Guest dr octopus Posted July 17, 2003 Report Share Posted July 17, 2003 HTML Comments are not allowed Link to comment Share on other sites More sharing options...
Guest CaesarCornelius Posted July 17, 2003 Report Share Posted July 17, 2003 Hey DrOcto You must be typing in something that ezboard recognizes as HTML. leave out any thing with < or > in it, try again! Im interested to read your post. CC p.s. Do you scuba dive? Link to comment Share on other sites More sharing options...
Guest dr octopus Posted July 17, 2003 Report Share Posted July 17, 2003 Sonuva! Alright, lemme try to fix this. Oh, and yeah, I SCUBA dive. Link to comment Share on other sites More sharing options...
Guest dr octopus Posted July 17, 2003 Report Share Posted July 17, 2003 Okay, I spent WAY too long visiting banks and talking with people, but I thought I'd share some of the more pertinent points of my (hard) work: Royal Bank: -up to $125K over 4 years, but that's total indebtedness (i.e. if you currently have loans or credit cards or whatnot equalling, say, $25K, you can only get $100K) -interest over the course of your education is, of course, at prime, and you must make these interest payments every month; anyone with current LOCs used to having the LOC parasitize itself, can't happen with RB - you HAVE to make a payment (although this can be as simple as taking some out to put some back in...not a big deal, but a little hassle) -repay the loan starting 6months after you finish (they weren't very specific about after the 4-yr MD or your residency), and repay over 10 years @ somewhere between prime and prime + 2 (I was quoted prime + 1 as likely) -their credit cards are pretty decent; there are a number of options, all with good (i.e. high) limits - interest rates are around 18.9%; included in the list of cards is their no-fee platinum ($5K limit, but not too many perks) or the option to have half of the initial fee for their Avion card waved (leaving you to pay $50-$60, I think)...this card is sort of like the CIBC Aerogold VISA -they waive the first 6mo or 1yr worth of bank fees; after that, it's $3.50/mo (which includes internet and phone banking) CIBC: -$80K over 4 years, but if you have existing debt, it's not held against the overall value of your LOC; if that push for $100K/4yrs goes through, that would be awesome -credit card is only $1K limit, but you get three options for your card...meh... -start repayment of loan one year after you're all done (I assume your residency), and you can set up a schedule to repay up to 20-25 years long (why anyone would want to repay for that long, I don't know); repay at prime + 1 -waving of bank fees -now, the interest payment side of things is where CIBC really caught my attention...it's charged at prime (pretty standard) BUT the personal banker I spoke with said that they would make dummy payments for your interest each month while you're in your degree, i.e. if your monthly interest payment was to be, say, $30, on your records you'd see a $30 withdrawal made for the interest (i.e. parasitic), but then a credit of $30 placed back in your account...i.e. no interest is really charged over the course of your MD degree, so it's kinda like a student loan in that way...I don't know if this benefit is extended into your residency, but still...that's awesome... ScotiaBank: -$25K/yr; current debt is not held against the $25K/yr, BUT, depending on the length of your residency, at the end of it, they only want to support a TOTAL INDEBTEDNESS of $135-$145K (which isn't really a problem, per se, as you're paid during your residency) -they SAY the rate of interest is prime + 0.25, but they'll give you prime if you ask for it (otherwise, why go?) -loan can be parasitic on itself (if you want your monthly interest payments to be made out of the LOC, that's fine...just don't forget, you're then, in theory, going to pay interest on interest...) -no repayment until after residency; normally start repayment 6mo after your residency is done, but they are slightly flexible; if you repay over 10yrs, you repay at the rate at which your LOC was secured (i.e. possible repayment at prime); max repayment schedule is 15yrs, but then rate increases by 0.5% above whatever rate you secured for your LOC -bank fees are $2.95/month for standard services + credit card with $3K limit; premium is $9.95/month, which is basically the same as standard, except you get a no-fee Gold card with a $5K limit and standard gold-card perks (car rental insurance, etc.)...I was told that most go with standard for years 1-3, but then switch to premium for the benefits and increased limit of the Gold card for year 4, when you're doing all your travelling for residency interviews, etc. -something ScotiaBank was quick to point out to me was their life insurance plan; I was told that with these LOCs, banks need a life-insurance policy taken out in your name; ScotiaBank offers one with a single, annual fee of $0.60 per $1000 of LOC you've used (non-smoker) or $1.00 per $1000 of LOC you've used (smoker)...SB was also willing to accept if you have life insurance NOT through them, as long as it was made out to them; it was pointed out to me that other banks have similar policies, but they cost around $0.25 per $1000 of LOC used per MONTH (not annually, like SB)...I still have to do a little more research on this -at the end of your degree, when your student loans start to be called in, SB is willing to help you consolidate your loans, so that you can repay at the end of your residency, and not right away ***all of the above banks don't require cosignors/guarantors for the loans listed above...ScotiaBank was willing to LOOK AT increase limits, but you'd need a cosignor TD: -$12K/yr charged at prime + 1 and you need a cosignor...don't even waste your time (and I've been a TD customer for, like, 7 years) Don't forget that the banks also come to Dal in the Fall to try to woo your business - basically, they figure professional students are well on their way to becoming big earners, so they treat you like gold to try and get you with them for your lifetime. Hope all this info helps everyone. Link to comment Share on other sites More sharing options...
