Line of Credit for 2014

[mjd2012]

Hi everyone!

 

Thought I would start a new thread for those in the class of 2018 who are looking for LOC's. Anyone already have theirs and can help with giving some info on terms and interest rates? Do most students apply for provincial/national student loans then pay for the remaining portion using LOC? What do you even need to apply for an LOC? Any insight or info would be appreciated!

[goodyearkl]

I got mine a while ago through Scotiabank because they throw in a nice "gold passport" visa rewards card that is excellent for summer traveling (comes with medical/travel insurance). It is really easy to do and I found Jeff (the small business manager) at the Avalon Mall branch excellent to deal with. I walked into the branch while at the mall shopping one day, just looking for a pamphlet or something, and he cleared his schedule to sit down and explain the process with me.

 

I looked at CIBC, TD, and Scotiabank and from what I understand, all the banks are pretty much the same (50K a year for a max of 200K with a 3% prime interest rate). The only real difference is that with TD you can get a total of up to 275K instead of 200K, which I didn't need. The thing I liked about Scotia is that you don't have to start paying back until a year after your residency so that you can earn a little money first. They will also give you more money for your residency if needed.

 

You pretty much make a bank appointment and bring your ID and your med admissions letter, you sign a bit of paperwork and you are approved the next day. I was surprised how easy it was. From my understanding most people don't use provincial loans for med school because the bank LOCs are better.

[rs1992]

I also did the Scotiabank Professional School LOC (just got back from talking to my branch manager actually). Roughly $50k/yr for max of $200k but my adviser was quick to tell me that those limits can be negotiated for certain lifestyle factors (ie if you have a family to move with you or a house back home you need to maintain) - though I don't see myself using more than that. 3% rate, they throw in the gold rewards visa with travel and medical insurance, was really pleased with their customer service. Overall I am really happy with the experience with them thus far.

 

The next step for me is to draw up a detailed budget. I've been extremely lucky to not have experience with student debt, but now the idea of borrowing such huge numbers terrifies me. A budget should help me define my spending comfort zones

 

Good luck!

[bullit10]

I also went with Scotiabank for my LOC! If you do your research online, you'll see that the Student Professional Plan at Scotiabank is the most preferred LOC by professional students. Apparently RBC is also a good option. As was already mentioned, it's extremely simple and you basically just need proof that you have been accepted to medical school (i.e. your acceptance letter).

[mjd2012]

Awesome, thanks for the replies. I think the best thing I can do is set up meetings with the banks and get all of the details, but it seems that Scotia will be the best.

 

Do you guys hold your LOC at a bank separate than where you go your personal banking? Currently I am with BMO but their LOC seems less impressive than that of some of the other banks. Is it a hassle to hold accounts with multiple institutions?

[goodyearkl]

Awesome, thanks for the replies. I think the best thing I can do is set up meetings with the banks and get all of the details, but it seems that Scotia will be the best.

 

Do you guys hold your LOC at a bank separate than where you go your personal banking? Currently I am with BMO but their LOC seems less impressive than that of some of the other banks. Is it a hassle to hold accounts with multiple institutions?

 

I keep the two separate, but it doesn't really matter either way. Basically, all the banks offer the exact same thing at the same rate with the exception of TD where you can get a little bit more $$ if needed. MUN tuition is ~6.3K a year, plus a few extras in first (Equipment = ~1.5K, First Aid = $120, Deposit for 4th year shingle ~$650, Books [cost differs based on what you decide to buy]) and forth year (travel for CaRMS Interviews). Then you need to factor in everyday living expenses.

 

One thing you can do when you meet with the bank is to see what kind of perks (i.e., a nice visa card) you can get them to throw in. They REALLY want your business so see what you can get.

 

Jeff Cook is the name of the Small Business Manager I met with at the Avalon Mall branch. He was excellent and had everything approved for me in less than 24 hours. He will also play with the numbers a little to insure you get the max amount of 50K a year.

[ajc260]

Hey guys, I definitely recommend ScotiaBank too. I just got my LOC all straightened away with them last week. Jeff (small business manager here in St. John's) was really easy to deal with and it was very easy to set up. The whole process only took a couple of days and I had the first 50K ready to use. ScotiaBank is where I do my personal banking so one major advantage of going with them is that I am able to freely transfer money back and forth between the LOC and my personal account as I need it. As already said, you don't need to start repayment until after residency and Jeff told me that if after 4 years you have used the full LOC you can be eligible for another ~75K to use during residency. I looked into CIBC, TD, BMO, and RBC as well but thought Scotia was the best option for me. RBC told me that the monthly interest would have to be withdrawn from my account each month which didn't make sense to me...if I could afford to pay all sorts of interest I probably wouldn't need the loan. Whether that information was correct or not, I don't know. The interest for Scotia just gets added on to the amount you borrow so you don't pay a cent until after residency.

 

Can't wait to meet everyone in a couple of months!

[NLengr]

I keep the two separate, but it doesn't really matter either way. Basically, all the banks offer the exact same thing at the same rate with the exception of TD where you can get a little bit more $$ if needed. MUN tuition is ~6.3K a year, plus a few extras in first (Equipment = ~1.5K, First Aid = $120, Deposit for 4th year shingle ~$650, Books [cost differs based on what you decide to buy]) and forth year (travel for CaRMS Interviews). Then you need to factor in everyday living expenses.

 

When I was at MUN, I used Anne Feehan at the Churchill square branch. She handles most of the med students. She's very helpful.

 

Also, don't go nuts buying equipment. You don't need most of it. Otoscope and ophthalmoscope are the biggest waste. Every clinic or skills lab will have them on the wall. You will basically never use your own. The only thing you 100% need is a stethoscope.

[The Mist]

I went with Scotiabank LOC, despite previously being a TD customer of over a decade.  They were easier to work with, TD wasn't particularly good at returning phone calls (although this is obviously this is very dependant on the representative).  I will also say that the hours at SB are terrible, but this isn't really an issue since most people just use online banking.

[NLengr]

BMO has also been 100% useless in all my dealing with them during my life.