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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

true - it isn't the money though.   It is the entire point of this process - to make sure you are at a bank that has your back. Everyone will give you prime and enough money. You are trying to enter

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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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