Guest CaesarCornelius Posted July 17, 2003 Report Share Posted July 17, 2003 Excellent summary Dr.Octopus. i don't think we'll get any more information then that during the orientation week (which, by the way is mandatory... According to tracy). I guess Ill just have to quit my summer job... oh well (*insert sarcastic tone here*).. CC p.s. Im trying to figure out if I know you, do you work at the IWK? Link to comment Share on other sites More sharing options...
Guest dr octopus Posted July 17, 2003 Report Share Posted July 17, 2003 CC, Nope, don't work at the IWK...sorry. But if you went to Dal (sorry, not all "read up" on these posts), chances are.... Link to comment Share on other sites More sharing options...
Guest arcticaguy Posted July 18, 2003 Report Share Posted July 18, 2003 dr Octopus, that should be printed and distributed to the class. It's much more useful than the actual session was last year! Thanks! Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted July 19, 2003 Report Share Posted July 19, 2003 That's some fine work Dr. O. Thanks! Ian Link to comment Share on other sites More sharing options...
Guest peachy Posted July 19, 2003 Report Share Posted July 19, 2003 -now, the interest payment side of things is where CIBC really caught my attention...it's charged at prime (pretty standard) BUT the personal banker I spoke with said that they would make dummy payments for your interest each month while you're in your degree, i.e. if your monthly interest payment was to be, say, $30, on your records you'd see a $30 withdrawal made for the interest (i.e. parasitic), but then a credit of $30 placed back in your account...i.e. no interest is really charged over the course of your MD degree, so it's kinda like a student loan in that way...I don't know if this benefit is extended into your residency, but still...that's awesome...Am I reading this right? Are you saying that CIBC offered you a loan where you pay NO interest until you graduate? This sounds "too good to be true" ?? Link to comment Share on other sites More sharing options...
Guest CaesarCornelius Posted July 20, 2003 Report Share Posted July 20, 2003 Yeah peachy, that part is incorrect. I got my PLC with CIBC and it is true that they will make dummy payments for you, but you are basically delaying the interest payments, and then paying interest upon interest. Kim Morash (the only CIBC person who is able to do these PLC's, BTW they don't work on commission) made up a budget plan with me, and concerning the interest she calculated that into the PLC. See below. 15,000 @ 5% = $750/year in interest So my budget goes something like this: Rent = $x Food = $x pony rides = $x AND + Interest = $750 ---------------------- = 15,000 SO, basically I am really only going to be able to use 14,250 per year (which is going to be changed to 20,000 soon apparently) and the other 750 is for the interest. I am quite certain that this is the same at the other institutions, however it appears to me that at royal you actually have to make the interest payments yourself. Now whether that means making a withdrawal of $50, and a deposit of $50... Well then.. Basically with CIBC they are just saving you some time, but you DO still have to pay interest, just later. I hope my midmorning sunday rant is coherent. |I CC Link to comment Share on other sites More sharing options...
