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Students about to enter their first year in Ryerson University’s midwifery program are scrambling to find alternate funding options after the Royal Bank of Canada cancelled a specialized loan program this month. Previously, students could borrow up to $80,000 against their projected earnings as midwives. Now, the bank won’t consider students’ future earning potential and requires them to have a co-signer.“Midwifery students have known about the RBC funding and relied on it for many years I think for those that need some support to get them through their schooling,” said Nicole Bennett, the director of Ryerson’s Midwifery Education Program.“It’s just one more barrier for people who don’t have a lot of financial means to enter into the profession and it saddens me,” she said. Read more: Midwives from 113 countries kick off convention with march through Toronto Giving birth alone and far from home In a statement RBC spokesperson AJ Goodman said the change was made “to help midwifery students ensure they are taking on manageable loans while pursuing their career.”Goodman also explained that there is no set cap on the loans available under the bank’s standard student line of credit program.“If a student can support themselves at a higher threshold, then we will evaluate their application accordingly,” he said. Incoming student Monique Dupuy said she’s concerned some students now won’t be able to cover the costs of the program.“I think it’s suspect that it happens during this time of year when people are sort of scrambling to secure funding for the fall,” she added. RBC told both Dupuy and Linnea Rudachyk, another student who is relocating from Whitehorse, Yukon for the program, that they could still apply for the bank’s regular student line of credit, which is available to all undergraduate students, to help cover the cost of school. For some midwifery students, though, that might not be enough. Tuition alone can cost between $6,000 and $8,000 a year. Add in living costs, medical supplies, the cost of a possible relocation for clinical placements in the latter half of the four-year program and Rudachyk estimated it could cost her $100,000 to complete the program. Students are also not allowed to work while they’re completing unpaid clinical placements and they must have 24-hour access to a reliable car, adding to the costs.“I may be able to start the program, but I may not be able to complete it, it’s a huge barrier,” said Rudachyk, who was told she could borrow up to $30,000 under a standard student line of credit. It seems “very unfair” that specialized professional loans are available to students in chiropractic, physiotherapy, law and medical programs, but not midwifery, she said. RBC offers loans of up to $275,000 for medical students and up to $125,000 for law students without co-signors. Midwifery students are very likely to secure employment after graduation and have the potential to be earning $80,000 with a full care load, Bennett said.“My understanding was that this was a program for professional degrees and midwifery is absolutely a professional degree,” she said. While a number of banks offer larger loans for professional programs, Dupuy, Rudachyk, and Bennett said as far as they’re aware RBC was one of the only to offer something similar for midwifery students. CIBC, for instance, offers a Professional Edge line of credit for students in some programs, including medical, law, chiropractic, and nursing schools, but a spokesperson for the bank said midwifery students are eligible to apply for their Education Line of Credit. The limits available under the Education Line of Credit vary depending on the institution students will attend and offers different repayment options from the professional version. A spokesperson for TD said their bank offers “Student Lines of Credit for Bachelor of Health Sciences programs, which sometimes can include midwifery programs.” Midwifery is not listed on their website as one of the programs eligible for their professional student lines of credit. Elizabeth Brandeis, the president of the Association of Ontario Midwives, said losing access to RBC’s health sciences line of credit program feels like yet “another barrier,” for midwives, a profession that’s seeing increasing demand in Ontario. When the province regulated midwifery in 1994 there were just 60 midwives in the province, who attended fewer than 2 per cent of births. Today there are close to 900, who in 2015 provided care to more than 22,000 women and attended more than 15 per cent of the births in the province. Each year the Ministry of Health and Long-Term Care also provides funding for an additional 90 midwives in Ontario. But midwives still can’t accommodate between one-third and one-quarter of requests for their services. Despite the new challenges presented by the loan cancellation, both Rudachyk and Dupuy plan to pursue their studies. The program is highly competitive, admitting only 30 students a year from between 250 and 280 eligible applicants. Dupuy said her dad has offered to co-sign a regular student loan if the professional loan program isn’t reinstated, but she doesn’t plan on letting this fight go. She’s already filed a formal complaint with RBC, written to Ryerson’s program director, her member of Parliament, Larry Bagnell, and has spoken with the Community Midwifery Association of Yukon. When I was a 20-year old student, my mom co-signed a $7,000 line of credit for me because I couldn’t get approved for one on my own. My original intention was to use $2,000 and buy a used car, because I needed (looking back, this was true – I did actually need one) a car to shuttle me back and forth between school and my three part-time jobs. But by my 21st birthday, I had borrowed the entire $7,000 and lived with a maxed out line of