Medical School LOC

[drjvie]

Hey all,

I am a Canadian student going to Ireland for medical school this fall. I was just wondering if anyone else has had trouble securing a professional student line of credit from the banks (ie: through RBC). Or, if not... which bank(s) have you gone with and what did they give you/what are the terms??? I feel like I am being jerked around here because I am not going to a medical school in Canada.

Thanks!

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[asd979]

I'm a Canadian heading off to Ireland too. I went to RBC and they told me I had no problems and that I wouldn't need a cosigner, since I had some credit and was approved for a small LOC previously. So I thought things were all fine and dandy, but the week before I was supposed to go in and sign the documents to complete the line of credit I received an email from my banker saying that because I'm going to school out of the country they now require a cosigner. I wasn't happy about that, but luckily my parents were willing to sign for me. But yeah, be prepared for that.

 

[drjvie]

They they cap you annually at all? Did you get 150k? or 200k?

I'm currently in the process of getting a second loan... I have had such a stressful time with RBC!

 

[alexc]

Hi,
I tried to get loc at 2 banks, RBC and Scotia but Scotia would not allow me to have 2, so I have one only at Scotial. It is for 150 and yes there is a cap each year, but I haven't used any of it yet so I forgot the details. I read somewhere on sdn that the banks have increased the loc to 200 this year. I needed my parents to co sign but this was not a problem for me. I know it is stressful, it is a HUGE decision and $ committment. I'm hoping the EURO will continue to fall. It's already 10cents lower than last year and that means almost a 10K savings per year over last year.