Guest IRNBRUD Posted June 3, 2003 Report Share Posted June 3, 2003 Hi there, Do any of the moderators have any advice on which banks or institutions are the best deal with? In particular do any of you deal with the MD Financial LOC? Sounds like a sweet deal but as soon as they mentioned that it was through Citi I became skeptical. This is the company that sends me letters every months offering to lend me money for no reason. They have also tried to get me to attend their recruitment sessions!! WEIRD! I have checked with Scotia and RBC. I have heard that RBC is the best but they are only offering prime 1. I will likely not qualify for OSAP or for the bursaries as I don't currently have outstanding debts for undergrad. Any advice would be greatly appreciated! Thanks, IB Link to comment Share on other sites More sharing options...
Guest macdaddyeh Posted June 3, 2003 Report Share Posted June 3, 2003 IRNBRUD: Although I am not (yet) in your privileged position, I would like to correct/clarify your final statement. You likely *WILL* qualify for OSAP and/or bursaries even if you *DO* have outstanding debts (unless your in arrears). I'll tell you why....I am finishing my undergrad but are a few wee credits short at the moment and the National Student Loans Service Centre just sent me a letter stating that if and when I continue my education, all I need to do is to notify them so that my loan "will remain in non-payment status." You should have a copy of such a letter or call them 888-815-4514 and they will direct you as to what to do, but I'm sure you can draw more OSAP despite already having an existing OSAP debt; that is why we often hear of people stating that they graduate with $30-40K in debt. Secondly, bursaries are often given in terms of financial need (or disability), so you will qualify according to a set criterion. Sometimes you need to apply, sometimes you are just given them without asking. For example, if you're unemployed or have children, this represents economic hardship and you will often get cash for this. There is also the millenium scholarship which is like a grant that you apply for at the same time you get OSAP. In terms of privately administered bursaries, I hear MAC is quite generous, but you would have to contact them directly. Link to comment Share on other sites More sharing options...
Guest k8termd Posted June 3, 2003 Report Share Posted June 3, 2003 Hi there, I believe that you are worried you won't get OSAP because you do not have any outstanding debts from undergrad. I thought the same thing when I was worrying about trying to finance med school. I applied to OSAP and got a pretty substantial sum and the millenium bursary. I also applied for bursaries from Mac and got a large sum as well. Try applying for both you may be pleasently surprised! Keep in mind that if you have a spouse that can support you or you are not a certain number of years out of highschool (I believe it is five) you might get slim to no money...check the OSAP website. You can apply online and they give you a quote right after you apply. As for a line of credit, I have had much success with Scotia Bank. Many people in my class deal with Susan at the Dundas branch. Here is her number 905 627 9146. She's great!! Hope that helps! K Link to comment Share on other sites More sharing options...
Guest jmh2005 Posted June 3, 2003 Report Share Posted June 3, 2003 I have to agree with my good bud K8terMD (hey...you just edited your post!!!)...Scotia Bank is tops in my opinion, Susan (at the Dundas branch, University Plaza)is amazingly friendly, easy to reach via phone, email...she will answer any questions you have... DO NOT TAKE ANYTHING LESS THEN PRIME...Scotia offers prime to Med Students...$25,000 almost no questions asked...just show them your acceptance letter and you get the cash...a very cursory credit check is done... Without her (and Scotia's) assistance, I have no idea how I would have managed up to this point!!!... Start applying for OSAP now...most people get a nice sum that almost covers the 14 g's of tutition!! J Link to comment Share on other sites More sharing options...
Guest IRNBRUD Posted June 3, 2003 Report Share Posted June 3, 2003 Thanks guys, I think I may have confused things a little. I DON'T have any previous OSAP debt and I believe that I won't qualify because I have a spouse with a decent income. I was under the impression that those entering meds without a huge student loan will likely NOT qualify for bursaries based on financial need. Regardless, I will still apply for everything and see what happens. Can't hurt eh? So...a couple votes for Scotia....has anyone dealth with the whole MD financial thing? Cheers, IB Link to comment Share on other sites More sharing options...
