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

[GTA Med Advisor]

For those of you asking about the Scotiabank Passport Visa Infinite you shouldn't have a problem getting that as part of our Scotia Professional Student Plan. Pair it with the Scotiabank Gold American Express for best results, you can get both cards with the annual fees waived on the primary and additional cards as well. Feel free to pm/email me with any questions, I'm happy to help.

[ScotiabankMedsAdvisor]

I would like to echo what Alex has mentioned.  Feel free to pm/email me with any questions.  The most important thing as a customer is to be dealing with an advisor that knows what they are doing and have experience. 

If you go into a branch and the advisor says let me look it up or I'm not sure this is a bad sign.  Regardless of what bank you choose please make sure you are dealing with an expert.

[PFT22135]

The Scotia branch I went to offered me both the Visa and the Amex up front and without question with all fees waived, I didn't even have to ask. He also offered everything I was going to request anyways and was beyond knowledgeable. I had a way better experience there than any other bank I visited. 

[xiphoid]

1 minute ago, AM22476 said:

The Scotia branch I went to offered me both the Visa and the Amex up front and without question with all fees waived, I didn't even have to ask. He also offered everything I was going to request anyways and was beyond knowledgeable. I had a way better experience there than any other bank I visited. 

Which Visa?

[PFT22135]

It's the visa passport infinite plus the gold amex. 

[Snowmen]

You should make sure that you get the LOC and disability insurance as early as possible. It is much better to have it and not need it than the opposite. Even as a resident, it becomes much more complicated to get the same advantageous deals and some residents I know were flat out rejected. That means they won't have any safety net during their first few months of practice before they get payments from the government. Regarding disability insurance, getting it now while you're healthy means you'll never have to worry about being rejected later on when you decide to apply because something happened and now you need it but can't get it.

[kiterunner]

3 minutes ago, Snowmen said:

You should make sure that you get the LOC and disability insurance as early as possible. It is much better to have it and not need it than the opposite. Even as a resident, it becomes much more complicated to get the same advantageous deals and some residents I know were flat out rejected. That means they won't have any safety net during their first few months of practice before they get payments from the government. Regarding disability insurance, getting it now while you're healthy means you'll never have to worry about being rejected later on when you decide to apply because something happened and now you need it but can't get it.

Do I sign up for this disability insurance recommended by the FMEQ?

https://www.sogemec.qc.ca/etu/produits/etudiant-en-medecine-assurance-invalidite.html

 

[Snowmen]

1 minute ago, kiterunner said:

Do I sign up for this disability insurance recommended by the FMEQ?

https://www.sogemec.qc.ca/etu/produits/etudiant-en-medecine-assurance-invalidite.html

 

For insurance, I'd try to get a meeting with someone for MD financial. It's free and they offer the same insurance programs as the other companies (except for the RBC one). They'll be able to give you advice on the better options. The Sogemec one is pretty standard but might not be the best option depending on your situation, hence why it's worth meeting them.

[plzacceptme]

Deleted

[ellorie]

Alberta is very generous with the loans, and additionally the provincial portion doesn’t go into repayment during residency so you won’t need to consolidate it into your LOC until after you’re done, unlike other provinces. So you likely won’t need more. 

[macd]

1 hour ago, plzacceptme said:

So I've applied for a LOC with RBC and got their Visa Platinum Avion MC with a 7500 limit. The advisor got me approved for $200k rather than $275k though. Should I go back and say that I want the $275k? I know that it really doesn't make a huge difference because I don't intend on getting THAT in debt, but still... Will be living at home for the duration of school and taking out Gov. of Alberta student loans for the duration of the program. 

 

Reason why I went with RBC is because I honestly don't see a difference between RBC and Scotia, and RBC had the 2 year grace period after residency. Both offer prime -0.25% and relatively the same travel cards, except RBC gives you a good 4 cents off of gas at PetroCanada (I will drive about 50km each day for school).

Scotiabank also offered me a 2 year grace period after residency FYI.

