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Not yet but I know a couple of profs have been discussing setting something up so we'll see where that goes.  

 

They are working on it, and it will happen eventually... but don't count on it happening within your time at TRU (at least for the current class). 

 

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I wanted to toss in my opinion on housing choices for going to law school. While the active posters here prefer residence, the majority of people don't.

 

I rented a room in a house in lower sahali in 1L, about a 10 minute bike ride from door to door with 3 other guys my age. It worked out really well and I'm going to look for a similar location again for 3L. I paid $550 per month and it included all utilities and Internet/tv.

 

In 2L I rented a 2 bedroom walk-out in upper sahali for $1050 per month plus about $50/month utilities. I decided not to find a roommate, but there was more than enough room. This spot was about a 10 minute drive door to door.

 

I'm letting you know this as evidence that if you don't mind living with someone, you can live in a nice place for less than residence that is still close.

 

I strongly recommend that if you plan to participate and get involved, that you try to live as close to the school as possible. Your first search should be in lower sahali. It's wonderful to be able to quickly run back to your pad for an hour nap in between classes if you are hungover.

 

I also have some loan advice for a poster above. First you should realize that for a professional student line of credit (LoC), you do not pay interest on any money available that is not used. It's like a credit card, so you only pay interest of money you withdraw. Generally the strategy is to apply for government student loans first, and then apply for the LoC at a bank of your choice. Because the government loans take a while to be processed, you will have your loc available to you before you even know how much the government is loaning you.

 

You will want to spend your government loans first each year, and then dip into your loc as necessary. The government loans allow you to not pay interest while in school and also does not make you pay back the full amount. So when entering law school, you will have between 10-20k per year of government funding and an 80-100k LoC. Since you will need the government money for tuition and the loc for living expenses, you don't want to find yourself short. Better to get access to as many funds as you can, and just spend what you need.

 

As far as bank recommendations, I had a good experience with Scotiabank. I managed to get a prime + 0.5 100k loc that doesn't convert into a higher interest rate personal loan after school.

Edited by Kdodgeball
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I wanted to toss in my opinion on housing choices for going to law school. While the active posters here prefer residence, the majority of people don't.

 

I rented a room in a house in lower sahali in 1L, about a 10 minute bike ride from door to door with 3 other guys my age. It worked out really well and I'm going to look for a similar location again for 3L. I paid $550 per month and it included all utilities and Internet/tv.

 

In 2L I rented a 2 bedroom walk-out in upper sahali for $1050 per month plus about $50/month utilities. I decided not to find a roommate, but there was more than enough room. This spot was about a 10 minute drive door to door...

 

Thanks KDodge that was really helpful, especially the loan part. Finances are always intimidating so any information about others' experiences is always great!

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I wanted to toss in my opinion on housing choices for going to law school. While the active posters here prefer residence, the majority of people don't.

 

I rented a room in a house in lower sahali in 1L, about a 10 minute bike ride from door to door with 3 other guys my age. It worked out really well and I'm going to look for a similar location again for 3L. I paid $550 per month and it included all utilities and Internet/tv.

 

In 2L I rented a 2 bedroom walk-out in upper sahali for $1050 per month plus about $50/month utilities. I decided not to find a roommate, but there was more than enough room. This spot was about a 10 minute drive door to door.

 

I'm letting you know this as evidence that if you don't mind living with someone, you can live in a nice place for less than residence that is still close.

 

I strongly recommend that if you plan to participate and get involved, that you try to live as close to the school as possible. Your first search should be in lower sahali. It's wonderful to be able to quickly run back to your pad for an hour nap in between classes if you are hungover.

 

I also have some loan advice for a poster above. First you should realize that for a professional student line of credit (LoC), you do not pay interest on any money available that is not used. It's like a credit card, so you only pay interest of money you withdraw. Generally the strategy is to apply for government student loans first, and then apply for the LoC at a bank of your choice. Because the government loans take a while to be processed, you will have your loc available to you before you even know how much the government is loaning you.

 

You will want to spend your government loans first each year, and then dip into your loc as necessary. The government loans allow you to not pay interest while in school and also does not make you pay back the full amount. So when entering law school, you will have between 10-20k per year of government funding and an 80-100k LoC. Since you will need the government money for tuition and the loc for living expenses, you don't want to find yourself short. Better to get access to as many funds as you can, and just spend what you need.

 

As far as bank recommendations, I had a good experience with Scotiabank. I managed to get a prime + 0.5 100k loc that doesn't convert into a higher interest rate personal loan after school.

 

Thnaks, this was very helpful.  Where did you apply for your Scotia LOC, was it in Kamloops?   From what I understand, getting a good set up means you have to speak to the right person at the bank.  The housing advice was also handy, is it worth living down town do you think?