Guest macdaddyeh Posted June 3, 2003 Report Share Posted June 3, 2003 IRNBRUD: Silly me for not reading your post more closely; I apologize. I understand you *DO NOT* have any outstanding undergraduate debt. First, that's a great position to be in! Second, you're partially right in that it's not that you won't qualify at all for OSAP, it's just that you won't qualify for as much as a single person might make. Here's what to do....Go on line and apply for OSAP...when you're done applying, it will actually tell you how much (if any) you are expected to get. Keep in mind that there are an insane number of factors. ie. Do you have kids? Do you own a car? etc. Always try.. On a similar note, I too have heard from other sources that Scotia is the way to go! Besides, RBC sucks (from personal experience!) Link to comment Share on other sites More sharing options...
Guest jmh2005 Posted June 3, 2003 Report Share Posted June 3, 2003 Irn, You have to be legally married, common-law doesn't apply (please double check this) but I'm pretty sure you need to have a marriage licence... This is good news for you...you should get a tonne of cash...did you put your new car purchase under a parent (probably not...but you should re-think this)...anything over 10 grand worth of a vehicle can hurt your chances of big OSAP loan... Chat with you soon, J Link to comment Share on other sites More sharing options...
Guest UWOMED2005 Posted June 3, 2003 Report Share Posted June 3, 2003 I just switched to MD Management (citibank). At UWO, it's necessary to have a car and our tutition is $14,000. . . so the traditional Banks just weren't cutting it. The advantages of the MD Management Line of Credit are that it's limit is greater ($120,000 over the four years/$90,000 over 3 years at Mac PLUS $10,000 each year for 4 years of residency) and it's MUCH better in residency as you continue to only pay interest, and that interest rate doesn't go up. I think most of the major bank credit lines jack up the interest rate as soon as you graduate. OSAP does as well. . . MD Management will actually help you calculate how much OSAP to roll into this LOC in residency to maximize OSAP repayment tax credits vs. the better interest rate (that's where that extra credit line space comes in Handy.) The interest rate is the same as RBC, which I think is the same as Scotiabank or Bank of Montreal. The disadvantage is that the banking package itself sucks - there's no machines anywhere, so you have to mail deposits in and withdrawals on the citibank card cost money. No Gold card either. That's really not a problem though. . . personally, I've kept my RBC account and citibank lets me transfer cash directly from their LOC to the RBC account, where I do cash transactions, use my RBC Gold Visa, I think among the commercial banks Bank of Montreal and Scotia are the best ($100k not incl OSAP.) RBC is good unless you're getting OSAP ($125k, but inc OSAP and Credit cards,) which you probably are. Don't forget that the best deals are often negotiated between the med schools and specific branches. NOT ALL BRANCHES ARE AWARE OF PACKAGES BEING OFFERED BY A BANK. So talk to the admissions people at your med school first. . . they'll know who to direct you to. OSAP. . . you should be fine as long as you don't have lots of income and have been out of high school more than 5 years. You should get the max. . . which will be more at Mac, as your school year is ?12 months? Assets will also count against you. . . in fact, I thought cars over $5000 in value counted against you but its possible it's been raised to $10,000. One note on Prime: jmh is right, don't accept any interest rate more than prime! BUT. . . also be aware there are different prime rates: Bank of Canada Prime, and each Bank has its own Prime. Last year a bunch of my colleagues flocked to the Bank of Montreal because they were offering "prime -1"! As it turns out, their prime was a 1 point above everyone else's. . . so it turned out that "prime -1" was the same rate everyone else had. Good Luck Shopping. Link to comment Share on other sites More sharing options...
Guest Lynlloyd Posted June 4, 2003 Report Share Posted June 4, 2003 Hi all, I need help to start investigating financial assisstance!!! I've been accepted to Mac for this fall . I have been out of university for "huhum" years , married and 3 kids. However, I will have to pay for childcare and will loose my current income. Likely to qualify for OSAP??? I have seen posts re - bursaries...where does one begin to learn of these funds? Any info on "finances 101" will be gratefully received!! Thanks in advance, Lynlloyd. Link to comment Share on other sites More sharing options...
