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


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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.

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Honestly,    Thank you to pm101 for helping the mandem out. You all are so great. This sharing of information takes the power away from the banks and puts back in our hands. They were trying to play

I contacted RBC and scotiabank recently and this is a comparison: 1. Credit cards annual fee: both top of the line cards, mostly similar/comparable perks with Scotia having slight upper hand. Dif

My friends and I did some research on the available LOC options and put them together into a summary: https://docs.google.com/spreadsheets/d/1EFo_7w6pUV9Xa1kW7PTH-JrczFCiPmhTEBlrrdJaENw/edit?usp=

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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? 

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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.

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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.

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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.

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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.

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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.

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It seems like people on this thread are able to sort most of their LOC/advisor meetings online? I was wondering if it matters whether you seek out an advisor where you reside in this case? If so, has anyone worked with a good advisor who specializes in medical LOCs in Nova Scotia for RBC or Scotiabank? 

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52 minutes ago, premed2232 said:

It seems like people on this thread are able to sort most of their LOC/advisor meetings online? I was wondering if it matters whether you seek out an advisor where you reside in this case? If so, has anyone worked with a good advisor who specializes in medical LOCs in Nova Scotia for RBC or Scotiabank? 

There are two reps for Scotiabank if you go to Dal. I have Matthew as my rep (I'm in dentistry, but he's responsible for all the professional programs at Dal). He is very nice and knowledgeable. I know next to nothing about finances and he explained everything in a way that was easy to understand. You can search SPSP on the Scotiabank website and download the PDF with the names and info of the two reps.

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On 7/31/2020 at 4:54 PM, rmorelan said:

Sure - it is wording ha - I would say you are still making interest payments, they are just put onto the LOC. You don't have to make any principle payments. 

I have that LOC - and two years post residency they still aren't directly taking any payments - it is all just going on the LOC. What eventually is supposed to happen is that it gets converted to a professional LOC - same limits/rules etc. They don't seem to be in any hurry to get principal payments started (not that I am waiting for them to ask ha). 

and yes it seems I have that LOC withe current rules indefinitely and similar accounts etc. Nothing has really changed. 

So just a head's up to folks: today i got a letter from Scotiabank telling me that i am approaching the end of my 12 month post-residency grace period and that my LOC will convert to a loan on July 1. 

As that is not my understanding of the product I have reached out to my advisor to look into it and let me know.

Unsure if it is an error OR if this is a change in product's parameters. I'd welcome any others' input who find themselves in this position.

Thanks :)

LL

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6 hours ago, LostLamb said:

So just a head's up to folks: today i got a letter from Scotiabank telling me that i am approaching the end of my 12 month post-residency grace period and that my LOC will convert to a loan on July 1. 

As that is not my understanding of the product I have reached out to my advisor to look into it and let me know.

Unsure if it is an error OR if this is a change in product's parameters. I'd welcome any others' input who find themselves in this position.

Thanks :)

LL

that is odd and not consistent with anyone else I know. I still have the same LOC format and no one as of yet has asked to convert that etc. Many people I know just have equivalent professional LOCs after a bit - same rate, amount and structure. 

If they are trying to do that people will just walk over to someone else. 

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On 4/11/2021 at 7:05 PM, premed2232 said:

It seems like people on this thread are able to sort most of their LOC/advisor meetings online? I was wondering if it matters whether you seek out an advisor where you reside in this case? If so, has anyone worked with a good advisor who specializes in medical LOCs in Nova Scotia for RBC or Scotiabank? 

In my opinion from dealing in the professional space for many years it is imperative that you deal with a specialist.  This way you can be confident you are getting the proper accounts, advice & perks.  When your choosing a bank the advisors knowledge and the trust you feel in them should be at the top of the list of determining factors.  Questions to ask how long have you been dealing with professional students, how many do you deal with, do you plan on staying in your current role?

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