RBC line of credit

Discussion in 'UK & Ireland' started by goodnamestaken, Apr 13, 2007.

  1. goodnamestaken

    Mar 18, 2007
    Likes Received:
    Hello everyone,
    This is mainly for Canadians out there who are either in Ireland or planning on attending medical school in Ireland. I have recently gained acceptance to RCSI and have been in contact with Royal bank of Canada in terms of obtaining the student line of credit. They have told me that they do not do this for people pursuing medicine outside of the country, even if there is a cosignor to sign for the loan. They have said that once I am in 3rd year they will allow me access to the $150,000 for my last two years, but will not loan any money for my first two years. This is just a heads up for those planning on obtaining this line of credit, but also I am wondering if anybody else has experienced this or can shed some light on where else to go to obtain a line of credit? Has anybody looking to go Sept 2007 been able to secure the student line of credit from RBC??
  2. med2UCC

    med2UCC Relentlessly Optimistic
    10+ Year Member

    May 30, 2005
    Likes Received:
    Attending Physician
    RBC change their story from branch to branch and person to person. I got a line of credit through them when I started in 2003 and was given a verbal assurance that although the limit was $150,000.00 they would bump it up as needed to finance my whole education. Then in second year I had to really fight them to get funds released (I only applied for $25,000.00 the first time) and then at the end of 3rd year I had to get a co-signer and take out a whole different line of credit to finance my last two years. Whatever bank you are dealing with, get everything in writing.
    There does seem to be a tightening of the banking rules due to fears of terrorists, and also that you will just bugger off and stay in ireland or go to Australia and not pay them back. Good luck,

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