credit for the next three years of my life. :| Aside from the $1,600 I ended up spending on a used car, I couldn’t figure out what I spent the rest of my money on. So when I finally graduated college, not only did I end up owing $14,000 in student loans and $2,100 on a maxed out credit card, but I had put myself an additional $7,000 behind by maxing out my line of credit as well. I didn’t have a single thing to show for it, except for a crappy car that was almost as old as I was. I finally hit rock bottom when I couldn’t afford to put gas in my car, and I didn’t have enough money to take the bus to get to work. I had a major problem, and it was that moment that made me want to change my life forever. I created a plan, and gave myself 12 months to become completely debt-free. Once I got around to tackling my line of credit debt (I got to it last, because it had the lowest interest rate), I realized I had made four crucial mistakes which led to my downfall: For years, I abused the line of credit because I didn’t think I could pay it off without sacrificing my lifestyle – and I hated the feeling of being broke. So instead of paying the balance down, I would deposit my entire pay cheque into the account to satisfy my monthly payment obligations. Then, I would spend out of my line of credit, just like a chequing account. And when my pay cheque wasn’t enough to cover my monthly expenses, I freely spent more than what I made because I had the credit there to supplement my income. The Fix: I stopped the cycle by creating a debt-repayment plan, living on a budget, and increasing my income. My goal was to be completely debt-free in 12 months, so I broke down my $7,000 debt into bi-weekly payments of around $270. When I first inquired about a line of credit from TD Canada Trust, I only asked for a $2,000 loan. I didn’t get approved for it on my own, so when my mom agreed to co-sign my loan, I was approved for up to $7,000. I didn’t need that much, but the financial advisor at the bank and my mom both recommended I take the entire $7,000 loan “just in case of an emergency.” Little did I know that my emergencies would end up being lattes and clothing! The Fix: Every time I paid off $500 on my line of credit, I would call the bank to have my limit lowered by the same amount. It meant that I remained maxed out as I paid off my debt, but it also meant I wouldn’t be tempted to fall back into old habits and use credit to supplement my income. Getting declined for the loan on my own should have been a sign that I was not ready to take on the financial responsibility that came with the line of credit. And putting my mom’s financial reputation on the line like that – while it was one of the nicest things she has ever done for me – was not fair of me to ask her to do. The Fix: Once I paid off my line of credit, I called the bank and asked to put the loan under my own name. Whenever I did end up being successful in paying down my line of credit by a few hundred dollars, I would use the credit room I had created to help pay off my constantly maxed out credit card. Then I would spend until my credit card was maxed out again. This vicious cycle meant that every time I tried to get ahead, I ended up even farther behind. The Fix: Because the interest rate on my line of credit was so low, I consolidated my credit card debt one last time, and created an aggressive debt-repayment plan. By being able to pay down both my line of credit and remaining credit card balance at the same time, I eliminated the need for another consolidation. Even though it can be easy to spend more than you can afford to pay back with a line of credit, it is a great tool to have because it can provide you with a low-interest way to borrow money when you need it. But because it is also so accessible, so many people fall into the trap of abusing their line of credit. It took me less than a year to max out my line of credit, and over 4 years living with the weight of that debt hanging over my head. I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure. Rbc professional line of credit rbc online personal banking Call 1-800-769-2511 or apply online for your student line of credit. The Royal Credit Line for Students is an easy and flexible way to borrow. COVID-19 – How RBC is helping clients. Student Professionals. Get a comprehensive range of products and services to manage your student needs. Scotia Professional Student Plan Line of Credit. No monthly or annual fees. Optional free cheques. Optional Line of Credit Protection. A HELOC cannot exceed more than 65% of the market value of your home, and together with your mortgage can’t add up to more than 80% of the market value of your home. At RBC, you have the option to go fixed or variable. 23, 2017, the five-year fixed rate for the RBC Homeline Plan is 3.39%. Once you qualify for the RBC Homeline Plan, you can borrow anywhere from $5,000 up to 65% of the value of your home. Let’s do a sample calculation: The value of your home = $400,000 Your outstanding mortgage balance = $200,000 The maximum allowable total home debt would be calculated as: $400,000 x 80% loan-to-value ratio = $320,000 You must then subtract the outstanding balance on your mortgage to get the total allowable line of credit amount: $320,000 – $200,000 = $120,000 Now you still need to make sure that $120,000 doesn’t exceed 65% of your home’s value. A home equity line of credit (HELOC) is a revolving line of credit that allows you to borrow the equity in your home, often at a much lower rate than a traditional line of credit. RBC Royal Bank’s home equity line of credit is called the RBC Homeline Plan. However, the five-year variable rate for this product is RBC Prime 0%. Again, remember that your total home debt (mortgage HELOC) cannot exceed 80% of the value of your home. To be sure, simply divide the HELOC amount by the