What is your LOC Thread

[palefire 48]

3 minutes ago, 1997 said:

That's the smartest thing I've ever heard. What bank did you end up choosing (I.e which has the best benefits other than the LOC)?

 

Haha I felt very adult-like when i went over the pros and cons. I went with RBC, two reasons, I was already their client (didn't want to have accounts with multiple banks) and I really like the advisor I was dealing with (he has a large med school client base and was very knowledgable about residency and medschool process) and second, their grace period for making interest-only payments is 24 months after finishing residency whereas every other bank offers only 12 months.  

One thing to note though, scotia does have the best credit card imo (it gives you a lot of cash back, 4%, and travel perks). Meanwhile the rbc one has no cashback but does give you travel perks. You and i have the same monthly budget in mind for groceries haha and that might be something to consider since you get 4% cashback for groceries with the scotia credit card.

other than the repayment grace period and credit card differences, everything else between these banks are exactly the same. 

[Snowmen 587]

3 hours ago, 1997 said:

That's the smartest thing I've ever heard. What bank did you end up choosing (I.e which has the best benefits other than the LOC)?

I'm gonna quote this post of yours since it is shorter.

You are highly underestimating your costs, even for a french school (over 4 years):

20k for tuition

15k for food

20k for rent (no free lodging during clerkship, you need to keep your apartment, that doesn't include when you need to rend an apartment for your rotations when the hospital doesn't supply one, double that figure to live alone)

10k for gaz (considering the travel during clerkship, trips back to Montreal, etc.)

5k for car insurance, plates, license, etc.

5k for phone and internet

5k for electricity and heating (might be a bit high)

5k for furnishing your apartment (probably more if you can't find affordable appliances)

5k for entertainment and fun

At a ton of money for CARMS applications, interest payments, travel, licensing exams, car repairs, occasional luxury, business clothes for clerkship, etc.

You're already at 90k without the unpredictable stuff, interest, occasional luxury, etc. Just the bare minimum. Sorry to tell you but you will need the LOC, bursaries won't cover it and you will end up in a ton of debt. There's no getting around it.

[indefatigable 653]

On June 15, 2017 at 9:07 PM, 1997 said:

Food: 300$/m (I don't cook well so I expect to eat frozen foods and take-out quite often) x 12m x 4y = 14400$

 

300$/m works out to be about 10$/day which is not enough to get 3 square meals a day especially if buying out meals.  If you eat a balanced diet (fruits, vegetables, meat..) and buy anything out look to double this (including snacks, coffee, etc..).  

[ameltingbanana 35]

Just a heads up for people with TD - spoke to the manager at my branch and she said they're willing to include the new TD Cashback Visa (fee waived) if you have your LOC with them (link: https://www.tdcanadatrust.com/products-services/banking/credit-cards/view-all-cards/cash-back-infinite-visa.jsp). Decent cashback card, momentum's a bit better I think. Might be a good idea if you're sitting on a pile of Aeroplan points and want to switch (especially since Air Canada is dropping Aeroplan and launching its own frequent flyer program in 2020).

[1030812 16]

On 6/19/2017 at 0:02 AM, ameltingbanana said:

Just a heads up for people with TD - spoke to the manager at my branch and she said they're willing to include the new TD Cashback Visa (fee waived) if you have your LOC with them (link: https://www.tdcanadatrust.com/products-services/banking/credit-cards/view-all-cards/cash-back-infinite-visa.jsp). Decent cashback card, momentum's a bit better I think. Might be a good idea if you're sitting on a pile of Aeroplan points and want to switch (especially since Air Canada is dropping Aeroplan and launching its own frequent flyer program in 2020).

great news! Which province in Canada?

[ameltingbanana 35]

This was in Hamilton, Ontario

[User12345 2]

What year was it signed?: 2017

Bank Name: Scotiabank

Interest Rate: Prime-0.25%

Grace Period after Graduation from Residency: 12 months (dental)

Credit Card: AMEx/Infinite Momentum

Additional Perks: The usual Scotia stuff and the possibility to get an additional 75k whenever I need it.

[seventeenfour44 15]

13 hours ago, User12345 said:

What year was it signed?: 2017

Bank Name: Scotiabank

Interest Rate: Prime-0.25%

Grace Period after Graduation from Residency: 12 months (dental)

Credit Card: AMEx/Infinite Momentum

Additional Perks: The usual Scotia stuff and the possibility to get an additional 75k whenever I need it.

Hey! Did you have to negotiate for the infinite momentum?

