Chamilt Posted May 31, 2013 Report Share Posted May 31, 2013 I guess this is a question for current students. What seems to be the LOC of choice for students in Sudbury? CIBC? SCotia? RBC? TD? etc.... or has anyone tried a credit union? Or does anyone know of good reps in sudbury at any of the big banks to talk to? I've been with CIBC my whole life, but done some recent business with them that was really shady on their part and likely looking to switch, or threaten to switch as a means of bargaining Thanks! Link to comment Share on other sites More sharing options...
Real Beef Posted May 31, 2013 Report Share Posted May 31, 2013 RBC seems to have the process down to a science from what I hear. They seem to have a couple of extra perks (i.e. unlimited chequing) that TD doesnt have but because I do all of my business with TD I chose to stay ... its much more convienant to have ALL your online banking consolidated in one (i.e. credit card, mortgage, chequing, savings, LOC, RRSPs) so I opted to just stay with ole reliable. Besides most of it is all the same .... 200-250k at prime + 1 ... thats all that matters anything else is just filler. I tried to wheel and deal last year but it seems that the banks arent as flexible as you would imagine ... I tried to get TD to match RBCs unlimited chequing account but I got a no, I pushed the issue, got a no again and just said whatever and went with them anyway due to all the other stuff I already have with them. Perhaps you'll find a different experience ... good luck. Beef Link to comment Share on other sites More sharing options...
Leon Posted May 31, 2013 Report Share Posted May 31, 2013 RBC seems to have the process down to a science from what I hear. They seem to have a couple of extra perks (i.e. unlimited chequing) that TD doesnt have but because I do all of my business with TD I chose to stay ... its much more convienant to have ALL your online banking consolidated in one (i.e. credit card, mortgage, chequing, savings, LOC, RRSPs) so I opted to just stay with ole reliable. Besides most of it is all the same .... 200-250k at prime + 1 ... thats all that matters anything else is just filler. I tried to wheel and deal last year but it seems that the banks arent as flexible as you would imagine ... I tried to get TD to match RBCs unlimited chequing account but I got a no, I pushed the issue, got a no again and just said whatever and went with them anyway due to all the other stuff I already have with them. Perhaps you'll find a different experience ... good luck. Beef It's prime + 0%. I've yet to hear of anyone signing on with prime + 1%. All the banks I talked to offer the LOC at prime. Link to comment Share on other sites More sharing options...
Real Beef Posted May 31, 2013 Report Share Posted May 31, 2013 It's prime + 0%. I've yet to hear of anyone signing on with prime + 1%. All the banks I talked to offer the LOC at prime. Sorry thats what I meant Link to comment Share on other sites More sharing options...
RiverCityJill Posted June 2, 2013 Report Share Posted June 2, 2013 This conversation reminded me of something that I encountered while obtaining my LOC that might be good to know for others going through the process. When I signed the papers for my LOC (at RBC), the person we were dealing with tried to say that the rate was prime +1. I told her otherwise but she argued saying all student LOCs are that rate. I told her i was certain that professional programs were different but she was sure i was wrong. I said then we have a problem and I'm not signing. Finally she called someone to check. Obviously I was right but if I hadn't known I might have received the wrong rate. This is why I think that, whichever bank you choose, it's best to find someone experienced in these types of LOCs to deal with. I'm in a very small town and there were a few things I needed to pay for now so I couldn't wait to get to Hamilton to get the LOC, but if you can deal with someone knowledgable, it's preferable. I hope that's helpful to someone! Link to comment Share on other sites More sharing options...
Chamilt Posted June 25, 2013 Author Report Share Posted June 25, 2013 Thanks for the replies! I have another question and figured it was easier just to add it to this thread. When do we need to pay the remainder of tuition? Or more bluntly, when do we need to have the LOC secured? It's just I am working in a different city and dont' have a lot of free time to set up appts. Plus, I would rather deal with someone in Sudbury. And finally I'm leaving the province for a few weeks at the end of july. So, can I wait until august to get this done? Link to comment Share on other sites More sharing options...
Real Beef Posted June 26, 2013 Report Share Posted June 26, 2013 One of the things you find out in first year is delay paying tuition as long as possible and this includes getting charged the 75$ late fee as well to save hundreds on interest. Imagine would you rather pay the interest of $20,000 used LOC or have a near zero balance on your line of credit and pay it at the end of the each semester. I paid my first semester with saved money (no interest), than paid at the end of the school year on the remainder to save interest ... saved some cash that way. I understand that if you have always paid bills on time this will not seem kosher but if you are ok with this practice you do save on interest in the long run, and they do not kick you out for not paying on time Link to comment Share on other sites More sharing options...
Chamilt Posted June 26, 2013 Author Report Share Posted June 26, 2013 Sooo I don't need the LOC before school starts? And interesting advice on the interest thing. I guess word gets around and a lot of people do this? I can't imagine a lot of incoming students have 20 grand saved. You would think the school would catch on and want tuition payed on time, so they would crank up the penalty fine. Link to comment Share on other sites More sharing options...
Real Beef Posted June 26, 2013 Report Share Posted June 26, 2013 Sooo I don't need the LOC before school starts? And interesting advice on the interest thing. I guess word gets around and a lot of people do this? I can't imagine a lot of incoming students have 20 grand saved. You would think the school would catch on and want tuition payed on time, so they would crank up the penalty fine. You would be fine getting it once school started in my opinion though I dont want to be held accountable Get one more reference ... that is one more NOSM student's advice and if it coincides with my advice I would go ahead and do it. Since you can get a LOC within a few days getting it once in school is fine as you can get it within the first week or two. Link to comment Share on other sites More sharing options...
Chamilt Posted June 27, 2013 Author Report Share Posted June 27, 2013 Well, I'm going to try and get it in august but if I don't I might be tapping yours for some funds:D Link to comment Share on other sites More sharing options...
Real Beef Posted June 27, 2013 Report Share Posted June 27, 2013 Well, I'm going to try and get it in august but if I don't I might be tapping yours for some funds:D I hold my money really tightly Link to comment Share on other sites More sharing options...
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