value of your home: $120,000 / $400,000 = 30% In this example, you could access $120,000 through a HELOC, which only amounts to 30% of your home’s value. The bottom line The RBC Homeline Plan is a mortgage product that can help you access the funds you need to finance a renovation project, pay for school or even purchase a second property. A HELOC can also be used to pay off high-interest debts, such as personal loans or credit cards. Before deciding to leverage your home, you should speak with a mortgage broker and come up with an option that works best for your financial situation. I talked to Scotia last week and they said the best they can give me is $50,000 unsecured LOC with prime 1%. This is based off me being a lawyer, but being an employee (if I was starting my own practice I could qualify for an unsecured small business loan). A bit disappointing because as a law student I was qualified for $100,000 at prime 0.5%, but seems pretty good in comparison to most LOC's. Anyone have experience getting non-student unsecured LOC's as one of the designated professionals that get generous student loans? What amount and what rates with which bank were you able to get? I talked to Scotia last week and they said the best they can give me is $50,000 unsecured LOC with prime 1%. This is based off me being a lawyer, but being an employee (if I was starting my own practice I could qualify for an unsecured small business loan). A bit disappointing because as a law student I was qualified for $100,000 at prime 0.5%, but seems pretty good in comparison to most LOC's. Anyone have experience getting non-student unsecured LOC's as one of the designated professionals that get generous student loans? What amount and what rates with which bank were you able to get? my application is being reviewed at national bank at this time, the guy said about 2-4 weeks to get a decision. Have asked for $100k, have been offered prime 0.5 at this point. Things can change once they review the application in detail my application is being reviewed at national bank at this time, the guy said about 2-4 weeks to get a decision. But I think when application will be reviewed in detail, I will come to know what I have been approved for and at what rate. Have asked for $100k, have been offered prime 0.5 at this point. Bank's rep will work with you on the amount needed e.g. Things can change once they review the application in detail i told him my annual gross. tuition fee, textbooks, expenses such as gas,groceries,rent,entertainment, etc and he/she will come up with a rough total, which will be divided by the number of years of your program and they will make that additional amount available each year.


The document provided must have been issued by the school and contain the student name, the name of the University or College, program and year of study. Example: A letter on school letterhead signed or stamped by the school, or a copy of the tuition bill. A student line of credit is repayable loan assistance from a bank or credit union. Unlike government student loans, a student line of credit is not based on financial need. To qualify, you usually require a valid Canadian co-signor (e.g. Approval is based on the co-signor's credit worthiness. Law, Medicine, etc.) may not require a co-signor in recognition of future earning potential (please contact your financial aid institution for further details). You can apply for a student line of credit at most major Canadian banks. While you are enrolled in full-time studies you are only responsible for repaying the interest on the funding you have borrow. You begin repayment of the principal when you cease full-time studies (either graduate, or withdraw from full-time studies). Queen's University and RBC Royal Bank are pleased to make available the RBC/Queen's Student Line of Credit Program for students enrolled at Queen's University, Kingston. Queen's students who have explored other financial options through government student assistance and who have not qualified for an RBC Royal Credit Line for Students with a co-signor may qualify for the Queen's guarantee feature. Once you have submitted your application for an RBC/Queen's Student Line of Credit the RBC Royal Bank will determine your eligibility. If approved, the Royal Bank will contact you directly to complete the application process. While you are in school you only have to pay the monthly interest on the RBC/Queen's Student Line of Credit at the Royal Bank prime rate plus 1%. Queen's students who have explored other financial options through government student assistance and who have not qualified for an RBC Royal Credit Line for Students with a co-signor may qualify for the Queen's guarantee feature. At the sole discretion of the University, Queen's may extend a guarantee to a full-time student up to a maximum of $5,000. Criteria that must be satisfied to be considered for the guarantee by Queen's including the following: Any student with an overdue debt with the University will not be permitted to register or to receive examination results, official transcripts or marks reports until the outstanding account is settled in full or until an acceptable arrangement for settling the account is made by the department(s) concerned. (For some departments only full settlement of the debt will be considered a satisfactory arrangement.). In no case will a diploma be produced and provided to a student with an outstanding debt with the University. STEP 1 - COMPLETE THE ONLINE CONSENT FORM When applying for the RBC/Queen's Student Line of Credit, you must complete an online consent form authorizing the transfer of your enrolment status and personal information between Queen's University and RBC Royal Bank. Student will be required to acknowledge that if approved for a Queen's guaranteed RBC/Queen's Student Line of Credit you will