TacoStudent Posted May 31, 2017 Report Share Posted May 31, 2017 These questions are regarding professional med school line of credits for attending a Canadian med school. When do the banks turn your professional med school line of credit into a fixed term loan? Is it when you finish med school or finish residency? When this does happen, how many years is the term? Link to comment Share on other sites More sharing options...
TechToMD Posted May 31, 2017 Report Share Posted May 31, 2017 With ScotiaBank, this happens after residency, fellowship, and 1 year post fellowship/residency. Link to comment Share on other sites More sharing options...
rmorelan Posted May 31, 2017 Report Share Posted May 31, 2017 1 hour ago, TechToMD said: With ScotiaBank, this happens after residency, fellowship, and 1 year post fellowship/residency. That is pretty common pathway wise. Often you are still left with an LOC component and a fix loan component (say a 100K LOC). Link to comment Share on other sites More sharing options...
TacoStudent Posted May 31, 2017 Author Report Share Posted May 31, 2017 Can you guys elaborate on the fixed loan component? So after each stage the LOC becomes a fixed loan or at the end of your career path (whichever that may be)? Link to comment Share on other sites More sharing options...
rmorelan Posted May 31, 2017 Report Share Posted May 31, 2017 1 minute ago, TacoStudent said: Can you guys elaborate on the fixed loan component? So after each stage the LOC becomes a fixed loan or at the end of your career path (whichever that may be)? Each stage/career path part there confuses me a bit so forgive me if this is overly detailed. Only once this happens - one year out from the end of your training - and that includes say if your training was extended for fellowships so ideally in all cases this means you have been staff somewhere in something for one year the LOC converts from the open and free form that we residents and med students have access to to something designed to be paid off. Some banks the entire thing becomes a standard fixed loan with monthly payments due and a payment time of 10 or 15 years give or take (although you can pay it off usually much earlier if you want with no penalty), or only a portion - and that portion would still be "most" of the original LOC is converted to the same fixed payment loan type. Link to comment Share on other sites More sharing options...
seventeenfour44 Posted May 31, 2017 Report Share Posted May 31, 2017 Hey all, I'm starting to look into LOC to pay for my education. I was wondering if there were any major differences between the major banks in Canada... I would prefer not to switch from my bank (RBC). Also, I will be loaning a lot of money to pay for my education and other expenses, as I am entering medical school with little money, little family support, and some university debt. Of course I will try my best to keep my costs low in my four years, but will I have to worry about having a very difficult time repaying my debts (after residency)?? All of my friends have plenty of money and will not be borrowing much, so I'm not too sure where to ask :/ Thanks Link to comment Share on other sites More sharing options...
rmorelan Posted May 31, 2017 Report Share Posted May 31, 2017 Scotia and RBC are the two big players and their LOCs are very similar. There are ton of threads on the minor differences and sometimes it just boils down to preference. If you like RBC you can start there - just make sure you are taking to a profession student loan officer as only they really understand the rules, get prime -0.25 percent as that seems to be the new norm, and go from there you are not alone with the min support going in and people with some reasonable effort do just fine. You earn more than enough when you graduate to pay things off if you make it a priority (Starting off right when starting as staff is a key component I think to a successful financial future). any questions just ask! Link to comment Share on other sites More sharing options...
seventeenfour44 Posted May 31, 2017 Report Share Posted May 31, 2017 Thank you @rmorelan! I'll make sure to message you if I have any questions in the future. I feel like you've been answering so many of my questions on so many different threads. I really appreciate your help Link to comment Share on other sites More sharing options...
Medguy1234 Posted July 31, 2017 Report Share Posted July 31, 2017 I finished med school and am doing my residency. I went to a Caribbean med school. What are my best options of obtaining a LOan to consolidate my student loans. Also what will be needed from a co-signer. Is there anyway to do this without putting up collateral? Link to comment Share on other sites More sharing options...
la marzocco Posted July 31, 2017 Report Share Posted July 31, 2017 14 minutes ago, Medguy1234 said: I finished med school and am doing my residency. I went to a Caribbean med school. What are my best options of obtaining a LOan to consolidate my student loans. Also what will be needed from a co-signer. Is there anyway to do this without putting up collateral? You best bet is to shop around all the big 5 Canadian banks to see what your options are. As mentioned above, many have had favourable experiences with RBC and Scotiabank, so I would start with those. What are you trying to consolidate? Canada Student Loans/OSAP/ etc. + your existing LOC? Link to comment Share on other sites More sharing options...
Medguy1234 Posted July 31, 2017 Report Share Posted July 31, 2017 Exactly. 2 Government loans plus existing LOC. Or just getting another LOC for the 2 government loans. I Hope I can do this without putting up any collateral and just rely on my future business with the banks Link to comment Share on other sites More sharing options...
Medguy1234 Posted July 31, 2017 Report Share Posted July 31, 2017 Do you know a good banking associate to deal with? Link to comment Share on other sites More sharing options...
SunAndMoon Posted July 31, 2017 Report Share Posted July 31, 2017 On 2017-05-31 at 8:14 AM, TechToMD said: With ScotiaBank, this happens after residency, fellowship, and 1 year post fellowship/residency. ^ this, but RBC offers 24mo i believe! Link to comment Share on other sites More sharing options...
la marzocco Posted July 31, 2017 Report Share Posted July 31, 2017 2 hours ago, Medguy1234 said: Exactly. 2 Government loans plus existing LOC. Or just getting another LOC for the 2 government loans. I Hope I can do this without putting up any collateral and just rely on my future business with the banks Option #1: Consolidate all your debt using one LOC - this would require extinguishing your existing LOC. This would be done IF the interest rate and repayment plan is more favourable in the long term compared to your existing LOC. Many banks offer prime - .25%, so I am not sure what your interest rate is on your existing LOC. Option #2: If your existing LOC has better characteristics that other ones you have surveyed, then keep it and only take out the second LOC to cover your government student loans. For Scotia, I am not sure which university you are doing residency in, but you can contact the respective advisor to discuss your needs. http://www.scotiabank.com/ca/common/pdf/personal_banking/Scotiabank_SPSP_representative_English.pdf Good luck! Link to comment Share on other sites More sharing options...
Medguy1234 Posted July 31, 2017 Report Share Posted July 31, 2017 I am not doing my residency in Canada. I am doing it in milwaukeee. But i I am a Canadian citizen and my plans are to practice in Canada after my residency is done Link to comment Share on other sites More sharing options...
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