Guest WesternGirl Posted June 4, 2003 Report Share Posted June 4, 2003 Hi Lynllolyd and others, First of all, congrats on your acceptance!!!! I look forward to meeting you next year. Information on Mac bursaries is given to us in September and the deadline to fill them out is in October or November. So you don't have to worry about them yet. In terms of qualifying for OSAP, it depends on a lot of things. I believe your husband's income would be a factor, as well as any assets you might own. If you have a car, OSAP will allow either $5000 or $10000 (I'm not sure which) and anything on top of that counts against you. I have a car...but officially, my dad owns it. So for people planning on buying cars this summer, try to put it under someone else's name. Similarly, any other assets you might have in your name - savings bonds, GICs, perhaps stocks - will also count against you on the OSAP application. I think there are sections in the OSAP application for child care expenses and such. For all those wondering, after you are out of high school for 5 years, your parents' incomes no longer matter. Before that, you will need to provide your parents' incomes as they are expected to contribute something to your education. Link to comment Share on other sites More sharing options...
Guest Lynlloyd Posted June 4, 2003 Report Share Posted June 4, 2003 Thanks for the information WesternGirl. I submitted an application for OSAP last night only to discover that my estimate is ZERO!!! Oh well, have to dig a little deeper. I'll be looking out for bursary information in the fall. Look forward to meeting you too. Take care, Lynlloyd. Link to comment Share on other sites More sharing options...
Guest jmh2005 Posted June 4, 2003 Report Share Posted June 4, 2003 Lynlloyd... I feel your pain...I did the same thing on the OSAP website last year, spent however long it took...and BAM...$0.00 came up!! I totally rely on my ScotiaBank line of credit to fund my studies. They will give you $25,000/per year (I think i forgot to mention that part, kind of n.b.!). I'm lucky in that my husband does have a good job and we can afford to pay for just about everything between his income and my LOC. I don't spend money like I did before but I don't mind that too much because I don't have as much free time to spend it now anyways. I didn't get any bursary funds (apparently only 3 people including myself didn't)..but I don't have any dependents. I believe that all those in my class that have children (despite having a spouse with a good income) received funds from the school...so you should be ok here. Can't wait to meet you in person...if you ever wanted to go for coffee in Oakville once things settle down, just let me know...! Take care all! Link to comment Share on other sites More sharing options...
Guest Lynlloyd Posted June 4, 2003 Report Share Posted June 4, 2003 Hi there Jess, Thanks for all the information. I think I'll be relying on a LOC also. Hopefully a little Bursary too!! My husband also earns a decent salary so I think I was sunk before I started with OSAP. Like you, I probably spent an hour filling it out. Oh well, one has to try!!. I would love to get together for a coffee. I'll send you a message with my e-mail address. I just realized that your inbox is disabled. My address is: karendeeth@cogeco.ca I feel SO honoured to be accepted!! Take care, Lynlloyd. Link to comment Share on other sites More sharing options...
Guest tantastic Posted June 5, 2003 Report Share Posted June 5, 2003 Hey INBRUD when did you get married? Wow this has been a busy year for you? Is your husband in medicine? Did you meet him during your travels? My fiance is currently a Biology High School teacher slash applicant to med schools next year. Its going to be one crazy loan the both of us will have together if he gets in. Oh well, life is good Link to comment Share on other sites More sharing options...
Guest MayFlower1 Posted June 5, 2003 Report Share Posted June 5, 2003 Unfortunately, I believe common-law marriages do count...your spouse's income is taken into account for OSAP...at least, it was when I applied last year. Peter Link to comment Share on other sites More sharing options...
Guest IRNBRUD Posted June 5, 2003 Report Share Posted June 5, 2003 Just to clarify, I am in fact NOT MARRIED. I have officially filed common-law with the gov. for tax purposes though. Actually, common-law with my partner, not with the gov. 8o . Interesting that my application and registration forms for school have no option for me: Married Divorced Widowed Single Hmmmmm what am I today???? :rollin Take care! Link to comment Share on other sites More sharing options...
Guest jmh2005 Posted June 5, 2003 Report Share Posted June 5, 2003 Say you are single...I still think that common-law is different...check the osap website to confirm.... Chat with you soon, J Link to comment Share on other sites More sharing options...
Guest MDWannabe Posted June 5, 2003 Report Share Posted June 5, 2003 Hey,All you guys in need of money! Check out a website called studentawards.com. Might be another source of funds for those in need. Let me know if it works out!! MDWannabe Link to comment Share on other sites More sharing options...
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