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

[DrOtter 360]

1 hour ago, MDLD said:

same here got my 30k for the visa credit cards but no welcome bonus. do you have the email for pres office ill email them in addition to kyu. 

The Pres Office email is here.

mail.president@scotiabank.com

You can just say that Scotia Rewards is giving you a hard time and is not honoring what is publicly advertized on Scotia's website. Kyu already told me it's fine but Scotia Rewards are just dragging their feet.

[popfossa 46]

On 8/10/2020 at 5:07 PM, DrOtter said:

The Pres Office email is here.

mail.president@scotiabank.com

You can just say that Scotia Rewards is giving you a hard time and is not honoring what is publicly advertized on Scotia's website. Kyu already told me it's fine but Scotia Rewards are just dragging their feet.

Did you end up getting the 5,000 point bonus by emailing the president? 

[DrOtter 360]

4 minutes ago, popfossa said:

Did you end up getting the 5,000 point bonus by emailing the president? 

oh ya they finally got back to me and adjusted on the Scotia Rewards profile.

[Snowmen 591]

On 6/8/2020 at 9:36 AM, MDLD said:

So when I emailed RBC I was told the following information... 

 

At RBC we offer  medical student line of credit up to $225000 limit, and there is no grace period to pay off the principal after graduation.

On their website it says 350 K limit and that there is a grace period so im hella confused. 

You spoke to an idiot. Call one of their professional LOC specialist or something like that. They usually have some kind of list.

[Damir 23 0]

Hi everybody,

I am new to the forum as a first time poster. I am looking into options for a line of credit and have a couple of questions for you based on your experiences.

With Scotiabank, were any of you offered Disability Coverage for your SPSP? If so, what did that include? My concern is, with carrying such a large debt load, I'd want disability protection in the event I become ill and cannot make payments at some point in the future. I have this coverage on an RBC mortgage but was just curious if, in your dealings with Scotiabank regarding the SPSP, any of you were informed of this option. 

Anecdotally, a colleague of mine was supposedly told by a Scotiabank rep that because he was a med student and therefore not employed full-time, Disability Coverage was not available to him. Is this true? If that is true, it seems to be different than what other banks are saying.

Thanks in advance.

[Lavarball 10]

To be honest, I don’t see the point of insurance for the line of credit. It’s really just you’re paying to help the bank in protecting their loan. In the worst case scenario where you don’t finish school or drop out without finishing, you always have bankruptcy as an option as you probably won’t have many assets anyways.

if it helps you sleep at night, you should definitely go for it though.

[JohnGrisham 1,742]

39 minutes ago, Lavarball said:

To be honest, I don’t see the point of insurance for the line of credit. It’s really just you’re paying to help the bank in protecting their loan. In the worst case scenario where you don’t finish school or drop out without finishing, you always have bankruptcy as an option as you probably won’t have many assets anyways.

if it helps you sleep at night, you should definitely go for it though.

This is correct, no need for LOC insurance in most scenarios - its designed to help the bank.

[rmorelan 2,572]

1 hour ago, Lavarball said:

To be honest, I don’t see the point of insurance for the line of credit. It’s really just you’re paying to help the bank in protecting their loan. In the worst case scenario where you don’t finish school or drop out without finishing, you always have bankruptcy as an option as you probably won’t have many assets anyways.

if it helps you sleep at night, you should definitely go for it though.

For life insurance not much point at all. Don't insure something to protect someone else's risk (like the bank's risk if you die). 

Disability insurance if required is usually cheaper and better controlled as a separate policy. Binding it to a particular LOC/mortgage is usually not efficient.

[cookie_m 31]

Has anyone been successful in switching banks for their lines of credit at the start of their residency?

[lolz3 4]

On 2/9/2021 at 6:33 PM, cookie_m said:

Has anyone been successful in switching banks for their lines of credit at the start of their residency?

Regularly done

[cookie_m 31]

3 hours ago, lolz3 said:

Regularly done

Do you have an advisor that you would recommend? I tried at one point to switch to RBC or Scotia and was told that it isn't possible. 

[Lavarball 10]

I just cheked my e statements from scotiabank for my LOC. For some reason the interest rate shows up as 2.45% instead of 2.2%. Does anyone else see this or did I miss news about interest increase?

[rmorelan 2,572]

22 minutes ago, Lavarball said:

I just cheked my e statements from scotiabank for my LOC. For some reason the interest rate shows up as 2.45% instead of 2.2%. Does anyone else see this or did I miss news about interest increase?

odd mine still lists it at 2.2%.....