Guest dr octopus Posted July 20, 2003 Report Share Posted July 20, 2003 Yeah, I figured that sounded pretty sketchy, and, more importantly, too good to be true. That definitely makes more sense with the dummy payments more or less culminating in a lump-sum yearly payment made back to the bank. Good ol' banks, only explaining as much as they need to at the time. CC, did you get any info on any form of life insurance you have to pay with CIBC (i.e. the $0.60 per $1000 used, per year paid with ScotiaBank, or maybe $0.25 per $1000 used, per month that was given to me as an example)...you know, so they don't lose their "investment" if you die? Glad I have that info; that saves me a phone call I was going to have to make, and it definitely shakes things up. Apologies to all who I led astray; guess I just asked one question too few when I visited. So, I guess in terms of interest payments, based on this info, the three banks look, more or less, like this: ScotiaBank: monthly payments, parasitic out of the LOC if you wish Royal Bank: monthly payments, must ACTUALLY make a payment (could be as simple as withdrawing, then re-depositing, in the LOC account) CIBC: monthly dummy payments are made by the bank (i.e. funds withdrawn and then re-deposited in account), and there is an annual payment parasitic on the account, leaving it with a cap of 95% of its actual value; although I'm uncertain what billing procedure they'd use for this payment, I assume that it is obviously reflective of the actual amount used, i.e. if, instead of using all $15K and, as part of that, having a bill (or whatever) of $750 for interest, you used $10K, the interest payment you would have included in that would only be $500 Think I'll call CIBC just to double-check, but the picture is definitely clearer now. Dr.O Link to comment Share on other sites More sharing options...
Guest CaesarCornelius Posted July 21, 2003 Report Share Posted July 21, 2003 Hey Dr.O, You are correct about the interest with CIBC. If you only use 10K you only pay $500 in interest, but when we did the budget she just made the scenario that I would use it all. I can't remember right now exactly what the life insurance policy was, I think it was .25/1000/month. But I will have to look at it when I get home. She said that most med I,II,III,IV's use the banks life insurance policy, but when you become a resident there are better policies through the hospitals you are working in. CC Link to comment Share on other sites More sharing options...
Guest Natalie Posted July 21, 2003 Report Share Posted July 21, 2003 Quote: "Royal Bank: monthly payments, must ACTUALLY make a payment (could be as simple as withdrawing, then re-depositing, in the LOC account)" -- I just set up my Royal LOC this morning, and they actually make an automatic interest payment for you every month from the LOC (you decide what day of the month you want it to come out). They waive the 1st year of bank fees (ie. $3.50 student banking package is free). Life & disability insurance is $1.19/1000 but you can also set it up through an outside insurance agent if you choose. Link to comment Share on other sites More sharing options...
Guest dr octopus Posted July 21, 2003 Report Share Posted July 21, 2003 That's excellent that they can set up auto-payments of your interest; I was told they couldn't when I went to speak with them. Question: Was the $1.19/$1000 per month or per annum? Any difference for smokers/non-smokers? Link to comment Share on other sites More sharing options...
Guest Natalie Posted July 22, 2003 Report Share Posted July 22, 2003 The $1.19/1000 is on your outstanding monthly balance, I believe. I didn't ask about smokers.. and my banker didn't ask me. Link to comment Share on other sites More sharing options...
Guest CaesarCornelius Posted April 21, 2004 Report Share Posted April 21, 2004 I thought I would resurface this thread. Note: This information is 1 year old, but it is still relevant. Also, the CIBC LOC is now 25,000/year. (CIBC IS THE BEST) CC Link to comment Share on other sites More sharing options...
Guest caperchic Posted April 23, 2004 Report Share Posted April 23, 2004 Has anyone had any experience with the Bank of Montreal? No one has mentioned it, but I was on the website and the deal looks pretty similar to CIBC. Any insights?? Link to comment Share on other sites More sharing options...
Guest DrFirepower Posted April 23, 2004 Report Share Posted April 23, 2004 actually I was just over there today. they didnt really say anything that wasnt on their website, but heres the deal. You can get 25k x 4 years, then 12.5k for two years in residency (all at prime). You can get higher if you get mommy or daddy to cosign. This is pretty good for no arguing with them, but heres the downside, theres none of the perks! No credit card, you still pay bank fees like the rabble, generally no icing on the cake. The writing on the wall is that prime will go down to 3.5 next week, so go book your appointments now! Link to comment Share on other sites More sharing options...