be expected to keep your line of credit in good financial standing with RBC Royal Bank. If the line of credit becomes delinquent or in default, Queen's will consider you as a debtor and therefore the Senate Policy on Student Debtors will apply (see above). Student consent is required before any information can be shared, including request for a guarantee. Online Consent Form STEP 2 - SUBMIT AN APPLICATION TO RBC The following link is to the RBC Royal Bank website, which outlines the program information. It is critical for you to read and understand this information before applying for an RBC/Queen's Student Line of Credit. RBC Royal Bank Website 1) Q: What is the difference between the RBC/Queen's Student Line of Credit program and RBC Royal Credit Line for Students? A: A RBC/Queen's Student Line of Credit is a Royal Credit Line for Students which is co-signed (guaranteed) by Queen's University. 2) Q: How does the RBC/Queen's Student Line of Credit program relate to government financial assistance (e.g. A: Queen's requires student to first apply for government student assistance before considering their application for an RBC/Queen's Student Line of Credit. This requirement is due to the benefits of such government student assistance programs, including interest-free status during studies, non-repayable grants, loan forgiveness, and repayment options, to name a few. Queen's is aware that many university students are ineligible for government financial assistance; in light of this, the RBC/Queen's Student Line of Credit program has been designed to increase access to student lines of credit. 3) Q: How will I know if Queen's guarantees my RBC/Queen's Student Line of Credit? A: The Royal Bank will inform you that you have been approved for a Royal Line of Credit for Students. Queen's Student Awards Office will also contact you, in writing, if your application was approved as a result of Queen's agreeing to guarantee the loan; it is therefore important that you ensure your mailing address is up-to-date on your student account (SOLUS). 4) Q: What exceptional circumstances would prompt Queen's to guarantee an RBC/Queen's Student Line of Credit? A: A student must be enrolled in full-time studies in their second year or above, in good academic standing and making good progress towards the completion of their degree, have an excellent credit history with the University and have no other options for financing to invest in his/her university education. 5) Q: Are students in all programs of study eligible to apply for the RBC/Queen's Student Line of Credit? A: Students in professional programs of study such as Law, Medicine or MBA are required to pursue options through the Royal Credit Line for Students-Professional Designation at RBC or another financial institution. Students registered full-time in second year of any other program are eligible to apply for a RBC/Queen's Student Line of Credit. 6) Q: If Queen's guarantees my RBC/Queen's Student Line of Credit, does my course load at Queen's have any impact on my RBC/Queen's Student Line of Credit? In order to have access to funds from your RBC/Queen's Student Line of Credit, you must be registered as a full-time student at Queen's (minimum 80% course load in every term of study). If you cease to be enrolled in full-time studies, Queen's will contact RBC and your RBC/Queen's Student Line of Credit will be ‘capped' (you will no longer be able to draw further funds from your RBC/Queen's Student Line of Credit). However, if you are still enrolled in part-time studies at Queen's your RBC/Queen's Student Line of Credit will remain in interest-only status (you continue to make the monthly interest payments, but do not have to start payments on the principal). 7) Q: What are my responsibilities if Queen's guarantees my RBC/Queen's Student Line of Credit and I complete or withdraw from my studies? A: If Queen's has guaranteed an RBC/Queen's Student Line of Credit a student can only access funds while enrolled as a full-time student at Queen's. In the event a student is no longer enrolled at Queen's and subsequently provides RBC a confirmation of enrolment from any other accredited post-secondary institution he/she will remain responsible for the monthly interest payments according to the student's payment obligations. The RBC/Queen's Student Line of Credit will not be converted into repayment status until six months after his/her registered student status ceases at any post-secondary institution. 8) Q: Is RBC Royal Bank the only lending institution with which I may secure a line of credit? Students may apply for a student line of credit from any institution they desire. However, the above-stated benefits (Queen's guarantee feature) of the RBC/Queen's Student Line of Credit program apply only to the RBC Royal Bank. 9) Q: Is there a maximum amount of RBC/Queen's Student Line of Credit for which Queen's will consider extending the guarantee? The maximum amount of RBC/Queen's Student Line of Credit for which Queen's will consider extending the guarantee is $5,000 per academic year. Rbc professional line of credit rbcus The RBC Premier Line of Credit can be an important element in your overall wealth planning strategy. To learn more about the RBC Premier Line of Credit, please contact your Financial Advisor. *LIBOR is derived from an average of daily self-estimates of borrowing costs supplied by a small group of large global banks. Call 1-800-769-2511 to apply for a line of credit or personal loan. Let RBC Royal Bank help meet your goals today. Call 1-800-769-2511 or apply online for your student line of credit. The Royal Credit Line for Students is an easy and flexible way to borrow. COVID-19 – How RBC is helping clients. It may have been moved or deleted, or you may have typed its location incorrectly. 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