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

[Artier]

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

There's no reason to not get it now. Also it doesn't matter if prime goes up/down because your LOC will always be at prime anyway, getting it now vs. next year won't change that.

 

If you get it now, you will have that safety net available and can avail of perks such as premium credit cards and free cheques (and save the hassle of getting it next year).

[chem391]

Thanks for the tip. I'll schedule an appointment with the local RBC by UBC.

[thestar10]

FYI as many of you have Scotia as your LOC and have the Scotia Amex as a credit card. They are now giving out cards with contactless payment so if you contact Scotia they can give you a new tap card.

[cbarne01]

Do any banks transfer your student loc to a personal loc after graduation or do they all have to be paid off as a loan?

[NeuroD]

FYI, CIBC is offering Prime -0.25% for Mac students right now. They're trying hard to break Scotia's hold on Mac's LOCs.

[Artier]

FYI, CIBC is offering Prime -0.25% for Mac students right now. They're trying hard to break Scotia's hold on Mac's LOCs.

 

Is this only available to McMaster students?

[NeuroD]

Is this only available to McMaster students?

I spoke to the advisor and basically she was told she can offer it with the expectation that it would be for McMaster students. Since it began she's been getting calls from other regions, so now she's checking if she can offer outside of Mac.

 

tldr - don't know yet

[Artier]

I spoke to the advisor and basically she was told she can offer it with the expectation that it would be for McMaster students. Since it began she's been getting calls from other regions, so now she's checking if she can offer outside of Mac.

 

tldr - don't know yet

 

Thanks for the info. Can you PM me the contact of the advisor?

[JohnGrisham]

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!

Nope. You 100% of the time do NOT need a co-signer. They are uneducated. Walk away.

 

You need your acceptance letter and registration confirmation sometimes, and you should walk out with access to a large LOC at prime with maybe a few perks thrown in(waved credit cards etc).

 

Do NOT get a co-signer.

[JohnGrisham]

Is this only available to McMaster students?

Would also like to know. Currently with CIBC.

[ploughboy]

Do any banks transfer your student loc to a personal loc after graduation or do they all have to be paid off as a loan?

 

Most allow conversion to professional line of credit one year after the end of residency, subject to credit approval.  For most people, the added flexibility is worth it.

[ploughboy]

FYI, CIBC is offering Prime -0.25% for Mac students right now. They're trying hard to break Scotia's hold on Mac's LOCs.

 

Please do post if you find this is a more general offer.  I'm currently planning to consolidate my banking, and this is the sort of thing that would sway me.

[rmorelan]

I spoke to the advisor and basically she was told she can offer it with the expectation that it would be for McMaster students. Since it began she's been getting calls from other regions, so now she's checking if she can offer outside of Mac.

 

tldr - don't know yet

 

ha, interesting - we will have to see how that plays out.

 

Prime rate changes are the primary game changer here. Going to be very hard to contain that.

[medmedmed10]

Nope. You 100% of the time do NOT need a co-signer. They are uneducated. Walk away.

 

You need your acceptance letter and registration confirmation sometimes, and you should walk out with access to a large LOC at prime with maybe a few perks thrown in(waved credit cards etc).

 

Do NOT get a co-signer.

 

Thanks! It's what I thought, but just wanted confirmation. I've decided to go through another branch, and the specific advisor for medical/dent students rather than the advisor I had. He tried his best, but I really don't think he had done many of them before, because I knew more about what they could offer than he did  

[rmorelan]

Thanks! It's what I thought, but just wanted confirmation. I've decided to go through another branch, and the specific advisor for medical/dent students rather than the advisor I had. He tried his best, but I really don't think he had done many of them before, because I knew more about what they could offer than he did

 

common problem

[EM4me]

I have a question for anyone currently dealing with Scotia and their SPSP. I am working with a branch outside of Toronto (attending UofT), but from what I've read on this thread they are offering the same package offered by Scotia elsewhere and seem to know what they're doing. But I am having trouble getting access to credit before the start of the school year. I am trying to rent a place and get established in Toronto, but can't get a confirmation of enrolment letter. The registrar at UofT has said they can provide confirmation that I have accepted my offer, but can't provide confirmation of enrolment until classes begin. I'm sure other people have run into this issue? Is it possible to get access to credit without a confirmation of enrolment form? If so, how did you do it? I'm worried it may just be because I am dealing with a branch that doesn't deal with this often. Or perhaps this is normal and I just have to suck it up until classes begin? Thanks in advance for your help!

 

Edit: Found it, sort of.

http://forums.premed101.com/index.php?/topic/78088-loc-proof-of-enrollment/?hl=%2Bconfirmation+%2Benrolment 

Thanks anyway! 

