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Mcmaster Residency Loc Increase


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Hello McMaster Medical School Student's

 

Scotiabank wants to congratulate you all on your recent accomplishments and obtaining your match for residency.

 

Scotiabank offers the an increase to your Professional LOC up to a maximum of $275,000 at prime which is currently 2.85%.

 

Good luck in the next stage of your career and please don't hesitate to contact me for further clarification and promotions.

 

Adam Bonnell

Manager Business and Professional Banking

                                            

Scotiabank | University Plaza

101 Olser Drive, Unit #138, Dundas, Ontario, Canada, L9H 4H4

 

T 1.905.627.9211 EXT 4300 F 1.905.627.2977

Adam.Bonnell@scotiabank.com

scotiabank.com

Scotiabank is a business name used by The Bank of Nova Scotia

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Hello McMaster Medical School Student's

 

Scotiabank wants to congratulate you all on your recent accomplishments and obtaining your match for residency.

 

Scotiabank offers the an increase to your Professional LOC up to a maximum of $275,000 at prime which is currently 2.85%.

 

Good luck in the next stage of your career and please don't hesitate to contact me for further clarification and promotions.

 

Adam Bonnell

Manager Business and Professional Banking

                                            

Scotiabank | University Plaza

101 Olser Drive, Unit #138, Dundas, Ontario, Canada, L9H 4H4

 

T 1.905.627.9211 EXT 4300 F 1.905.627.2977

Adam.Bonnell@scotiabank.com

scotiabank.com

Scotiabank is a business name used by The Bank of Nova Scotia

Is this an across the board change for Scotia Banks LOC for medical students - or only specific to McMaster?

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Happy to see that. Comparing to Scotiabank, government with its  OSAP looks like loan shark.

 

That is comparing apples to oranges :)

 

First OSAP is interest free for years. LOC not so much

 

Next the LOC is reserved for a very narrow group of students that basically are about as low a risk as you can get. Plus a group you really, really want for future business.

 

OSAP has everyone body, ALL degree types - with higher risk of default etc and thus higher costs that have to be paid for somehow.

 

Oh and the grants, let's not forget the grants :)

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Happy to see that. Comparing to Scotiabank, government with its  OSAP looks like loan shark.

Provincial loans are interest free for the duration you're in studies. That is essentially free money they are letting students use. At the end of the interest free period - there is no reason you can't simply transfer all that debt onto your LOC.

 

Win-win.

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Provincial loans are interest free for the duration you're in studies. That is essentially free money they are letting students use. At the end of the interest free period - there is no reason you can't simply transfer all that debt onto your LOC.

 

Win-win.

 

which is exactly what a lot of people do. Either that or go for the interest free ROS and stay in Ontario.

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That is comparing apples to oranges :)

 

First OSAP is interest free for years. LOC not so much

 

Next the LOC is reserved for a very narrow group of students that basically are about as low a risk as you can get. Plus a group you really, really want for future business.

 

OSAP has everyone body, ALL degree types - with higher risk of default etc and thus higher costs that have to be paid for somehow.

 

Oh and the grants, let's not forget the grants :)

You also can write government student loan interest off on your taxes.

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I consolidated my OSAP debt into my LOC the day before interest payments were to start. This is basically the standard thing to do.

 

Caution on ROS agreements. They are generally crappy deals. Your freedom of mobility should not be purchased at a bargain price.

 

The ontario ROS offers are insultingly bad.

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The ontario ROS offers are insultingly bad.

 

yeah they kind of are - the only time I would think they are logical is if you somehow know exactly where you are about to practise and for very good reason that isn't about to change. Like say you are a FM to be and know where you are setting up.

 

Also there are ways of getting out of the ROS if for some reason that changes - costs you a bit but that price isn't actually that extreme for a practising doctor.

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Hello All,

 

This program is for all medical students across Canada, It's not selective of any specific University. Please don't hesitate to contact your local SPSP representative for further clarification.

 

To all OSAP students, take advantage of your interest free OSAP loan during the course of your medical studies. Once you enter Residency your OSAP loan begins to accrue interest. Your grace free period of 6 months is only for payments, not interest incurring. Once you start to incur interest, transfer the balance to your Professional LOC at 2.85% vs. OSAP at 7%

 

Please don't hesitate to contact me if your have any questions.

 

Best Regards,

 

Adam,

 

Adam Bonnell

Manager Business and Professional Banking

                                            

Scotiabank | University Plaza

101 Olser Drive, Unit #138, Dundas, Ontario, Canada, L9H 4H4

 

T 1.905.627.9211 EXT 4300 F 1.905.627.2977

Adam.Bonnell@scotiabank.com

scotiabank.com

Scotiabank is a business name used by The Bank of Nova Scotia

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Hello All,

 

This program is for all medical students across Canada, It's not selective of any specific University. Please don't hesitate to contact your local SPSP representative for further clarification.

 

To all OSAP students, take advantage of your interest free OSAP loan during the course of your medical studies. Once you enter Residency your OSAP loan begins to accrue interest. Your grace free period of 6 months is only for payments, not interest incurring. Once you start to incur interest, transfer the balance to your Professional LOC at 2.85% vs. OSAP at 7%

 

Please don't hesitate to contact me if your have any questions.

 

Best Regards,

 

Adam,

 

Adam Bonnell

Manager Business and Professional Banking

                                            

Scotiabank | University Plaza

101 Olser Drive, Unit #138, Dundas, Ontario, Canada, L9H 4H4

 

T 1.905.627.9211 EXT 4300 F 1.905.627.2977

Adam.Bonnell@scotiabank.com

scotiabank.com

Scotiabank is a business name used by The Bank of Nova Scotia

Are you able to comment on the repayment options?

 

Some banks have minimum %s of outstanding balance to be paid when in repayment mode. CIBC is 3% and TD is 1%. 

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