[NeuroD]

1 hour ago, plzacceptme said:

So I've applied for a LOC with RBC and got their Visa Platinum Avion MC with a 7500 limit. The advisor got me approved for $200k rather than $275k though. Should I go back and say that I want the $275k? I know that it really doesn't make a huge difference because I don't intend on getting THAT in debt, but still... Will be living at home for the duration of school and taking out Gov. of Alberta student loans for the duration of the program. 

  

Reason why I went with RBC is because I honestly don't see a difference between RBC and Scotia, and RBC had the 2 year grace period after residency. Both offer prime -0.25% and relatively the same travel cards, except RBC gives you a good 4 cents off of gas at PetroCanada (I will drive about 50km each day for school).

FYI: Scotia's infinite momentum gives you 4% cashback on gas (and groceries) which is >4cents given current gas prices

[GTA Med Advisor]

57 minutes ago, macd said:

Scotiabank also offered me a 2 year grace period after residency FYI.

We also offer the option to convert it to a Scotia Professional Plan credit line with your approved limit in place, at Prime Rate. That way you can have access to the credit on an ongoing basis, even after you are done residency/fellowship. These are very popular with physicians, and can be used for anything from financing a new clinic, or any other major expense. You'd also be able to keep your credit cards with the annual fees waived this way. 

[hartk48]

Did anyone here go with TD haha? all I see here is RBC and Scotiabank... if so, were you able to get any "cool" credit cards and fees waived?

[BCGirl]

16 minutes ago, hartk48 said:

Did anyone here go with TD haha? all I see here is RBC and Scotiabank... if so, were you able to get any "cool" credit cards and fees waived?

I tried TD. The amount they approve you for is the same, but all they offered was a free chequing account and no credit card incentives.

[plzacceptme]

 

 

1

On 5/17/2018 at 3:02 PM, GTA Scotiabank Med Advisor said:

We also offer the option to convert it to a Scotia Professional Plan credit line with your approved limit in place, at Prime Rate. That way you can have access to the credit on an ongoing basis, even after you are done residency/fellowship. These are very popular with physicians, and can be used for anything from financing a new clinic, or any other major expense. You'd also be able to keep your credit cards with the annual fees waived this way. 

Deleted

[GTA Med Advisor]

14 minutes ago, plzacceptme said:

Dang. Well I guess I still haven’t signed my LOC. I did open up a credit card account, but I haven’t used it yet. Too late to switch? 

Better late than never. You can definitely switch/change your mind at any time, no bank locks you in to these in any way.

[plzacceptme]

6 minutes ago, GTA Scotiabank Med Advisor said:

Better late than never. You can definitely switch/change your mind at any time, no bank locks you in to these in any way.

Awesome, you’re very helpful! Who’s the right person to contact in Calgary?

[GTA Med Advisor]

37 minutes ago, plzacceptme said:

Awesome, you’re very helpful! Who’s the right person to contact in Calgary?

It's my pleasure! You can have a look through this list to find a representative.

[Organeer]

With a Canadian medical school acceptance, what other factors go into being able to get a loc and is limit? Credit rating? Current debt? Other assets? Etc 

Thanks

[Bambi]

Essentially, being alive and able to sign for it.

[rmorelan]

50 minutes ago, Organeer said:

With a Canadian medical school acceptance, what other factors go into being able to get a loc and is limit? Credit rating? Current debt? Other assets? Etc 

Thanks

ha, the only issue I have seen people run into is previous bad credit. Sometimes that requires some working through things

Other than that is this a NINJA loan

No Income, No Job or Assets

ha, I love that term. So yeah mostly but is required is simply an acceptance. 

[la marzocco]

52 minutes ago, Bambi said:

Essentially, being alive and able to sign for it.

LOL i am in the bus on my way home and i literally lol-ed haha 

[Snowmen]

1 hour ago, Bambi said:

Essentially, being alive and able to sign for it.

You could probably get someone to sign it in your name if signing it yourself isn't an option.

Guess the only requirement is being alive (and a good advisor probably could find a workaround for that).

[canada747]

Can I still get the full 275K if I have a cheaper tuition than most Ontario schools? I may not realistically never need to dip into my LOC, but would like one just in case.