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I got my loc at the scotiabank in Calgary. What you want to do is call them as set up a meeting with a small business loans person. They are almost always the ones who also do the professional student line of credits. If you don't like the person or you don't think they are giving you the best deal (they have some discretion on the rates), just get a new advisor.

 

As for housing, downtown definitely has its perks. Although its "downtown," it's still on the same side of the river as the university and maybe a 10 minute drive. It's within walking distance to the pubs and bars. If recommend that if you aren't living close to the university, downtown would be your next pick. Someone mentioned earlier about Sun Rivers. Although its a ways away, there is easy access to the highway which lets you skip around town, getting to the university in about 15 minutes. It's still a bit of a distance away, but the condos are a little nicer than the rest of Kamloops.

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I also have some loan advice for a poster above. First you should realize that for a professional student line of credit (LoC), you do not pay interest on any money available that is not used. It's like a credit card, so you only pay interest of money you withdraw. Generally the strategy is to apply for government student loans first, and then apply for the LoC at a bank of your choice. Because the government loans take a while to be processed, you will have your loc available to you before you even know how much the government is loaning you.

 

You will want to spend your government loans first each year, and then dip into your loc as necessary. The government loans allow you to not pay interest while in school and also does not make you pay back the full amount. So when entering law school, you will have between 10-20k per year of government funding and an 80-100k LoC. Since you will need the government money for tuition and the loc for living expenses, you don't want to find yourself short. Better to get access to as many funds as you can, and just spend what you need.

 

As far as bank recommendations, I had a good experience with Scotiabank. I managed to get a prime + 0.5 100k loc that doesn't convert into a higher interest rate personal loan after school.

 

 

I got my loc at the scotiabank in Calgary. What you want to do is call them as set up a meeting with a small business loans person. They are almost always the ones who also do the professional student line of credits. If you don't like the person or you don't think they are giving you the best deal (they have some discretion on the rates), just get a new advisor.

 

As someone who is currently working at a bank and most effectively trying to secure funds for law school that provides me the lowest borrowing cost and overall debt, I would like to point out that Kdodgeball's advice and observations are spot on. With the understanding that there are a lot of us who will require funding for OSAP and beyond, I will elaborate further to provide some foundational understanding of the system in an effort to provide others with some ground for bargaining.

 

Right now interest rates for mortgages, HELOC's (Home Equity Lines of Credit), professional student loans and other credit lines, are between prime and prime + 1. Prime currently sits at 3%. Law students currently will be offered a rate of prime + 1. For you to receive a rate of prime + 0.5 or lower the financial adviser or financial services rep will have to sacrifice some sales revenue. Some will do this for you SO TRY. Sales revenue earned by a financial adviser is like profit earned over cost by a car sales person for the sale of a car. The more over cost or the more over the standard interest rate you make the sale for, the more points or "sales revenue" one will earn and in turn more opportunities and bonuses he/she is faced with at the bank. Unlike car lots, however, banks have ethical restrictions on interest rates. Interest rates on services like credit cards and over draft protection are on average much higher, floating around and above 20%. So do not use overdraft credit on your bank account, who's interest rate is at roughly 22%, when you are a law student who can be approved for a line of credit that is between 3 and 4 percent. Same applies to cash advances on your credit card: as a professional student, avoid them.

 

TD is currently offering a professional student line of credit for prime + 1 for up to $50,000. Joint JD and MBA has an interest rate of prime + 0.5.

Scotiabank is offering prime + 1 as well; however, the amount of funds they offer is double: $100,000.

 

OSAP for someone without a dependent is maxed at $360 per week of study or $12,800 per study year. The calculation for the amount OSAP will offer you is based on investments you hold, debt, whether you have someone, such as a parent, providing for you, etc.Some of it will be calculated as a grant (BONUS). OSAP for someone who is providing for a dependent is capped at just over $500 per study week.

 

Kdodgeball is correct in regards to the stratagem undertaken to secure finances, assuming one logically would like to save money. Start with applying for OSAP (or your provincial government student assistance program) because it takes quite some time for the process to be completed. The professional student line of credit will only take one trip and at most ten business days to be available to you, assuming you bring in all the relevant documentation such as ID, proof of enrollment, information on all current liabilities and assets.

 

Exhaust OSAP before a line of credit because the line of credit accrues interest immediately and is compounded monthly based on the annual interest rate you agreed on. Compounded monthly meaning interest is added to the amount owing on your line of credit monthly and in turn increasing the interest owed. So an interest rate of prime will garner your line of credit with .25% of interest every month.OSAP does not start tacking on interest until after you graduate and if you do not secure a paying job you can apply for repayment assistance which will cover all the interest until you are working and no longer eligible for repayment assistance. The line of credit does not have to be used, as was previously mentioned. Even if you do not think you will dip into it, secure one anyways (unless you are irrational regarding your finances and tempted to spend it). If it does not get used, it just sits there for a just in case scenario.

