Guest MD2006 Posted July 5, 2002 Report Share Posted July 5, 2002 Hey everyone, as I was looking into the RBC credit line, I called the 1-800 number and they had no clue about the med student line of credit. So after some further investigating, I got in touch with the guy who set the thing up for Dal. If anyone is interested, call Scott Christie at 902-421-7965, he has all the info! Link to comment Share on other sites More sharing options...
Guest Melissa13 Posted July 5, 2002 Report Share Posted July 5, 2002 It's not a med student line of credit at the Royal Bank, it's a professional program student line of credit which is why the person you talked to at the Royal bank didn't know what you were talking about. I just got approved through the same 1-800 number, it took 1 day for them to approve my LOC, however they will tell you that they only offer it at prime +1%. Once they send your papers to the bank of your choice you have to talk with someone at your branch, tell them that you are aware that other banks are offering your LOC at prime...they will negotiate with you to ensure that you stay with them. Don't settle for anything more than prime with any of the banks. Link to comment Share on other sites More sharing options...
Guest NBsmurf Posted July 5, 2002 Report Share Posted July 5, 2002 Thanks for the info! I'm assuming these are the lines of credit that don't require a cosigner? Are there any special banking packages you receive when signing up for this line of credit with the Royal Bank? Link to comment Share on other sites More sharing options...
Guest MD2006 Posted July 8, 2002 Report Share Posted July 8, 2002 Nope, no co-signer. When I was talking with RBC, they said that the package includes 24 free monthly transactions, free on-line banking, and you were still considered at student during residency so the BIG payments don't start until after that. It's a max of $125,000 on top of any other previous debt, and they supplement your Nova Scotia student loan. So if you get $12,000 from NS, then they would put in the rest of the money that you need. I applied for the NS lines of credit on line (here's the link): studentloans.ednet.ns.ca/ oh yeah, and interest at prime!! Link to comment Share on other sites More sharing options...
Guest arcticaguy Posted July 8, 2002 Report Share Posted July 8, 2002 Is there a difference in the LOCs offered by the different banks?? What's the process like? I hear ya MD2006: I did a preliminary investigation a couple of months back, NO ONE at the RBC branch that I talkde to knew what I was talking about when I asked them for info. re. professional student lines of credit. This was also true of Scotia and the CIBC as well, however, the CIBC guy called the regional office and they told him whom to call....but it took a while. I haven't heard anything yet from them. Thanks for the advice Melissa13/MD2006 cheers. Link to comment Share on other sites More sharing options...
Guest NBsmurf Posted July 9, 2002 Report Share Posted July 9, 2002 Thanks for the info MD2006. That's good news about the residency! Link to comment Share on other sites More sharing options...
Guest UWOMED2005 Posted July 9, 2002 Report Share Posted July 9, 2002 Both Bank of Montreal and Royal Bank offer loans to UWO students at prime. . . can't see why they wouldn't do the same for Dal. Royal offers us $125,000 and Bank of Montreal $100,000, but BoM doesn't include gov't loans in the equation. Hope this info helps - good luck! Link to comment Share on other sites More sharing options...
Guest MD2006 Posted July 9, 2002 Report Share Posted July 9, 2002 Thanks UWOMED2005, I just finished talking to the RBC guy, all the papers will be ready for me to sign when I get back. Oh yeah guys, they give you a platinum credit card too Link to comment Share on other sites More sharing options...
Guest NBsmurf Posted July 10, 2002 Report Share Posted July 10, 2002 Hey MD2006 Lucky duck, enjoy your time in NC! All is OK here, I'm wrapping up my thesis, and I get to fly back to Hamilton in early Aug to defend. *sigh* Also, have a place in Halifax now, I'm moving at the end of the month Enjoy your time off 8) Link to comment Share on other sites More sharing options...
Guest MD2006 Posted July 10, 2002 Report Share Posted July 10, 2002 Thanks NBsmurf. Good luck with the defense, and if we're not exchanging posts on the boards between now and the end of August, see you at orientation!!!!! Can't wait!!!! Link to comment Share on other sites More sharing options...
Guest doctorbones Posted July 19, 2002 Report Share Posted July 19, 2002 It's true, RBC gives you $125000 at prime plus a gold card! And it doesn't matter which school you are going to. They also told me prime plus one at first, but then I used the advice posted here and they brought it down to prime immediately. Didn't have to smooth talk them or anything, just mentioned it! Link to comment Share on other sites More sharing options...
Guest novacanuck Posted July 2, 2003 Report Share Posted July 2, 2003 Hey all future Dal meds, I just read this thread and I thought that it was useful so I'm adding a reply to bring it to the top of the list...*grin* Ben Link to comment Share on other sites More sharing options...
Guest CaesarCornelius Posted July 3, 2003 Report Share Posted July 3, 2003 I picked up a brochure from CIBC and it says that they wil give you 15,000 per year (with an extra 15,000 in your 3rd and 4th year). I am a bit worried though about the student loan. I just recently moved out and I know that I will be rejected if I am considered a dependent of my parents. Anyone have more experience with students loans?? Oh yeah, back to the CIBC thingy, should I go with royal bank if I have a poor chance of getting a student loan (because of their higher loan limit --- 25,000). I just don't like royal bank at all, and I would really hate to be 'forced' to go with them. Also, can the current dal meds tell me whether you pay your entire tuition in september or is it spread over fall and winter terms?? Yikes! Im getting a *bit* worked up.. Link to comment Share on other sites More sharing options...
Guest KookyChemist Posted July 3, 2003 Report Share Posted July 3, 2003 IIRC, as long as you've been out of high school for at least four years, you're considered an independent. So that should be no problem. Link to comment Share on other sites More sharing options...
Guest Natalie Posted July 3, 2003 Report Share Posted July 3, 2003 - apply as an independent for student loans - we pay two non-equal amounts for tuition - $5749 due Sept. 19, and $5230 due Jan.19. Info at www.dal.ca/~staccts/2003-2004/MDF.pdf - Scotiabank also offers $25k/year. - CIBC actually offers $20k/yr, their pamphlet hasn't been updated yet though. However, the CIBC Visa only gives you a $1000 limit, whereas with Scotia & Royal you can get ones w/ $3000 or $5000 limits. Plus, CIBC ATMs are more rare than Royal & Scotia, which is a drawback. It's easy to make appointments at the branches and talk to the people who specifically deal with medical students. I'm still deciding between Scotia and Royal. I know Bank of Montreal offers an LOC too, so you could check that out. Ultimately they are all quite similar, and offer prime rate for med students which is the most important thing. Link to comment Share on other sites More sharing options...
Guest CaesarCornelius Posted July 4, 2003 Report Share Posted July 4, 2003 I went to CIBC today and the lady said their credit lines were still at a max of 80,000, but that there was a large push to have it increased to 100,000. SO, she said that it would be effective across canada as the professional PLC is one system. Anyway, I think this will work well for me as CIBC has interest only payments up until 1 year post-residency (yes I said post-residency). No transaction fees, and free online banking. The only thing was that you can't have a personal debt (besides student loans) exceeding 10,000... So, if you have 10 credit cards with a 1,000 limit then you might have problems. She did up a whole budget and everything so at least you have a good idea of what you're paying. CC 7weeks!! Link to comment Share on other sites More sharing options...
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 dr octopus Posted July 17, 2003 Report Share Posted July 17, 2003 Okay, For some pretty extensive LOC info, check out the "Lines of Credit" topic that I posted. Link to comment Share on other sites More sharing options...
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