[northo60 21]

On 2017-6-7 at 0:31 PM, FrankTheTank said:

What year was it signed?: 2017

Bank Name: Scotia

Interest Rate: Prime - 0.25 (will stay the same during repayment)

Grace Period after Graduation from Residency: 12 months after residency/fellowship

Credit Card: Amex Gold/Momentum Infinite Visa (had to negotiate for the momentum)

Additional Perks: Whole $275k upfront, overdraft protection

Hi Frank,

I had an initial meeting with a Scotia advisor today and asked about the Momentum Infinite. They said no as the bank would be paying the fees but you would be getting cashback. They said if I wanted it, I would have to pay for it. Any help/suggestions? 

[northo60 21]

On 2017-6-26 at 10:59 AM, seventeenfour44 said:

Hey! Did you have to negotiate for the infinite momentum?

I also want to know this!! And what province/city are you in?

[Curiousaboutapps1 145]

I'm in the process of negotiating with banks to see who will accommodate my 7-year program (I'm doing an MD/PhD because I'm a masochist evidently). A lot of banks waive account fees "while in school" which I've found is code for "fees are waived for four years". 

I'm having a hard time finding banks willing to accommodate for this. It's also not a common program for bank reps to have to work with. If anyone has any experience with this/have a representative familiar with the program pls let me know!

Additionally, I talked to Scotia and am somewhat uncomfortable with their repayment being 10 years. They seem pretty inflexible in terms of how long the repayment period can be. Have any of the banks any of you have worked with expressed flexibility in LOC repayment terms?

 

[kwyhan 23]

are we able to swtich banks after first year? 

or negotiate conditions for LOC?

Thanks!

[Coronaxtra 53]

11 hours ago, kwyhan said:

are we able to swtich banks after first year? 

or negotiate conditions for LOC?

Thanks!

You can move to another bank whenever you want too. You can also negotiate perks and additional side stuff if you wish. The standard is prime - 0.25, a good credit card(s) with fees waived while in school and 12-24 month grace period depending on the bank. Just find an advisor which you feel is informative and knows what they're doing, as well as one that you like. 

[User12345 2]

On 6/26/2017 at 10:59 AM, seventeenfour44 said:

Hey! Did you have to negotiate for the infinite momentum?

I've known my advisor for years so he just threw it in.

[Sauna 539]

What's the big deal with the infinite momentum? lol

My advisor asked me how much I plan on spending per month and then compared the savings for each card; the gold AE won, although not by a lot (in rewards points though). 

Another argument my friend made is that:

Quote

 

Infinite Momentum: If you spend 2000 a month, you get $80 a month cash back.

Gold AE: If you spend 2000 a month, you get 8000 points. 

You won't really notice 80 bucks a month. But you'll notice it when all of a sudden you have enough points for free flights, apple products, etc.

 

I think what it comes down to is how much you spend. Cash back is great if you're spending a lot of money. As for me, I won't even be spending anything on gas, medical, or recurring bills. So if I'm not spending that much money (I'm pretty minimalist), I won't be getting enough cash back for it to even make a difference.

One small downside is that there are some places that don't accept AE, but really the only thing I'll be using my credit card for is groceries lol. So if you're in a similar situation as me, I wouldn't even worry about not being able to get the infinite momentum. Gold AE is the better deal (and it also has a $99 annual free, so you're getting the same value).

[Coronaxtra 53]

27 minutes ago, Sauna said:

What's the big deal with the infinite momentum? lol

My advisor asked me how much I plan on spending per month and then compared the savings for each card; the gold AE won, although not by a lot (in rewards points though). 

Another argument my friend made is that:

I think what it comes down to is how much you spend. Cash back is great if you're spending a lot of money. As for me, I won't even be spending anything on gas, medical, or recurring bills. So if I'm not spending that much money (I'm pretty minimalist), I won't be getting enough cash back for it to even make a difference.

One small downside is that there are some places that don't accept AE, but really the only thing I'll be using my credit card for is groceries lol. So if you're in a similar situation as me, I wouldn't even worry about not being able to get the infinite momentum. Gold AE is the better deal (and it also has a $99 annual free, so you're getting the same value).

I think its mostly about having the best of both worlds. Gold AmEx + Infinite Momentum combo allows you to get benefits from both cards, racking up cash back and travel rewards! Personally for me, I travel often so having cash back on gas and flight rewards is beneficial that's why I got the Gold AmEx and Infinite Momentum combo but i agree about tailoring the combo to the best of your personal expenses.