Edited by mario_c
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TD is currently offering a professional student line of credit for prime + 1 for up to $50,000. Joint JD and MBA has an interest rate of prime + 0.5.

Scotiabank is offering prime + 1 as well; however, the amount of funds they offer is double: $100,000.

 

TD is offering up to $80 000 for law students. I went in last week to speak with them. Still not as good as Scotia, but not as bad as you make out.

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Hey Mario--very informative post.

Just wondering, do Scotia and TD require a co-signer for this?

Thanks in advance.

 

As someone who is currently working at a bank and most effectively trying to secure funds for law school that provides me the lowest borrowing cost and overall debt, I would like to point out that Kdodgeball's advice and observations are spot on. With the understanding that there are a lot of us who will require funding for OSAP and beyond, I will elaborate further to provide some foundational understanding of the system in an effort to provide others with some ground for bargaining.

 

Right now interest rates for mortgages, HELOC's (Home Equity Lines of Credit), professional student loans and other credit lines, are between prime and prime + 1. Prime currently sits at 3%. Law students currently will be offered a rate of prime + 1. For you to receive a rate of prime + 0.5 or lower the financial adviser or financial services rep will have to sacrifice some sales revenue. Some will do this for you SO TRY. Sales revenue earned by a financial adviser is like profit earned over cost by a car sales person for the sale of a car. The more over cost or the more over the standard interest rate you make the sale for, the more points or "sales revenue" one will earn and in turn more opportunities and bonuses he/she is faced with at the bank. Unlike car lots, however, banks have ethical restrictions on interest rates. Interest rates on services like credit cards and over draft protection are on average much higher, floating around and above 20%. So do not use overdraft credit on your bank account, who's interest rate is at roughly 22%, when you are a law student who can be approved for a line of credit that is between 3 and 4 percent. Same applies to cash advances on your credit card: as a professional student, avoid them.

 

TD is currently offering a professional student line of credit for prime + 1 for up to $50,000. Joint JD and MBA has an interest rate of prime + 0.5.

Scotiabank is offering prime + 1 as well; however, the amount of funds they offer is double: $100,000.

 

OSAP for someone without a dependent is maxed at $360 per week of study or $12,800 per study year. The calculation for the amount OSAP will offer you is based on investments you hold, debt, whether you have someone, such as a parent, providing for you, etc.Some of it will be calculated as a grant (BONUS). OSAP for someone who is providing for a dependent is capped at just over $500 per study week.

 

Kdodgeball is correct in regards to the stratagem undertaken to secure finances, assuming one logically would like to save money. Start with applying for OSAP (or your provincial government student assistance program) because it takes quite some time for the process to be completed. The professional student line of credit will only take one trip and at most ten business days to be available to you, assuming you bring in all the relevant documentation such as ID, proof of enrollment, information on all current liabilities and assets.

 

Exhaust OSAP before a line of credit because the line of credit accrues interest immediately and is compounded monthly based on the annual interest rate you agreed on. Compounded monthly meaning interest is added to the amount owing on your line of credit monthly and in turn increasing the interest owed. So an interest rate of prime will garner your line of credit with .25% of interest every month.OSAP does not start tacking on interest until after you graduate and if you do not secure a paying job you can apply for repayment assistance which will cover all the interest until you are working and no longer eligible for repayment assistance. The line of credit does not have to be used, as was previously mentioned. Even if you do not think you will dip into it, secure one anyways (unless you are irrational regarding your finances and tempted to spend it). If it does not get used, it just sits there for a just in case scenario.

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TD is offering up to $80 000 for law students. I went in last week to speak with them. Still not as good as Scotia, but not as bad as you make out.

 

I should have clarified that those numbers are what TD and Scotiabank offered me. I also did believe that what they were offering me was the maximum but apparently that is not the case.

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Hey Mario--very informative post.

Just wondering, do Scotia and TD require a co-signer for this?

Thanks in advance.

 

No co-signer is required, even as a first time borrower. In the eyes of the bank you are a lower risk versus say, I don't know, a contract worker looking to take out a line of credit that is not for education advancement.This is assuming you do not have any current significant debt. As previously expressed , bring in all of your relevant documents pertaining to your liabilities (if you have any) and they will better be able to provide specifics regarding allowance and rate; each institution will vary. Apparently it can vary by branch as well. Good luck!

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So from what I've gathered from this thread regarding housing options, I will be bringing up my car so it would be better and more cost efficient to live off campus. I don't plan on partying much and more space would be welcome, residence makes me skeptical because of the noise from undergrads and whatnot. 

