In this video, we take a look at the top line of credit available for medical students and dental students in Canada in 2023, and discuss which of these student loans are the best option when it comes to paying for med school.
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We first begin by having the term line of credit explained. Essentially a line of credit is a type of loan where you are approved for a maximum borrowing amount, after which you may proceed to keep borrowing until you reach the max, or in the case of a student line of credit, your eventual graduation. There are many Canadian lines of credit, specifically many educational lines of credit Canada. In this video, we take a look at the best lines of credit for medical school and dental school, specifically lines of credit offered by the 5 major banks of Canada, which in no particular order are CIBC, TD, BMO, Scotiabank, and RBC.
We will take a look at the med school line of credit offered by each bank in Canada and discuss how they compare with each other, and which is the best choice for Canadian med students and dental students.
In 5th place, we have the BMO student line of credit. This line of credit has an interest rate of prime - 0.25%, as well as a maximum of $325,000 for med students ($300,000 for dental students), and only requires interest payments until 2 years after graduation, from which point you will be required to start paying off the principle as well. This is not a terrible line of credit by any means, but it offers no sign up bonus, and none of the numbers are better than what the other 4 major banks offer med and dental students in Canada. Therefore, the BMO student line of credit is not able to rank anywhere other than in last place.
Next up in 4th place, we have the RBC student line of credit. This line of credit also has an interest rate of prime - 0.25%, but it has a slightly higher maximum borrowing allocation of $350,000, and just like the previous one, it also only requires interest payments until 2 years after graduation. Unlike the BMO line of credit, the RBC line of credit actually offers a sign up bonus in the form of a free premium chequing account, and a free premium credit card.
Up in 3rd place, we have the CIBC student line of credit. This one has very similar numbers to the RBC line of credit, with the prime - 025% interest rate, a maximum of $350,000, and only requiring interest payments until 2 years after graduation. The only difference between the CIBC and the RBC offerings is in the sign up bonus. Instead of a bank account and a credit card, CIBC offers a complimentary SPC+ membership, as well as entry into a number draw for massive cash prizes.
In 2nd place, we have the TD student line of credit. This one also has the same interest rate, maximum borrowing allocation and re-payment requirement as the previous two, but has a much better sign up bonus. The TD line of credit offers an Amazon gift card worth up to $625, as long as you open a free bank account and a free credit card with TD. So you may as well sign up for the free account and card, and get a massive sign up bonus towards your amazon account.
The first place and the best line of credit for med school and dental school students in Canada is the Scotiabank student line of credit. This line of credit also has a prime - 0.25% interest rate, a slightly higher maximum at $375,000, but it requires no payment whatsoever until 2 years after graduation, not even any interest payments. Also it has a sign up bonus of $300 in cash as long as you agree to open up a premium Scotiabank account (which is given to you for free), and a premium Scotiabank credit card (which is also given to you for free). This means that you won't be required to pay any fees or adhere to any minimum balance requirements in order to get your premium account and card.
All in all, any post graduate student that plans on going to a dental or medical school in Canada would get the best deal from the Scotiabank student line of credit, as it is by far the best of all medical school loans available in Canada, and it will provide you the best experience in paying for med school or paying for dental school. Although other options like the line of credit RBC, CIBC, TD, or BMO offered were not too far off and will still serve you well enough, if you are looking for the best med school loan Canada in 2023, the Scotiabank medical school loan is definitely the one to go with.
0:00 Intro
1:32 5. BMO
3:00 4. RBC
3:54 3. CIBC
4:38 2. TD
5:25 1. Scotiabank
7:02 Local Options?
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