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LOC with no co-signor and poor credit score

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Hi everyone. I hope to start school in September but cannot secure a line of credit because of my poor credit score and no-one to cosign. To be honest i am poor but dream of going to law school.

Any suggestion? 

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I would suggest reaching out to one of the scotiabank plan advisors for uOttawa. Maybe they can help. Maybe a branch manager may also be able to make an exception for you under exceptional circumstances if you explain your situation and take responsibility for your poor credit score. Depends on the circumstances why you have a poor credit score. Alternatively, you could take some time off law school to fix your credit score. Wish you the best of luck. 

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Posted (edited)

I would definitely ask the scotia advisor recommended by Ottawa Law, as recommended above.

Are you are admitted for September 2018?

Which banks have you tried securing a LOC with thus far?

OSAP will probably give you ( don't quote me but you can check the estimator online) around 15 000, 8000 hopefully being grants and the rest loan. There is also the possibility of bursaries from the school to help fund your studies, but I am not sure how the system at Ottawa works. 

Ottawa also has the option of part time studies. If you have been accepted for the full time JD stream, you can write to the chair of the admissions committee and explain that you would need to work while pursuing your degree to help fund your studies. Explain to them the situation of financial hardship, I don't see why they would not accommodate.

If the bank LOC does not work out, you could always take the OSAP loans and grants and work towards your JD on a part time basis, working simultaneously to help generate the rest of the funds that OSAP could not cover.

wish you the best

Edited by Timmies123
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I have been turned down by Scotia, RBC and TD. I have been admitted for fall 2018 and I intend on attending. 

I applied for OSAP but still have a portion that will be outstanding. I won't be able to afford my stay in Ottawa so a LOC is necessary. 

I know law school is no place for the poor but I need to do this. 

Thanks for your input. 

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1 minute ago, OttawaBound said:

I have been turned down by Scotia, RBC and TD. I have been admitted for fall 2018 and I intend on attending. 

I applied for OSAP but still have a portion that will be outstanding. I won't be able to afford my stay in Ottawa so a LOC is necessary. 

I know law school is no place for the poor but I need to do this. 

Thanks for your input. 

It sounds like your only option is to take a year off to work and save money. 

If you want law school that badly one year wont make much of a difference. 

I would also like to note that a lot of people are on the waiting list, so if you can't attend in September please let the school know ASAP to open up more spots for those who are waiting. 

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#Sparkles5 

I am going. I understand the frustration of those on the waitlist and I  am wishing them all the best but the suggestion to withdraw because I am taking up space is a bit selfish don't you think? 

I decided to ask for suggestions in overcoming a situation but please don't use this as an opportunity to discourage someone for selfish reasons.

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2 minutes ago, OttawaBound said:

#Sparkles5 

I am going. I understand the frustration of those on the waitlist and I  am wishing them all the best but the suggestion to withdraw because I am taking up space is a bit selfish don't you think? 

I decided to ask for suggestions in overcoming a situation but please don't use this as an opportunity to discourage someone for selfish reasons.

It has nothing to do with being selfish. 

The reality however is that school starts in a few weeks and you still don't have a solution. I am hoping you figure it out for sure, but it would also be a sad story to have you hold on to a spot until the first day of class and thereby take away others chances. 

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Posted (edited)

I would not give up my spot. The admissions process is variable ( hypothetically imo the same application to the same school can in one cycle get accepted and another cycle get rejected), personally I would not risk it even if the odds for getting admitted again are high.

What do you mean the osap will be outstanding? Are you referring to the second release of our funds? You already received your first half of this years portion?

In the worst case scenario you cannot secure funding, and as of right now it looks like finding an additional source of funding might be difficult, I would go part time as suggested before. I would not give up my spot. I would start writing to the department and calling them ASAP to ensure this part time option is ready to go for September.

 

 

Edited by Timmies123
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Posted (edited)

#Sparkles5 

I am going. I understand the frustration of those on the waitlist and I  am wishing them all the best but the suggestion to withdraw because I am taking up space is a bit selfish don't you think? 

I decided to ask for suggestions in overcoming a situation but please don't use this as an opportunity to discourage someone for selfish reasons.

 

I earned my offer fair and square so I am not taking away anyone's chance. like I said, I am going so i'm not robbing anyone of a spot. 

Edited by OttawaBound
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Have you applied for all the bursaries, scholarships, grants that you can find? What about part-time work while going to school? Lots of people do that. I went to BMO, but I had a cosigner so I don't know that you'd have any more luck there than somewhere else.

I find it really sad that you think "law school is no place for the poor". It is absolutely a place for the poor. Law schools should be a place for people of every background. Don't give up. I wouldn't give up my spot either. You don't owe your spot to anyone on the waiting list. Good luck.

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56 minutes ago, sparkles5 said:

I would also like to note that a lot of people are on the waiting list, so if you can't attend in September please let the school know ASAP to open up more spots for those who are waiting. 

Hellz naw. This is terrible, ridiculous advice. It's not even advice. It's a guilt trip meant to try to get someone who's dealing with a crap situation to give up their spot for someone else's benefit by taking advantage of their difficulties. Nobody on that list is entitled to a spot that's already been given to someone who deserved to be there and desperately wants to go. OP should do everything in their power to find a way to make it work if they can.

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#Ericontario 

I never expected such a response either but it is what it is. 

Thanks for your response. 

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Hang in there dude! I know when i couldn't get my mortgage through i found a mortgage broker who got me a loan from a third party company. Maybe this could be an option? I could give you the info of my broker and you can talk to him to see what your options are. They do more than mortgages. 

FYI, i'm ottawa-based so the guys are local. PM me if you want the info or if you need some general info on ottawa. 

 

P.S i'm sitting on the waitlist and would never tell you to give up your spot. that's silly. you sounds like a decent guy (or girl) and i'm sure it'll get sorted out soon. 

 

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1 hour ago, sparkles5 said:

I would also like to note that a lot of people are on the waiting list, so if you can't attend in September please let the school know ASAP to open up more spots for those who are waiting. 

The world does not revolve around you.

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I was in no way suggesting the OP give up their spot. Simply stating that if attending IS NOT possible etc. 

If you are determined to go with or without a LOC then by all means, more power to ya. 

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I'd also contact admissions because other universities guarantee that you will be able to attend if you are accepted,d and won't let money become the barrier. So perhaps Ottawa might just have something in their back pocket for students who can't get alternate funding. 

As for the waitlist, perhaps let's not gang up on the person who made the comment. Let's move on. 

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11 minutes ago, richelieu said:

The world does not revolve around you.

It’s not only about him. It’s about the others on the waitlist too. 

In any case, two other users already discussed that the comment wasn’t necessary. We don’t need more people criticizing. 

P.s. RBC does something called a “Projected Income”. Inbox me and we can set you up. 

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I'm actually on the waitlist and I don't think you should give up your spot. That being said, if you cannot secure sufficient funding, would Ottawa allow you to defer a year so you don't have to go through the application process again? Albeit, I have zero knowledge of which schools do deferrals or for what reasons. I hope you get your funding.

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