Guest acropolistica Posted June 9, 2004 Report Share Posted June 9, 2004 This is to all the current medical students: Which line of credit are you using right now, and what do you think of it? Any other info, such as you switching lines of credit for any reason, or which bank is better to work with, would be helpful as well. AC Link to comment Share on other sites More sharing options...
Guest walkorbike Posted June 9, 2004 Report Share Posted June 9, 2004 Hi, acropolista, I posed a smiliar question a while back and got some helpful replies...Haven't done much else yet though! Hfx area LOC contacts All the best, -walkorbike Link to comment Share on other sites More sharing options...
Guest CaesarCornelius Posted June 9, 2004 Report Share Posted June 9, 2004 Hey Acro, It really depends on what you consider important. For me CIBC was the best choice. MD management has a good LOC as well (lots of $$$). It comes down to things like - 1) credit card they give you 2) how much life insurance costs (required because they give you so much money 3)what bank you're at now 4) banking fee's 5) paying principle during or AFTER residency. Those are the things you should be asking. CIBC is great b/c they don't work on commission and so they are really nice.. Unlike Royal (IMHO). There will be more on the 2008 orientation website. CC Link to comment Share on other sites More sharing options...
Guest wannabe Posted June 20, 2004 Report Share Posted June 20, 2004 I have read all the helpful info posted about lines of credit and what different banks offer. I'm wondering if an LOC is the only way to go, or can med students still get canada and provincial student loans like we did during undergrad. Does anyone know? Link to comment Share on other sites More sharing options...
Guest CaesarCornelius Posted June 20, 2004 Report Share Posted June 20, 2004 HEy wannabe Definitely get a canada student loan! The applications are available now online. The thing is, the majority of med students (as far as I know) use a combination of canada student loan + LOC to pay for tuiton ($12000) and then use the rest of the LOC to pay for rent/food etc.. Sure you COULD work and offset some of the debt, but you would be sacrificing time from schoolwork.. which may turn out bad in the end. The amount of time you would have to work to offset any significant debt (unless you had some super job) is way too much. School = $12000 Rent/Food = $15000 (low estimate) Books/Supplies/INstruments/random fees = $3000 Utilities/Other = $2000+ So you can see that working 10hrs a week @ 6/hr would gget you about $2500 for the school year, and working 20hrs then would get you $5000.. Ok so $5000 is great, BUT now you have spend 20hrs at work insted of studying. IMHO you don't have your priorities straight. The other negative is that now you have made $5000, your canada student loan will be $5000 less. Or so.. WHy bother. My best advice is to work during the summer, study during the school year. Some people go crazy with their LOC.. Don't buy a car (unless you HAVE to). Eat like a poor student and you should be fine. You are going to be making 40-50K as a resident and then higher than that as a physician, so don't worry about being able to pay it back. You have a Guaranteed job. Rant over. CC Link to comment Share on other sites More sharing options...
Guest wannabe Posted June 20, 2004 Report Share Posted June 20, 2004 Thanks for clearing that up CC. Link to comment Share on other sites More sharing options...
Guest walkorbike Posted June 22, 2004 Report Share Posted June 22, 2004 Hi, all, Just bringing this up to add that there IS an MD Management/National Bank med. ed. consultant in Halifax. I haven't had a meeting with him yet, but I hope to soon. Mr. Scott Fraser is at 5675 Spring Garden Road, phone 1-800-565-1771 or 425-4646. All the best, -walkorbike p.s. Edited to remove some of my interpretation of what MD Mgmt offers, which may not have been entirely accurate since I am not a financial maven. I did find Scott very helpful over the phone and the National Bank counterpart also was brisk and good. Thanks. Link to comment Share on other sites More sharing options...
Guest CaesarCornelius Posted June 22, 2004 Report Share Posted June 22, 2004 Scott Fraser is a very nice and approachable consultant. Their office is in park lane mall, and their LOC is certainly one of the best. MD management was created by physicians for physicians and their family. Its a fantastic operation. CC Link to comment Share on other sites More sharing options...
Guest eJaya Posted June 23, 2004 Report Share Posted June 23, 2004 CC you are on the ball. I check this every morning to see if there's something to answer...and there never is! Thanks! Link to comment Share on other sites More sharing options...
Guest CaesarCornelius Posted June 23, 2004 Report Share Posted June 23, 2004 Thats what happens when you are working on a computer with internet. "Hmm, break time. lemmie check to forum." Also, I have been getting up really early, I like the afternoons to catch some rays, so that's probably another reason. Ok ejaya, im sure there is something you could add! And you too 17, BCgirl!! CC Link to comment Share on other sites More sharing options...
Guest CaesarCornelius Posted April 12, 2005 Report Share Posted April 12, 2005 Thought I would float this up to the top. CC Link to comment Share on other sites More sharing options...
Guest nby Posted April 12, 2005 Report Share Posted April 12, 2005 I found this off the site for incoming med students and personally found it the best resource. I was considering CIBC but decided to go with royal, the guy I delt with was named Dan Allain (421-4663) on Quinpool and I found him amazingly helpful (but all bankers turned out that way when they read the letter of acceptance) www.med.ubc.ca/md/financi...ce/LOC.htm PS - if you decided to go the same way I did, tell Dan I (p.m. me) sent you, that gets me $100, which I am more than willing to even split with you on a good night at the gradhouse Link to comment Share on other sites More sharing options...