Guest caperchic Posted April 27, 2004 Report Share Posted April 27, 2004 If you go to the bank now and set up your LOC, do you have access to the funds now or do you have to wait until you're a registered student? Also, just wondering what bank most students are deciding to go with. Scotia, CIBC and BOM all seem the same. Anyone know of any glaring differences that make one more attractive than the other? Link to comment Share on other sites More sharing options...
Guest CaesarCornelius Posted April 27, 2004 Report Share Posted April 27, 2004 Hey 1) They give you a bank card right away at CIBC, but Im fairly certain that is the same for all of the banks. 2) It is really a personal decision. Here is my rationale for picking CIBC (which I think a lot of people went with) - 25,000/4years with an extra 20K in year 4. - Prime interest rate - No bank fees - Interest payments are made right from the LOC - They are really nice OH yeah, I just remembered that MD management has decided to offer a line of credit. MD management is a wicked business. THink of it like a bank setup by physicians, for physicians. They give you free advice. They are associated with the national bank and offer a LOC. It is very similar to CIBC (no credit card, but why do you need one anyway??). The ONLY trouble with this LOC is that there are only 2 atm's in the city. So what the MD management guy told me was that I could write myself a cheque every month (ie: kind of like a paycheque) and deposit it into my own bank account. But thinknig back, this would be a bit of a hastle. If you really need a LOC now, go get one. they are basically all the same. They have no problem talking to you. Do not go to banks in your home town, they have no idea about this. Go to halifax banks near the med school. There is a bank presentation on one of the days during o-week if you want to wait. Your buddy could also give you good advice (especially if you get me as a buddy). CC Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted April 27, 2004 Report Share Posted April 27, 2004 Do not go to banks in your home town, they have no idea about this. Go to halifax banks near the med school.This is the most important point. The banks near the medical school most likely have individuals who have dealt with med students on a regular basis over the years, and are well-informed on this line of credit (which isn't offered to the general public). Usually, you get a lot of discussion and help on this topic at orientation time (bank reps come out, lots of classmates and upperclassmen to give advice, etc). If you want to get cracking on it now, probably the easiest way to do it would be to call up each bank (the branches that are physically closest to the medical school are probably your best bet), mention that you are an incoming medical student, and ask if they know about/offer a medical student line of credit. I know that at UBC, the Bank of Montreal guys had a printed package with descriptions of the loan terms, etc. Usually, they'll be more than happy to set you up with an appointment to come in and discuss the LOC that they are offering. Ian Link to comment Share on other sites More sharing options...
Guest Ticket Posted May 1, 2004 Report Share Posted May 1, 2004 In regards to Dr. Firepower's info on BOM, they told me they would provide a mastercard and cheques with the LOC, and a cosigner is not required (except in extreme cases). Hope that helps... -ticket Link to comment Share on other sites More sharing options...
Guest lex Posted May 4, 2004 Report Share Posted May 4, 2004 check out the following link for a summary of the LOCs available. www.med.ubc.ca/md/financi...ce/LOC.htm Link to comment Share on other sites More sharing options...
Guest walkorbike Posted May 26, 2004 Report Share Posted May 26, 2004 Hi, everyone, there's a lot of helpful info here. I am heading out west for school, but hoping to talk to a few banks here in Halifax first, maybe transfer later if their terms are nice. So I wondered which people at what branches were the best folks to deal with. Caesar, you had mentioned Kim Morash. Is she or he at the Spring Garden road branch of CIBC? Does anybody else have a beloved bank figure to recommend? A Royal Bank contact? Do we even have Bank National here?? Thank you so much. -walkorbike Link to comment Share on other sites More sharing options...
Guest Cowboy Mouse Posted May 26, 2004 Report Share Posted May 26, 2004 hi walkor, i dealt with Mandy Mcleod at the RBC branch on spring garden, she was very accommodating, and i really liked rbc's terms. no national bank in halifax. typing is a real pain as i broke my finger playing soccer. cm. Link to comment Share on other sites More sharing options...
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