Student Line of Credit: RBC versus ScotiaBank

[yuanqi]

I honestly found very little between the two (never missed my credit card bill payments, so the monthly transfer to cover interest payments is not a problem for me). I am currently favouring RBC, since they have more advisors available and seem to have a better set of programs after graduation. I am wondering whether anyone has any experiences that favour ScotiaBank's program.

[rmorelan]

I honestly found very little between the two (never missed my credit card bill payments, so the monthly transfer to cover interest payments is not a problem for me). I am currently favouring RBC, since they have more advisors available and seem to have a better set of programs after graduation. I am wondering whether anyone has any opinions on that favour ScotiaBank's program.

 

They are going to be similar - they are the two options most directly in competition with each other.

 

One advantage just at Western is the Scotia adviser actually comes to the school twice a week to address concerns over lunch. You never have to go to the branch.

 

Our of curiosity what do you mean by a better set of programs after graduation?

[yuanqi]

Our of curiosity what do you mean by a better set of programs after graduation?

 

This: http://www.rbcroyalbank.com/commercial/health-care-prof/

 

When I spoke with the RBC advisor, she mentioned that she even helped two dental students to setup their practice. The ScotiaBank manager I spoke with wasn't quite as knowledgeable or experienced, which is expected considering this isn't her area of specialty. I guess I would have to speak with Rod to get the whole picture

[yuanqi]

One advantage just at Western is the Scotia adviser actually comes to the school twice a week to address concerns over lunch. You never have to go to the branch.

 

That's good, because his office (I believe Rod is the only advisor in London) is in One London Place

[rmorelan]

This: http://www.rbcroyalbank.com/commercial/health-care-prof/

 

When I spoke with the RBC advisor, she mentioned that she even helped two dental students to setup their practice. The ScotiaBank manager I spoke with wasn't quite as knowledgeable or experienced, which is expected considering this isn't her area of specialty. I guess I would have to speak with Rod to get the whole picture

 

Both RBC and Scotia help set up many, many practises a year - not necessarily the same person that handles the student professional loans mind you. Two doors down from the person you spoke to there is a guy at Scotia that does that all the time. It is part of their transition to care plan - but you usually don't here as much about that until residency.

 

Scotia and RBC are the two big players in London (not that their rating should necessarily be a big factor). Scotia is just over 50% in market share and RBC is a good sized chunk of the rest. Both understand all the steps quite well. Ha - through my work at the school I dealt with both quite a bit.

[ScotiabankMedsAdvisor]

We do have a number of advisors in the city that could look after the Scotia Professional Plan. We believe however it is better to have one advisor that specializes in medical students. Reasoning for this is that I know your situation inside and out and can therefore give you advice that is relevant to your situation.

 

My office is located at One London Place but I am very mobile and willing to meet up at any branch in the city. As rmorelan also mentioned I come to the school every week if anybody wants to meet up with me there.

[RBC-HealthcareSpecialist]

I honestly found very little between the two (never missed my credit card bill payments, so the monthly transfer to cover interest payments is not a problem for me). I am currently favouring RBC, since they have more advisors available and seem to have a better set of programs after graduation. I am wondering whether anyone has any experiences that favour ScotiaBank's program.

 

Correct, we do have advisors across London who understand the Medical program and what is offered. Our advisors come with years of experience in helping students/residents and practicing physicians.

You receive tailored banking to your specific needs after you complete studies.

I am presonally involved in many information seminars throughout the year.

[chiquette_8]

Are the two pretty much the most competitive banks? Does anyone have thoughts on TD for a line of credit?

[rmorelan]

Are the two pretty much the most competitive banks? Does anyone have thoughts on TD for a line of credit?

 

yeah they are generally considered to be so - definitely have the most market share and staff trained to handle things during medical school and beyond.

 

Still TD has a plan as well that is similar, just missing a few of the small frills on the end (max amounts, higher class visa....). It isn't like they are completely out of the league of the other two

[Dasypus]

Does anyone know anything about BMO plans?

[yuanqi]

Does anyone know anything about BMO plans?

 

You most likely would need a co-signer for BMO's SLOC, which you don't for Scotia, RBC or TD

[Abbyboy]

We do have a number of advisors in the city that could look after the Scotia Professional Plan. We believe however it is better to have one advisor that specializes in medical students. Reasoning for this is that I know your situation inside and out and can therefore give you advice that is relevant to your situation.

 

My office is located at One London Place but I am very mobile and willing to meet up at any branch in the city. As rmorelan also mentioned I come to the school every week if anybody wants to meet up with me there.

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Hello,

 

I have appllied for Scotia Professional LOC in Abbotsford, B.C for Studying in U.S. The Small Business advisor wasted our three weeks in Processing and told us that Scotia require secured charge on Guarantor property for U.S. When we insisted that this condition was not discussed when we came to branch 2 weeks ago and why we were not informed for it. Then another excuse :

 

We were told that Underwriter is not considering our 2 Guarantors because they are not blood related and close enough. One Guarantor was my sister in law and other paternal Uncle. Who is bank to Judge our relation with Guarantor for Guarantee on loan if they full fill all conditions. One Guarantor has 1.5 million dollar home with 1.2 million equity in home and Goverment Job and another has good income.

 

On reapplying with another branch, we got answer in 48 hours that Underwriter will approve only Student LOC with charge on the Guarantor property or 200 K deposit in GIC. Why would some one (Guarantor) take mortgage charge on property for applicant when Guarantor is undertaking to pay upon default. If we need to take mortgage for the student loan, we will shop around to get mortgage at best rate not Student Loan from Scotia @ 3 %. This is worse case for Student Loan and we were denied after total of 3 weeks.

 

Some Scotia advisors with UBC and Alberta were surprised to hear processing time for our loan but they were unable to help. The Underwriters dictate policies for processing loans and all is hidden here.

 

This means that only rich can study in Dentistry and if person has no property to put mortgage charge, you will not get loan from Scotia.

 

Scotia Bank should disclose on their Website or in Branch that their Professional Student LOC for US applicants will be secured one and require these conditions fulfilled before applying in branch. This will help for saving time and frustration in visiting Scotia branches.