Funding Med School

[ScotiabankMedsAdvisor]

I just wanted to say congratulations to everyone that was accepted yesterday. If you would like any advice or information on professional lines of credit please feel free to contact me.  Regardless of your current location in Canada I am able to assist in setting up your financing.

Scotiabank is the #1 choice of Schulich Med Students for their professional banking needs. Over 60% of the existing Schulich medical students have chosen Scotiabank to advise them.

[MD2B2019]

Hi, some questions,

 

1. I live in Ottawa, will study MD in the Prairies or USA, can you help me setup LoC at Scotia bank without visiting you in London, Ontario ?

2. Do I need my parents to co-sign this LoC ?

3. Can I have this LoC account setup as all-in-one account? That I can write checks and pay utilities, interest directly from this account ?

4. Is there any different for this LoC account if I went to USA study MD instead of in Canada ?

 

Thanks.

[ScotiabankMedsAdvisor]

1. If you are going to a Canadian school a co-signer is not required unless there are credit issues.  We do require co-signers when attending medical school in the states.

2.You can write cheques directly from the loc and the interest goes on top of your balance each month so you aren't required to make a payment.  I would advise that your utility payments be put on your rewards credit card as automatic payments.  This way you accrue points.  You just need to ensure you pay it off in full on a monthly basis.

3.The only real difference is the fact that you will need a co-signer.  Most students that go to the US to study will also end up opening a bank account at a bank in the US as well.

[MD2B2019]

Great, one more question, can I use MD school's acceptance letter to open this LoC account now or I need to wait until I got MD school's enrollment letter later in August ? Thanks.

[RichardHammond]

Hey! Thanks for the information about your services. I have a question. Are there pros and cons to having the LoC from the same institution as my primary bank account and credit card?

[ScotiabankMedsAdvisor]

Great, one more question, can I use MD school's acceptance letter to open this LoC account now or I need to wait until I got MD school's enrollment letter later in August ? Thanks.

We can use the acceptance letter to get the approval in place.  As far as giving access to the funds we can advance a small portion of the line of credit with just the acceptance letter.  I can't speak for other universities as the majority of my dealings are at Western.  We can obtain proof of enrollment once you have accepted your offer and put down your deposit.  Once we have the proof of enrollment we can make the rest of the funds available.

[ScotiabankMedsAdvisor]

Hey! Thanks for the information about your services. I have a question. Are there pros and cons to having the LoC from the same institution as my primary bank account and credit card?

I would say it is better to have everything within one institution.  It makes your banking a lot more streamlined and straightforward.  You are going to be busy enough with your studies so making things convenient is important.  The beauty of the plan is that it comes with a free unlimited chequing account and a travel rewards card with the fee waived throughout your entire 4 years of school and residency/fellowship. 

[hanxwang]

Does anyone take loans from organizations other than banks, or does Scotiabank trump? For example the CMA MD Financial Management loan that was mentioned in the OMA Welcome Letter.

http://www.schulich.uwo.ca/medicine/undergraduate/docs/admissions/OMA_Welcome_Letter.pdf
 

Thanks for taking the time to answer our questions. 

[rmorelan]

Does anyone take loans from organizations other than banks, or does Scotiabank trump? For example the CMA MD Financial Management loan that was mentioned in the OMA Welcome Letter.

 

http://www.schulich.uwo.ca/medicine/undergraduate/docs/admissions/OMA_Welcome_Letter.pdf

 

Thanks for taking the time to answer our questions. 

 

actually that is just another LOC which ultimately is coming from another bank that MD Financial is partnered with.

 

Have to say I think that might be a bit of dirty pool there as it were sending that out. MD Financial is just another for profit organization (granted it is owned by the CMA) - was there advertising sent out from all the other banks in the info package as well? Why have one company allowed to present just a single view? You might get the false impression that they are somehow special - but they really aren't. Same as anything else - ask around, look for yourself, and come to an informed decision

[ScotiabankMedsAdvisor]

Does anyone take loans from organizations other than banks, or does Scotiabank trump? For example the CMA MD Financial Management loan that was mentioned in the OMA Welcome Letter.

 

http://www.schulich.uwo.ca/medicine/undergraduate/docs/admissions/OMA_Welcome_Letter.pdf

 

Thanks for taking the time to answer our questions. 

The odd person does take loans from other organizations such as MD Management.  It seems to be a rare occasion however as the plan doesn't match what we can offer.  As rmorelan stated make sure you get the information and make an informed decision.  I feel the majority of Western students choose Scotia because of our product having perks that no other bank can match.  This on top of the excellent service we provide has made us the choice for the majority of existing Schulich students.

[toxscreen]

 I feel the majority of Western students choose Scotia because of our product having perks that no other bank can match.  This on top of the excellent service we provide has made us the choice for the majority of existing Schulich students.

Could you kindly elaborate on what these exclusive Scotia perks are?

[ScotiabankMedsAdvisor]

It's a combination of a bunch of things.  The other banks will offer some of these things but not all of them in combination.

1.Unlimited Chequing Account for free throughout school & residency/fellowship

2.Unlimited free cheques throughout school & residency/fellowship

3.Either the Scotia Gold Passport or the Gold American Express with the fee waived for the duration of school & residency/fellowship.  Most banks offer basic card with plan or travel rewards card but only waive fee for 1 year.

4.With our plan you are not required to make monthly interest payments.  The interest simply gets added onto the balance each month.  Other banks require you to physically make an interest payment each month.  This is a convenience issue as if you forget to make the payment it adversely affects your credit.

 

These are some of the main perks that vary from other banks.

[ScotiabankMedsAdvisor]

In my discussions with customers I have had a lot of people ask me if they should just go to the branch in their hometown to set up the professional line of credit.  It is very important to make sure that you deal with somebody that specializes in Medical Financing.  This way you are sure to get the proper advice and are guaranteed to get all of the perks that you are eligible for.  If you are coming to Western I am able to set everything up regardless of where you are located in Canada.

[ScotiabankMedsAdvisor]

We had an update to our program today that now allows us to do a 10,000 credit limit for credit cards.  This will allow us to offer the Scotia Gold Passport and Gold American Express cards.  Both cards would come with the fee waived for the entirety of your four years of school as well as residency/fellowship.

[Let'sGo1990]

We had an update to our program today that now allows us to do a 10,000 credit limit for credit cards.  This will allow us to offer the Scotia Gold Passport and Gold American Express cards.  Both cards would come with the fee waived for the entirety of your four years of school as well as residency/fellowship.

 

Do existing clients who already have the LOC receive the credit limit increase?

[ScotiabankMedsAdvisor]

Do existing clients who already have the LOC receive the credit limit increase?

Sorry for the delay I had to look into this.  All existing customers are eligible for the increase.  It won't happen automatically however.  If anyone wishes to increase the limit of the card or get a second card they would need to talk to their advisor and sign documents for the increased limits.