Guest Lorae Posted July 6, 2003 Report Share Posted July 6, 2003 I guess the future medical students of Canada are now left to choose between the scotia bank and bank of Montreal Lines of credit for medical school mdm.ca/md/solutions/index...language=E Link to comment Share on other sites More sharing options...
Guest MayFlower1 Posted July 6, 2003 Report Share Posted July 6, 2003 Lorae, Actually, there are a few other sources for a LOC...my preferred was actually Royal Bank...MD Management is now also offering a line of credit for medical students. Peter Link to comment Share on other sites More sharing options...
Guest mying Posted July 6, 2003 Report Share Posted July 6, 2003 I believe MD Management's plan was the Citibank plan. Hence, what's being said here is that MD Management is hastily getting back out of the financing medical students business. Darn. I shouldn't have dragged my feet, and should have jumped over a few months ago when I was thinking about it. I could seriously use that extra 5K a year, just for safety... with the 25K/year, I'm barely scraping by. Link to comment Share on other sites More sharing options...
Guest MayFlower1 Posted July 6, 2003 Report Share Posted July 6, 2003 Oh, I'm sorry about the MD Management thing...that's too bad...I didn't realize it was through citibank... By the way, mying, who are you with? I have first-hand experience doing business with the Royal Bank and found that they were more than willing to be flexible on the amount per year. My understanding (at least in my case this was true) is that you just have to provide them with good evidence that you are in need of more/year and they will give it to you. I was promised, in writing, over 50K for my first year should I have been accepted in meds this year. Peter Link to comment Share on other sites More sharing options...
Guest UWOMED2005 Posted July 8, 2003 Report Share Posted July 8, 2003 Be careful with Royal! They might give you $50k for year 1. . . but then they'll give you a lot less for years 2,3 and 4. Link to comment Share on other sites More sharing options...
Guest mying Posted July 8, 2003 Report Share Posted July 8, 2003 Mayflower1, I'm with BMO. I have to set up a meeting with them real soon to get the next "installment" and to sort out various changes in financial status (no longer qualify for OSAP, etc.) and I plan to raise a few points and hope to see it extended a bit more than the initial agreement... Fingers crossed for it, anyways. We can pull through with it the way it is, but it would be nice to have more wiggle room and just-in-case. Link to comment Share on other sites More sharing options...
Guest MayFlower1 Posted July 8, 2003 Report Share Posted July 8, 2003 UWOMED2005, Actually, perhaps my case was somewhat different, however, they offered me 55K for year one...and then up to 30K for the next three years...so, yes, somewhat less in the 2nd to 4th years, however, not too bad in my case as we have other income...although, even if I didn't have income from my wife...30K per year could definitely suffice, albeit slim pickins... Anyway...point well taken... Peter Link to comment Share on other sites More sharing options...
Guest UWOMED2005 Posted July 8, 2003 Report Share Posted July 8, 2003 Yes, your situation would have been different. But it does illustrate one of the pitfalls of the RBC LOC - it's easy to borrow too much in year one, then not have enough to finish. Link to comment Share on other sites More sharing options...
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