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I would like to introduce myself to all prospective Schulich medical students. I am the professional student advisor for Scotiabank in London area. When you go to apply for your professional line of credit it is very important to contact someone that understands your specific professional student banking needs. If you were to walk into a local branch to apply, more than likely the representative would not be as knowledgable of your specific needs.

 

Scotiabank is the #1 choice of Schulich Medical students for their professional student banking needs. I look forward to working with you and I wish you all the best on May 13th.

 

Please call me if you would like any advice or to get information on the plans available to you.

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In regards to the visa closure it is not something that you are required to close. What happens if you keep the limit of an existing outside credit card available is your total available credit would be reduced by the same amount. If your limit on the credit card is 5,000 then the maximum approval for your schooling portion would be 195,000. Its also important to know that we offer the Scotia Gold Passport credit card with our plan. This is a travel rewards card that you receive with the fees waived all through school and residency.

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In regards to the visa closure it is not something that you are required to close. What happens if you keep the limit of an existing outside credit card available is your total available credit would be reduced by the same amount. If your limit on the credit card is 5,000 then the maximum approval for your schooling portion would be 195,000. Its also important to know that we offer the Scotia Gold Passport credit card with our plan. This is a travel rewards card that you receive with the fees waived all through school and residency.

 

EDIT: NVM, figured it out.

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In regards to our plan in comparison to RBCs there are a number of differences that you will find with the accounts.

 

1.With our plan you are offered the Scotia Gold Passport card with the fee waived all throughout school and residency. With RBC you usually receive the Avion card with the fee waived for the 1st year and then you pay the fee after that. Assuming a 5 year residency and a fee of $120 a year you would be paying fees of about $960 for an equivalent card.

 

2.Our plan doesn't require you to make payments. The interest just accrues onto your balance. With other banks you need to make an interest payment each month. So what you end up doing is transferring money from your loc to your account and then making a payment. This may seem like a small thing but you would be surprised how many students damage their credit because they get busy and forget to make the payments.

 

3.Maximum limits on the plans vary. With our plan we have a maximum credit limit in school of 200,000. But we can look to increase up to a maximum of275,000 in residency if needed.

 

These are a few of the differences between the plans but definately not all of them. Your best course of action is to sit down with an advisor once you have been accepted to get all of the plan details.

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Hi Rod, is there a minimum credit limit on the ScotiaGold card? I've tried applying for premium cards at other banks before and they told me that I would never get approved for $5000 as an undergrad (this was the minimum credit limit). Or does your ability to apply for credit increase when you enter medical school?

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Hi Rod, is there a minimum credit limit on the ScotiaGold card? I've tried applying for premium cards at other banks before and they told me that I would never get approved for $5000 (as an undergrad). Or does your ability to apply for credit increase when you enter medical school?

 

With a LOC you'll have $200-275k of credit... why do you care if it's a LOC or a credit card? If you need to buy something big you can just move funds from your LOC to your bank account, or pay it to your credit card. Not sure I understand why having a $5k credit card is a significant factor in the decision. Maybe I'm missing something.

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With a LOC you'll have $200-275k of credit... why do you care if it's a LOC or a credit card? If you need to buy something big you can just move funds from your LOC to your bank account, or pay it to your credit card. Not sure I understand why having a $5k credit card is a significant factor in the decision. Maybe I'm missing something.

 

Maybe because interest starts to accrue on the LOC money from day 1, unlike in credit cards where you are given more time to pay it back (a month) before any interest is accrued on your purchases.

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With a LOC you'll have $200-275k of credit... why do you care if it's a LOC or a credit card? If you need to buy something big you can just move funds from your LOC to your bank account, or pay it to your credit card. Not sure I understand why having a $5k credit card is a significant factor in the decision. Maybe I'm missing something.

 

Just want a card with better rewards, nothing else :P

 

A lot of the cards with high rewards have a minimum credit limit which you must have on the card, frequently $5k.

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Just want a card with better rewards, nothing else :P

 

A lot of the cards with high rewards have a minimum credit limit which you must have on the card, frequently $5k.

 

5k is kind of an appropriate amount for us as well - often with CARMS there are a lot of booking expenses etc. You can get around it of course but it is just easier having a card that can for sure handing a reasonable amount of expenses.

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The credit limit on the visa is 5,000 with our plan. It is part of the total approval and does not require a separate approval from the line of credit.

 

Our plan does have annual limits on it which are 50,000 per year during schooling. If you think of it however the average year of school at Western will cost about 42,000-43,000 in total. Which a good portion will be covered by OSAP, grants, bursaries. The 50,000 is well more than you should ever need but the limit helps you from over spending.

 

I can't tell you how many people have come to me because they were given the full limit up front at another institution. Because of this they didn't control their spending which caused them to not have enough funds to complete their schooling.

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The credit limit on the visa is 5,000 with our plan. It is part of the total approval and does not require a separate approval from the line of credit.

 

Our plan does have annual limits on it which are 50,000 per year during schooling. If you think of it however the average year of school at Western will cost about 42,000-43,000 in total. Which a good portion will be covered by OSAP, grants, bursaries. The 50,000 is well more than you should ever need but the limit helps you from over spending.

 

I can't tell you how many people have come to me because they were given the full limit up front at another institution. Because of this they didn't control their spending which caused them to not have enough funds to complete their schooling.