Also, how much snow does Kamloops usually get? That would be the only thing I'd be wary of living farther away. 

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So from what I've gathered from this thread regarding housing options, I will be bringing up my car so it would be better and more cost efficient to live off campus. I don't plan on partying much and more space would be welcome, residence makes me skeptical because of the noise from undergrads and whatnot. 

Also, how much snow does Kamloops usually get? That would be the only thing I'd be wary of living farther away. 

 

Not that much.  Granted I'm from Northern Ontario, the people from Vancouver usually flip out at the sight of it though.  The noise from undergrads is really overstated - Plus most people study elsewhere; so, unless you are the lightest sleeper in the world noise in res shouldn't be an issue.  I agree though, that if you have a car live a bit off campus and get that extra space.

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Re: snow

I'm from Vancouver and was nervous (...terrified) of the snow and cold. I survived with my regular winter coats and rain boots. Yes, it's colder than what I was used to, but overall it wasn't too bad. 
I didn't put my snow tires on until Thanksgiving, and didn't need them until closer to Christmas, but I had to keep them on until after April exams for the Coq. 

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Good to know, thanks for the advice guys.  

Does anyone here have experience with the privately operated on-campus housing? 

For on-campus residence, it's $6,358.00 a year for a two bedroom suite, but the privately owned on-campus housing is only $4,570.  I'm just on the TRU housing website and it has both options listed:
http://www.tru.ca/housing.html


Can someone help break down the discrepancy between the prices and the benefits of each option? 

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Good to know, thanks for the advice guys.  

Does anyone here have experience with the privately operated on-campus housing? 

For on-campus residence, it's $6,358.00 a year for a two bedroom suite, but the privately owned on-campus housing is only $4,570.  I'm just on the TRU housing website and it has both options listed:

http://www.tru.ca/housing.html

 

Can someone help break down the discrepancy between the prices and the benefits of each option? 

 

Do not under any circumstance choose the private option.  The extra money is worth it.  Perhaps a student who stayed there can chime in (Don't know if they are on LS.ca) but overall only a few students have been there and it is brutal just too many horror stories.

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Good to know, thanks for the advice guys.  

Does anyone here have experience with the privately operated on-campus housing? 

For on-campus residence, it's $6,358.00 a year for a two bedroom suite, but the privately owned on-campus housing is only $4,570.  I'm just on the TRU housing website and it has both options listed:

http://www.tru.ca/housing.html

 

Can someone help break down the discrepancy between the prices and the benefits of each option? 

 

Do NOT go for the privately owned housing whatever you do!  The rooms are incredibly sketchy and gross and it looks like a shit hole.  People like to say that those buildings were built as jail cells back in the day but then got converted to housing when TRU started getting bigger.  

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Do not under any circumstance choose the private option.  The extra money is worth it.  Perhaps a student who stayed there can chime in (Don't know if they are on LS.ca) but overall only a few students have been there and it is brutal just too many horror stories.

 

Do NOT go for the privately owned housing whatever you do!  The rooms are incredibly sketchy and gross and it looks like a shit hole.  People like to say that those buildings were built as jail cells back in the day but then got converted to housing when TRU started getting bigger.  

 

Hahah wow, thanks for the heads up guys.

I'm going to scout out some areas mentioned in this thread and compare prices for rent and then check them out next week, thanks for all the advice dudes. 

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Thanks to all the 1L and 2L's for your insightful inputs.

 

One more perhaps stupid question but I'd like to know before moving to BC. Is it advisable to fly to BC (Kamloops) and find housing (assuming not living on rez) at the last minute (last2 weeks of August) OR is it better to go there earlier to secure housing, then come back to Ontario and fly/drive there before school starts and move in then? If so, how early should I go? I guess this question doesn't apply to those who are from BC (or Alberta) due to the short distance to Kamloops, but more directed to those from Ontario, East Coat, or provinces east of Alberta.

 

Please advise.

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Thanks to all the 1L and 2L's for your insightful inputs.

 

One more perhaps stupid question but I'd like to know before moving to BC. Is it advisable to fly to BC (Kamloops) and find housing (assuming not living on rez) at the last minute (last2 weeks of August) OR is it better to go there earlier to secure housing, then come back to Ontario and fly/drive there before school starts and move in then? If so, how early should I go? I guess this question doesn't apply to those who are from BC (or Alberta) due to the short distance to Kamloops, but more directed to those from Ontario, East Coat, or provinces east of Alberta.

 

Please advise.

 

That depends what the market is like.  You would want to go through online sites such as Craigs List or Kijiji first and then get some solid leads and then if you feel you must you should go look at them.  I think it would be based on when there are places available.

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