JohnGrisham Posted April 15, 2015 Report Share Posted April 15, 2015 I always see hearsay that banks will increase your LOC if it comes up that you are running out near the end of school etc, but is there anyone who is currently or was a US medical student, actually get that increase?275K CIBC LOC, is the highest i've seen off the bat - but even that won't be enough in conjunction with Provincial/Federal student loans. Add to the fact that it would be nice to actually have room on the LOC to absorb the provincial loans once medical school is done, since they have higher interest rates etc. Thoughts and experiences? Link to comment Share on other sites More sharing options...
GGGSaint Posted April 17, 2015 Report Share Posted April 17, 2015 Hi Gohan, It's a limited sample size (n = 1) but I have seen a bump up from 275K to 350K for a graduating Canadian medical student in a US school just this past year. That was (350) what he requested the bump up for and I believe it required an employment letter (which is easy to get from whatever residency you match into in March). Link to comment Share on other sites More sharing options...
rmorelan Posted April 17, 2015 Report Share Posted April 17, 2015 Hi Gohan, It's a limited sample size (n = 1) but I have seen a bump up from 275K to 350K for a graduating Canadian medical student in a US school just this past year. That was (350) what he requested the bump up for and I believe it required an employment letter (which is easy to get from whatever residency you match into in March). we all have to provide that letter actually you have to prove you are in residency each year to continue having the LOC. Link to comment Share on other sites More sharing options...
JohnGrisham Posted April 17, 2015 Author Report Share Posted April 17, 2015 Hmm so once you secure a residency you can get it bumped up? As in, get it bumped up before residency starts right? That way one could move over the student loans to the local and save on interest... Ever hear of anyone getting it bumped up beggining of 4th year, due to running out of $$ to pay tuition lol. As you can see I like to plan for worst case scenarios( and would rather not have to resort to borrowing cash flow from my family members). Link to comment Share on other sites More sharing options...
GGGSaint Posted April 17, 2015 Report Share Posted April 17, 2015 we all have to provide that letter actually you have to prove you are in residency each year to continue having the LOC. Hi my friend, been a while! On a different topic, a very belated congratulations on Ottawa Rads!! Link to comment Share on other sites More sharing options...
GGGSaint Posted April 17, 2015 Report Share Posted April 17, 2015 Hmm so once you secure a residency you can get it bumped up? As in, get it bumped up before residency starts right? That way one could move over the student loans to the local and save on interest... Ever hear of anyone getting it bumped up beggining of 4th year, due to running out of $$ to pay tuition lol. As you can see I like to plan for worst case scenarios( and would rather not have to resort to borrowing cash flow from my family members). Unfortunately I don't think a bump can be done beginning of M4 since there is no employment secured but am not sure about this. Link to comment Share on other sites More sharing options...
JohnGrisham Posted April 17, 2015 Author Report Share Posted April 17, 2015 Unfortunately I don't think a bump can be done beginning of M4 since there is no employment secured but am not sure about this. That would make sense, wishful thinking Link to comment Share on other sites More sharing options...
rmorelan Posted April 17, 2015 Report Share Posted April 17, 2015 Hi my friend, been a while! On a different topic, a very belated congratulations on Ottawa Rads!! Thanks! Link to comment Share on other sites More sharing options...
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