 

I am afraid I have seen far too much of that myself - guys the LOC is powerful but really you need to control it. A small fraction really put themselves in the deep end with maxed out LOC with the OSAP etc. I cannot tell you how much stress in general high debt load causes people in residency. It is a tool, use it well.

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I am afraid I have seen far too much of that myself - guys the LOC is powerful but really you need to control it. A small fraction really put themselves in the deep end with maxed out LOC with the OSAP etc. I cannot tell you how much stress in general high debt load causes people in residency. It is a tool, use it well.

 

The people who max it out, are they just silly with the money (nice car, fancy apartment, etc) or are there reasonable causes for maxing it out?

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The ones that max out the line of credit are usually spending money frivolously. With our plan you have access to more than enough money to pay for school and live comfortably and still have a considerable amount of unused credit. It makes you at least think about what you are spending your money on and prevents people from running out of money before they complete school.

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The people who max it out, are they just silly with the money (nice car, fancy apartment, etc) or are there reasonable causes for maxing it out?

 

ok for us in Ontario with OSAP which pretty much everyone gets, bursaries, which aren't too hard, the 9K you get in 3rd year from the OMA and the low interest rate not hitting you too hard you generally have to spend upwards of 65-70K a year to max out your LOC. All this for something that really should cost 40K or so. In other words, crazy spending!

 

There are always the odd person with some unusual situation but by far it seems to occur when someone does very silly things - brand new cars, "investing", very pricey toys/trips......

 

Trouble is the upper limit is rather firm (as it should be) so if you get into trouble it can be big trouble.

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Why the random 9k? That's for any school in Ontario?

 

Is it common for first years to try to expand that year's limit in order to make one-time purchases? (i.e. like a car) Would you need to?

 

I tried the OSAP estimator today and it suggested I would get 21k in loans as well, and only 11k would be outstanding (i.e. not a grant). Is this true? I thought it would be much less.

 

EDIT: And what is the typical interest rate on a LOC in Ontario?

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If I get into med this year and set up a 200k LOC from the bank and let's say that bank 3 years down the road raises their max limit to 300k.. would I be entitled to that raise as well?

 

yes - although lets hope that isn't necessary :)

 

we have already seen such increases in the past and as it is a competitive market things you do get the new upgrades as it were.

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Why the random 9k? That's for any school in Ontario?

 

Is it common for first years to try to expand that year's limit in order to make one-time purchases? (i.e. like a car) Would you need to?

 

I tried the OSAP estimator today and it suggested I would get 21k in loans as well, and only 11k would be outstanding (i.e. not a grant). Is this true? I thought it would be much less.

 

EDIT: And what is the typical interest rate on a LOC in Ontario?

 

Not so random :) it can cover anyone's costs for CARMS - thus there is a level playing field.

 

Not that common - in particular because having a pricy car (and you would need to get a relatively pricey one to need the upgrade) nails you with respect to OSAP (you have an asset now, so that car will cost you thousands in lost grant money) and really there is no actual school reason for needing on at that point - you don't have any remote clinic work to go to after all.

 

That estimator just told you that you got 10K in free money for the year. That is amazingly good - and it confirms that you would have at least 70K to play with for the year (but that is of course way more than you generally need - unless you are in a pretty special situation).

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... Not that common - in particular because having a pricy car (and you would need to get a relatively pricey one to need the upgrade) nails you with respect to OSAP (you have an asset now, so that car will cost you thousands in lost grant money) and really there is no actual school reason for needing on at that point - you don't have any remote clinic work to go to after all. ...

 

Yikes, I didn't realize this. I know for McMaster a lot of people use a car for commuting, especially if you're at one of the satellite campuses, since the first 4 months of instruction take place at Hamilton for everyone, and even after that point, a car is really useful when setting up shadowing/observerships/research projects at hospitals across the area.

 

If I get into McMaster, I'm almost for sure going to be buying a car. If my parents were to buy it and keep it under their name (I'd pay for it using an LOC), would that still allow me to receive the full amount of grants? Or is that type of behaviour considered gaming the system, and is generally frowned on?

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Yikes, I didn't realize this. I know for McMaster a lot of people use a car for commuting, especially if you're at one of the satellite campuses, since the first 4 months of instruction take place at Hamilton for everyone, and even after that point, a car is really useful when setting up shadowing/observerships/research projects at hospitals across the area.

 

If I get into McMaster, I'm almost for sure going to be buying a car. If my parents were to buy it and keep it under their name (I'd pay for it using an LOC), would that still allow me to receive the full amount of grants? Or is that type of behaviour considered gaming the system, and is generally frowned on?

 

There is nothing in the system that prevents you from using your LOC for buying your parents a car. It is kind of gaming I guess but technically within the rules. The tricky part is insurance then though.

 

Also you are allowed a car under osap - just not a particularly good one. You are limited to 5K but it can be increase with information from your program a bit.

 

Finally you cannot get around this by leasing a car - OSAP will still take the full value of the car as an asset even if you don't actually own the car. It is annoying but in the rules - they fell that if you can afford a lease on a 20K+ car you don't need social assistance - and that is exactly what OSAP is, a form of social assistance designed to help pay for school for people with less available resources. That is why your parents income in most cases matters, that is why your assets matter, and that is why the grant vanishes if you have too high an income.

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