[Sauna 539]

16 minutes ago, Coronaxtra said:

I think its mostly about having the best of both worlds. Gold AmEx + Infinite Momentum combo allows you to get benefits from both cards, racking up cash back and travel rewards! Personally for me, I travel often so having cash back on gas and flight rewards is beneficial that's why I got the Gold AmEx and Infinite Momentum combo but i agree about tailoring the combo to the best of your personal expenses.

Ahh okay. Now I'm curious haha, regardless of what card(s) you have, your total spending will be the same right? So if you travel a lot, why not use 100% of what you're spending to get travel rewards? 

Idk if that made sense. Basically, by using 2 cards, you're dividing what you get back. If your overall budget (regardless of card) is 1000 per month, you would be spending let's say 500 on Gold AmEx and 500 on infinite momentum. So you would be getting 50% of cash back and 50% travel rewards. My question is, why not do 100% on whatever benefits you more (whether that's cash back or rewards points)?

[Coronaxtra 53]

1 hour ago, Sauna said:

Ahh okay. Now I'm curious haha, regardless of what card(s) you have, your total spending will be the same right? So if you travel a lot, why not use 100% of what you're spending to get travel rewards? 

Idk if that made sense. Basically, by using 2 cards, you're dividing what you get back. If your overall budget (regardless of card) is 1000 per month, you would be spending let's say 500 on Gold AmEx and 500 on infinite momentum. So you would be getting 50% of cash back and 50% travel rewards. My question is, why not do 100% on whatever benefits you more (whether that's cash back or rewards points)?

Basically, it comes down to the AmEx not being accepted everywhere. Sure, I can buy airline tickets with the AmEx but if I'm travelling to certain countries, AmEx isn't accepted by certain airlines. In those cases, I have to use the Infinite Momentum, which also has great side benefits such as insurance coverage. Momentum Infinite has a concierge service, flight delay insurance, etc. which is way better than the Scotia Gold Passport. If the AmEx was accepted everywhere, I would be inclined to use it all the time but certain instances, the momentum infinite is a better fit. But I do understand what you're saying!...it just depends on the situation/place I'm in and having both cards is a benefit

[applicant111 90]

On 6/8/2017 at 0:50 AM, Goku said:

What year was it signed?: 2017

Bank Name: TD

Interest Rate: Prime - 0.25% (will stay the same during repayment)

Grace Period after Graduation from Residency: 12 months after residency/fellowship

Credit Card: TD First Class Travel Visa Infinite Card (fees waived every year).

Additional Perks: Bonus portable bluetooth speaker ($200 value). All-inclusive banking plan (unlimited transactions, free certified cheques and drafts, no TD or network fee for non-TD ATM use anywhere in the world. Fees waived every year)

Advisor: Robert Valentini at Fairview Mall, Toronto

How do you receive the speaker? Do they give it to you on the spot?

Honestly, it seems like every bank has similar terms except TD is throwing in the extra speakers which is what persuaded me 

[MHCClassII 21]

Are the rewards for the TD First Class Travel Visa Infinite Card and AmEx+Scotia Gold Passport similar?

[icanmakeyourmedrock 7]

Td has a promo right now: $300 if you open an all inclusive account. Has anyone been able to get this when opening the all inclusive account within the loc package? 

[Coronaxtra 53]

27 minutes ago, icanmakeyourmedrock said:

Td has a promo right now: $300 if you open an all inclusive account. Has anyone been able to get this when opening the all inclusive account within the loc package? 

You can but Scotia has offered something similar through spending using AmEx. Honestly, the big three are the same in terms of offers, it's just the advisor that really matters

[Synth1 32]

I posted this yesterday in the pinned LOC thread but didn't get a response, so trying here as well.

Can anyone tell me if it is standard practice to deduct student loans that have already been awarded from the total amount provided in the LOC?

[palefire 48]

5 minutes ago, Synth1 said:

I posted this yesterday in the pinned LOC thread but didn't get a response, so trying here as well.

Can anyone tell me if it is standard practice to deduct student loans that have already been awarded from the total amount provided in the LOC?

No, it's not. The advisors I met from Scotia/RBC/TD all offered the full 275k despite the student loans i already had 

[ArchEnemy 131]

On 2017-07-02 at 1:26 PM, MHCClassII said:

Are the rewards for the TD First Class Travel Visa Infinite Card and AmEx+Scotia Gold Passport similar?

No, they are quite different. The AmexGold+ScotiaGold passport combination beats the TD First Class in almost every aspect.