[_ _]

I have a question for anyone currently dealing with Scotia and their SPSP. I am working with a branch outside of Toronto (attending UofT), but from what I've read on this thread they are offering the same package offered by Scotia elsewhere and seem to know what they're doing. But I am having trouble getting access to credit before the start of the school year. I am trying to rent a place and get established in Toronto, but can't get a confirmation of enrolment letter. The registrar at UofT has said they can provide confirmation that I have accepted my offer, but can't provide confirmation of enrolment until classes begin. I'm sure other people have run into this issue? Is it possible to get access to credit without a confirmation of enrolment form? If so, how did you do it? I'm worried it may just be because I am dealing with a branch that doesn't deal with this often. Or perhaps this is normal and I just have to suck it up until classes begin? Thanks in advance for your help!

 

Edit: Found it, sort of.

http://forums.premed101.com/index.php?/topic/78088-loc-proof-of-enrollment/?hl=%2Bconfirmation+%2Benrolment 

Thanks anyway! 

I just went in with a copy of my acceptance letter, and a screenshot of the OMSAS page where I accepted/declined. They were familiar with the issue and set up the LOC because I needed it to pay the deposit on my lease, and it took ~2 weeks. 

I wasn't at a bank in Toronto though, and to be honest the person I saw had never set up the LOC before (no need)

[NeuroD]

I have a question for anyone currently dealing with Scotia and their SPSP. I am working with a branch outside of Toronto (attending UofT), but from what I've read on this thread they are offering the same package offered by Scotia elsewhere and seem to know what they're doing. But I am having trouble getting access to credit before the start of the school year. I am trying to rent a place and get established in Toronto, but can't get a confirmation of enrolment letter. The registrar at UofT has said they can provide confirmation that I have accepted my offer, but can't provide confirmation of enrolment until classes begin. I'm sure other people have run into this issue? Is it possible to get access to credit without a confirmation of enrolment form? If so, how did you do it? I'm worried it may just be because I am dealing with a branch that doesn't deal with this often. Or perhaps this is normal and I just have to suck it up until classes begin? Thanks in advance for your help!

 

Edit: Found it, sort of.

http://forums.premed101.com/index.php?/topic/78088-loc-proof-of-enrollment/?hl=%2Bconfirmation+%2Benrolment

Thanks anyway!

I just gave a screen shot of my paid deposit.

[EM4me]

I just went in with a copy of my acceptance letter, and a screenshot of the OMSAS page where I accepted/declined. They were familiar with the issue and set up the LOC because I needed it to pay the deposit on my lease, and it took ~2 weeks. 

I wasn't at a bank in Toronto though, and to be honest the person I saw had never set up the LOC before (no need)

 

 

I just gave a screen shot of my paid deposit.

 

Thanks Sunny and PhD2MD!

 

Spoke to a rep at my bank and she agreed that an invoice of tuition and copy of offer letter could suffice for now as confirmation of enrolment and activation of LOC   I think it helped to be able to say that this was sufficient for other students to activate their LOCs. So thanks a lot for your replies! Much appreciated. 

[chem391]

Hi guys,

 

I went to go talk with RBC and they obviously were willing to approve a LOC. However, they were only willing to waive 1 year of the fee for their premium CC. WOuld it be worth it to switch my banking to Scotia (given that they offer to waive all years during med school and res) just for this one thing?

 

Thanks

[Snowmen]

Hi guys,

 

I went to go talk with RBC and they obviously were willing to approve a LOC. However, they were only willing to waive 1 year of the fee for their premium CC. WOuld it be worth it to switch my banking to Scotia (given that they offer to waive all years during med school and res) just for this one thing?

 

Thanks

My advisor at RBC was willing to add a note to my file that would wave it for as long as he was working for RBC at this position, but then Scotia offered to wave it for life and turn the Visa Gold into the Infinite Momentum as soon as I started residency so that was a no brainer.

[Guest1]

Just wanted to update people on what I did. I'm from Southern Alberta and will be attending UofA. I visited every bank in my area and talked many of them into deals. The best option I found was from a Scotia bank agent in Ontario. Although i'm in Alberta I used him and he handles everything, and it's been really easy. Some of the perks I got was free credit cards for school and residency. He let me get the American Express Gold and also the Visa Momentum infinite all through residency. I also got the 20,000 bonus points with my American Express. Otherwise every bank offers the same stuff, unless you can get the Prime -0.25%. I researched credit cards and asked banks for some of their best cards and this was the best option I was able to find after a couple weeks of hunting and bargaining. Let me know if you want to talk to the guy I arranged everything through, just adding my experience.

[rmorelan]

FYI, CIBC is offering Prime -0.25% for Mac students right now. They're trying hard to break Scotia's hold on Mac's LOCs.

 

any update on this - I mean if true it is kind of huge. 

[NeuroD]

any update on this - I mean if true it is kind of huge. 

 

Expecting to hear back this afternoon, will update ASAP.

[rmorelan]

Thanks!