/

 

Were you able to get the fee waived for all 4 years? 

[Artier]

Were you able to get the fee waived for all 4 years? 

It's waived for all 4 years + residency + fellowship.

[Bruce2016]

Does anyone have a name/email/number for a Scotiabank med advisor in St. John's? The website says the advisor is Anne Feehan but her number and email don't work so I guess maybe she retired.

[medmedmed10]

Hey guys,

 

Anyone know any good med advisors in Calgary? I'm currently with RBC but am not sure if I am going to stick with them. I went to the bank today and was told by their advisor that 99% of the time medical students have to have a cosigner to get an LOC. Given that I've heard from basically everyone that that's not the case and to never accept having a cosigner, I'm not sure what to think. I have a sit down meeting scheduled for tomorrow to go over the actual numbers and determine if that's the case for me specifically, but I'm thinking that it might be a good idea to explore my options elsewhere.

 

Thanks everyone!

[chem391]

Is it best to get a LOC ASAP or can I wait until I need a LOC? I'll be able to pay for everything in Year 1 through provincial student loans and through savings but most likely will require loans from a bank in Year 2. Is it worth it to get a LOC established now (due to benefits, prime interest rate possibly going up, etc) or can I just put it off a year until I need it?

 

Cheers