Guest acropolistica Posted April 19, 2005 Report Share Posted April 19, 2005 Best thing to do is avoid an LOC if you can. If this means begging your parents/uncles/aunts/other family members for cash, then do it! Pay them back once you're making money in the field. In the long run, you'll be paying less interest(and even if you do arrange an interest payment, it would be going to someone you care about/respect rather than a heartless bank) That's the first thing you should do when deciding on payment options. Also, you should DEFINITELY get a student loan before an LOC. Student loans do not accrue interest until graduation, whereas the minute you dip into an LOC the interest builds. If at all you can't avoid getting an LOC, then you're going to have to shop around to get one. Since I have avoided getting one so far, all I can say is be careful and take the one that COSTS YOU LESS. Don't pay any attention to anything but the numbers. Treat yourself as a business. Link to comment Share on other sites More sharing options...
Guest nby Posted April 19, 2005 Report Share Posted April 19, 2005 acropolistica, if its not too personal to ask, do you live with your parents? do you own a car? i'm trying to do my budgetting only on gov't loans, and i think i can pull off the first two years (when I do not need a car) if i live pretty ghetto in a cheap place, but after that, I cannot see how it's possible... Link to comment Share on other sites More sharing options...
Guest 1drwmn Posted April 21, 2005 Report Share Posted April 21, 2005 Bottom line..... Get as much from bursaries and student loans. THEN when the necessary evil of financing a medical education rears it's head (Line of Credit) be sure to get your interest rate prime. Go in to see the MD Management Financial Consultant (the company is owned by the Canadian Medical Assocication) They will help you plan out your finances. It's free and highly recommeded to med students by med schools and other docs. It's crazy how much things cost, they help alot. BFN! Link to comment Share on other sites More sharing options...
Guest acropolistica Posted April 21, 2005 Report Share Posted April 21, 2005 Hello nby, I don't live with my parents, nor do I own a car. I live quite close to the medical school actually. Since I'm a guy, I'd have to pay ridiculous amounts of insurance to drive. Factor that in with insane gas prices, parking, and upkeep, and it turns out living close to the school and paying the extra 100-200 a month in rent is more feasable. Also, nby, you seem concerned about transportation during 3rd/4th year. Since most of the teaching hospitals are in the vicinity of the med school, getting a car shouldn't be necessary. Living with parents is a great deal if you can take the lack of privacy that usually goes with it. However, if its gonna save you 7000 bucks/year its a good deal. 1drwmn made a good point about MD management. They can help you keep your finances straight without a fee. But when it comes to student lines of credit(your last resort!), I can't stress enough that the banks are in it for the money. You have to treat yourself as a business at that point: in other words, be selfish! Do the long term math and take the one that will cost you the least in the long run. Get the best deal. Shop around. The banks want you, so you do have the opportunity to make deals. No matter how nice the representatives are, or how many free penlights and keychains you get, you are not obligated to them in any way. So, off the top of my head, the order I would suggest where you get your finances from would go like this: 1.yourself 2.bursaries(don't expect much. Dal is stingy) 3.parents/family members 4.student loans(canada and provincial) 5.LOC( it MUST be at prime. If they're charging you more, tell them you're going somewhere else. They'll change their tune pretty quick) And to reiterate CCs post above, working at a job during med school is not a wise thing to do. The workload of medicine is heavy, and balancing it out with a part-time job means you will have to sacrifice time you would've used to study/relax to work. You'll be over-stressed, and you won't enjoy your time in med school. Link to comment Share on other sites More sharing options...
Guest nby Posted April 22, 2005 Report Share Posted April 22, 2005 thanks, yeah, I'm trying to float on savings from the summer and govt loans. I actually am going to MUN, but am working for Dal now and did my undergrad here so I still ask alot of opinions here. thanks for the advice dude, I did find a line of credit at prime (that was easy, for $150k, with no life insurance as i am swingin single) I also hear disability insurance is cheaper and better discussed as a first year medical class together in O week. So basically I don't plan on touching my LOC until 3rd year I guess I really only wanted to say thanks for letting me know it is possible to live off slight savings and govt loans, I was having doubts thanks Link to comment Share on other sites More sharing options...
Guest acropolistica Posted April 22, 2005 Report Share Posted April 22, 2005 Nby, this year we could get free life insurance through the OMA. So, if it is offered to you guys next year, you can cut from the plan you're on and save more money. ...on another note, something about life insurance just bugs me.... It's basically the insurance leeches saying:"I bet you that you won't die. If you do, I lose. If you don't, I win!" Link to comment Share on other sites More sharing options...
Guest nby Posted April 22, 2005 Report Share Posted April 22, 2005 on that - at Royal when i got my loan, i had to go out of the way to not get life insurance, it was assumed and not discussed I wanted it. you should have seen the look on the face of the banker when i explained i have no dependents "so i don't mind leaving a giant debt ridden corpse and leaving your bank holding the bag" but after he got his feet back he agreed it was the intelligent thing to do... Link to comment Share on other sites More sharing options...
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