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The LOC limit is quite high so I imagine there would need to be a very compelling reason for them to consider going beyond that limit and they might want a co-signer, but it is worth a shot I guess. As a resident, I am nowhewre near the limit.

 

plus they are going to be bit curious as to why you exhausted the funds etc

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Thank! do you mean end of residency or med school/starting residency?

 

well first once they know you are about to graduate then you have another card to play - you have income coming. So for instance I know people in family medicine that were close to the end (because they exhausted their LOC - to honest not for particularly good reasons but it happens) and got an increase because they basically were about to be people earning a nice income.

 

I have had people shift banks in residency and get an increase that way - you need to shop around basically for that. Where are you now? What is your current LOC amount?

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I shifted banks a couple of times throughout med school and residency. Once was to leverage a better mortgage deal. Once was because the person who I dealt with was a moron and the service from the bank was terrible (looking at you BMO).

 

I know a few people who were close to the limit at the end of 5 year residency. Usually it was due to having kids and a family to support during residency and/or med school.

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I recently applied for an increase at RBC. I'm in the last few months of medical school. I was required to submit a budget that would account for the amount that I was asking for and the RBC Health Care Specialist at my bank attached a note that explained why I had run out of money sooner than expected (I had paid off my previous LOC of 45k with the med school LOC the day I received it). Hope that helps.

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I recently applied for an increase at RBC. I'm in the last few months of medical school. I was required to submit a budget that would account for the amount that I was asking for and the RBC Health Care Specialist at my bank attached a note that explained why I had run out of money sooner than expected (I had paid off my previous LOC of 45k with the med school LOC the day I received it). Hope that helps.

 

Im assuming after you provided that info they approved an increase? If you don't mind me asking how much was the increase they approved? Im in a similar boat with debt before med for which I used my med loc. Thanks again.

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Im assuming after you provided that info they approved an increase? If you don't mind me asking how much was the increase they approved? Im in a similar boat with debt before med for which I used my med loc. Thanks again.

I was increased from the standard 250k RBC loan to 275k (I had asked for this because that is what the current 1st year medical students are being offered). 

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