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


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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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2 hours ago, bearded frog said:

What would be the advantage of this?

 

59 minutes ago, LostLamb said:

Getting all the account start perks, I’d gather. 
more hassle than it’s worth IMHO

Yes, getting the account perks (VIP account, complimentary credit card, open account incentives, etc). Just wondering if this is possible/anybody has done this. Can one go to a bank and say that they only want a $175k LOC (or any other amount) or is it always for the full amount?

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2 hours ago, Davinci said:

 

Yes, getting the account perks (VIP account, complimentary credit card, open account incentives, etc). Just wondering if this is possible/anybody has done this. Can one go to a bank and say that they only want a $175k LOC (or any other amount) or is it always for the full amount?

I'd imagine you can ask for a smaller amount from bank 1, but I think the second bank is gonna balk when they see the first loan on your credit history.

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  • 3 weeks later...

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=sharing

It appears that only specialized bank agents know the details of these offers. Below are two contacts I found helpful:

Scotiabank: Rod McFadden 519.642.3017 rod.mcfadden@scotiabank.com

RBC: Kendra Coleman 236-838-7327 kendra.coleman@rbc.com

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On 6/9/2021 at 3:17 PM, retawxy said:

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=sharing

It appears that only specialized bank agents know the details of these offers. Below are two contacts I found helpful:

Scotiabank: Rod McFadden 519.642.3017 rod.mcfadden@scotiabank.com

RBC: Kendra Coleman 236-838-7327 kendra.coleman@rbc.com

Thank you for sharing! I have a quick question - I noticed at the bottom it says not to put insurance on LOC. Was wondering about that myself...why no insurance? thanks! :)

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On 6/10/2021 at 4:55 PM, TheLegendKiller said:

Has anyone ever gotten two LoCs? I don't see any restriction on why you couldn't

Pretty sure when you're signing up for one, you have to declare your other loans. So if you have a whopping 350k LOC, it'll be pretty hard for another one to be opened. With that said, you can always simultaneously register, but idk what might come up on your credit report and if the other bank's check will also show up on the report

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On 6/9/2021 at 3:17 PM, retawxy said:

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=sharing

It appears that only specialized bank agents know the details of these offers. Below are two contacts I found helpful:

Scotiabank: Rod McFadden 519.642.3017 rod.mcfadden@scotiabank.com

RBC: Kendra Coleman 236-838-7327 kendra.coleman@rbc.com

Hi,

 

Thanks for sharing!

 

The spreadsheet says that for Scotia, you don't have to make any payments until 2 years after residency completes but the web page says that some conditions apply. Would you know what these are?

 

https://www.scotiabank.com/ca/en/small-business/business-banking/line-of-credit/spsp-line-of-credit.html

 

Is Scotia the only bank that does this? It seems like every other bank wants interest payments while in school?

 

Are you basically deferring all the interest or does it start accumulating after you finish up?

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3 hours ago, TheLegendKiller said:

Hi,

 

Thanks for sharing!

 

The spreadsheet says that for Scotia, you don't have to make any payments until 2 years after residency completes but the web page says that some conditions apply. Would you know what these are?

 

https://www.scotiabank.com/ca/en/small-business/business-banking/line-of-credit/spsp-line-of-credit.html

 

Is Scotia the only bank that does this? It seems like every other bank wants interest payments while in school?

 

Are you basically deferring all the interest or does it start accumulating after you finish up?

Interest still accumulates, you just don't have to make payments - it amounts to the same thing, just a hair more convenient

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On 5/8/2021 at 11:12 AM, lolz3 said:

 

Graduating for medical school or finishing residency? If medical school, then nothing changes - it's still a professional student LOC at the same rate and with still the same access

What happens if you don't get a residency right away? Do they wait until you get one?

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On 6/14/2021 at 10:15 PM, LostLamb said:

You will always pay interest...the bank needs to benefit somehow. 
the thing is that they use the LOC to pay its own interest off and it happens automatically. 
believe me, it’s a nice perk. I like not having to think.

What happens when you use all 350K?

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3 hours ago, TheLegendKiller said:

What happens when you use all 350K?

You run out of money to spend and I believe you will need to have some form of income to make interest payments, since there is no longer room for them to be withdrawn directly from the LoC. The terms of the LoC don't change afaik though, and this was my experience with a smaller LoC in the past. You enter repayment of the principle amount according to the terms of your contract, so for me that will be 24 months after I finish residency.

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3 hours ago, TheLegendKiller said:

What happens if you don't get a residency right away? Do they wait until you get one?

At Scotia, there is a 2 year grace period after you are not enrolled anymore, that I assume would apply if you don't match. But this would be a question to ask the advisor you are signing up with.

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