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Scotiabank vs. TD for Student Line of Credit

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Hey!
I was wondering if anyone has looked into U of T's deal with both Scotiabank and TD for a student line of credit for law school? I have my appointment with TD tomorrow and have leaned towards going with them since I'm already with TD, but does anyone know what U of T's deal with Scotia is like? Or can offer a comparison to which may have a better deal? 

Thanks :)

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I went into TD and asked about their offering. They told me interest is Prime, I get a year after graduation to just pay interest, and a bunch of personal recommendations based on my current level of debt. 

I went into Scotiabank, they were exceptionally rude, and in an angry tone answered all of my questions with "You'll have to make an appointment with a financial advisor, we refuse to tell you anything." Which is ridiculous, as my questions included, "Do you offer professional loans to law students?" *sigh*

I've also booked an appointment at TD, so I look forward to hearing from anyone here who dealt with Scotiabank reps who were more receptive to their questions. :/

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Posted (edited)
23 minutes ago, macmill said:

 

I went into Scotiabank, they were exceptionally rude, and in an angry tone answered all of my questions with "You'll have to make an appointment with a financial advisor, we refuse to tell you anything." Which is ridiculous, as my questions included, "Do you offer professional loans to law students?" *sigh*

 

They have a section on their website for law PSLOCs.

Edited by harveyspecter993

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2 hours ago, harveyspecter993 said:

They have a section on their website for law PSLOCs.

Yep, I know, but I wanted to see if they'd at least answer that question.

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Posted (edited)

My Scotia LOC was prime + 0.5. They add the interest to the loan and don't ask you to pay unless you've maxed out until a year after graduation. Scotia in general was quite rude and made promises of providing various services both before and after graduation and didn't deliver when I said I was interested. 

I'd go with TD alone due to the lower interest and, in general, TD staff are not as rude as Scotia staff.

I've been told that the other banks like RBC, BMO and CIBC also offer fairly good student LOCs. If you want to shop around try them too. RBC is known to be a bit more sharkey than the other banks but offer somewhat better rates, but that only comes into play if you default on the loan. So if you are prudent then RBC is often the best bank to do business with.
Maybe try the credit unions too.

Edited by AnonLaw

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I have no experience with Scotiabank, but the people at TD have been exceptionally kind and patient this year throughout the process of applying for my PSLOC. I also got a rate of prime and didn't require a guarantor when applying. 

Contrarily, the people at CIBC (which I attempted to apply with first as CIBC is my primary bank) were remarkably less approachable and seemed less knowledgeable about what exactly I was looking for. I left the meeting with the advisor more confused about the process than when I went in. 

Overall, I recommend TD based on my positive experiences there. Again, cannot speak on Scotiabank though. 

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Posted (edited)

Scotiabank has always been nice to me with their LOS. No cosign. Every year, I emailed them a proof that I am enrolled and they increased my amount. They have always been easily accessible by email. My branch is on Queen St. So far so good.

However, I recently cancelled my credit card, and that has been difficult to resolve. It's the third time that they "shipped it" but I haven't received one in 4 months. Bad luck?

Edited by chirico

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Scotiabank has been great for me so far. The rudeness wouldn't bother me because I rarely need to deal with them, but I haven't had any problems so far. The biggest draw for me has been that they have a far better points program than TD. The important thing to keep in mind about the LOC is that there are specific branches that deal with the school, and only those branches will be able to answer questions about the program. Other branches may tell you it doesn't exist, or provide misinformation because they are unaware of the difference between the deal our law school has with Scotia and other, broader LOCs available in their market.

The only other thing I'd suggest is not getting insurance on any of your credit cards or the main loan, unless you have a spouse or someone who is likely to get stuck with the bill if you croak.

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Scotia for line of credit terms.

TD for customer service and hours of operation.

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Posted (edited)

Watch out for promises Scotia's advisors make. They broke a lot of promises before I got sick of dealing with them and changed banks. Stuff like saying I could get free cheques any time, then refusing to provide a cheque when I needed it. Or promising to assume my government student loan debt for the lower interest rate, then later saying they would not. They even told me they had set up auto pay on the student loan after it became a loan and not a line of credit and then within a month I got a collection call because they had not actually done so.

It was also very hard to get a hold of the advisor and only the advisor was able to get anything done with the account. In seven years I never once had the advisor pick up the phone. At best I got a callback three days later, often I wouldn't get a call back at all.

That kind of service as a lawyer and I'd lose all my clients.

Edited by AnonLaw

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Posted (edited)
2 hours ago, AnonLaw said:

Watch out for promises Scotia's advisors make. They broke a lot of promises before I got sick of dealing with them and changed banks. Stuff like saying I could get free cheques any time, then refusing to provide a cheque when I needed it. Or promising to assume my government student loan debt for the lower interest rate, then later saying they would not. They even told me they had set up auto pay on the student loan after it became a loan and not a line of credit and then within a month I got a collection call because they had not actually done so.

It was also very hard to get a hold of the advisor and only the advisor was able to get anything done with the account. In seven years I never once had the advisor pick up the phone. At best I got a callback three days later, often I wouldn't get a call back at all.

That kind of service as a lawyer and I'd lose all my clients.

By this, do you mean that you were not allowed to pay off your outstanding gov. student loans with the LOC, while you still had access to it? Or do you mean that they wouldn't loan money on top of an already maxed LOC to assume your gov. loan debt? It was my understanding that it was fairly common to use left over LOC room to pay down government loan debt (because of the lower rate).

Edited by randominternetperson

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They specifically offered to assume the government loans. It was in a letter that came in long after I was done articling, around the time the line of credit would turn into a formal loan. It had language to the effect of "we will assume your Canada Student Loans so you can get the lower interest rate". When I got in touch with the advisor she said despite the letter I would have to apply for it. A while later she said sorry, you were rejected. I was also told I could get a business line of credit on terms not a lot worse than the student line of credit. When the advisor got back to me she quoted terms significantly worse than my credit card in terms of interest, monthly fees, etc. I actually did what you said and maxed out the student line of credit to pay off the government loan because at that point I had a job and it was no longer going to be interest free. Had to also put a bunch of my savings into the government loan to fully pay it off, though.

Much later (around the end of last year) Scotia started charging me monthly account fees even though they promised if I stuck with the same account it wouldn't have minimum account or monthly fees. The advisor once again ignored me and the branch wouldn't refund the charges so I changed banks. The account they give you is pretty no-frills (no interest, no charges).

Other than refusing to give me a cashier's cheque after promising to do so they weren't terrible during law school. I wouldn't recommend using them as your main bank, because their advisors clearly don't view law students and junior lawyers as valuable clients and routinely make promises the bank is not willing to honor.

That being said, borrowing from them for the student line of credit was fairly painless, just don't use them for anything else.

Edited by AnonLaw

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Interesting. I have had only excellent experiences with my advisor at Scotia so far. I'm moving my line from TD to Scotia because they agreed to give me much more money at the same rate (prime + 0). 

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