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LOC with no co-signor and poor credit score

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Thanks Slick. I honestly am hoping those waitlisted will get in. We are all here trying to pursue a dream and it's sad the barriers we have to contend with, including limited space to exceptional applicants. Hang in there guys. 

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3 hours ago, OttawaBound said:

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? 

Have you explored all the banks? Credit unions? If not, perhaps it’ll be best dealing with the bank you’ve been a client of for the longest time. Looking into what your school can do for you, regarding financial aid, would also be a good idea.

If you’ve done both of the above, then pardon my ignorance, but I thought it’ll be a good idea to mention them.
 

Is the amount that you need to live off, after the OSAP, significant? As others have suggested, working during law school is possible to make up the difference. 
Your last option would be inquiring about deferring for a year, I don’t know how that works but a reasonable assumption would be that financial hardship is more than a legitimate reason.

I sympathize with your situation, getting accepted to a law school is by no means an easy feat and having financial difficulties obstruct your path to law school is cruel. Best of luck and I’ll be rooting for you!
 

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43 minutes ago, Hopeful3101 said:

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. 

Unfortunately this is not the case for Ottawa U. 

OP, it is a terrible situation and I encourage you to hang in there and try to figure out a way to work to make up the additional funds. It sounds to me like the LOC ship has sailed. You should automatically receive some sort of bursary for receiving OSAP (usually $2000/year) so that in addition to your OSAP should almost cover your tuition. The issue will be your living expenses, which, in Ottawa will probably be about $1500/mth (that's if you live very frugally, with roommates). 

I know the situation seems daunting right now, but if you can figure out a part-time job to cobble together the rest of the money then you can try to reapply to the LOC next year while entering your 2L. 

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Hi Scientist and AMS 

I have considered and explored all funding options. Osap may cover my tuition but living expenses will be the real challenge. 

I intend on getting a job as suggested. Thanks for the insight.

Despite the challenges, giving up my spot is not an option. 

 

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Posted (edited)

Dont give up and stay strong!! You are going to be aGREAT lawyer after all and enduring this.  

I think the most difficult part is getting it all set up and having enough money for rent until you find employment.  Speaking of rent, that may be a challenge too with bad credit, I definitely recommend trying to find a roommate or sublet and hope they don't require credit checks.  

This is probably a bad and dangerous advice but I've heard of people doing it before, a co-worker of mine did just this when he attended law school.  He left some outstanding tuition and took a hit in interest to survive for a month or so until he found employment and slowly paid the tuition back.  This requires extreme planning though and too risky that I would not do it myself.  Nevertheless, that co-worker was able to do it and graduated without having to take any years off or defer. I did a quick search and Ottawa interest is prime plus 8%.  

Good luck!!  

Edited by justoneschoolplease
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1 hour ago, OttawaBound said:

Hi Scientist and AMS 

I have considered and explored all funding options. Osap may cover my tuition but living expenses will be the real challenge. 

I intend on getting a job as suggested. Thanks for the insight.

Despite the challenges, giving up my spot is not an option. 

 

Where are you now?

If you are planning to attend Ottawa no matter what, then you should contact Ottawa Law to find out what assistance they can offer.

You should start looking for living arrangements.

Good luck

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1 hour ago, OttawaBound said:

I am in Toronto. 

Take a look at these room for rent neat Ottawa U

 https://www.kijiji.ca/b-room-rental-roommate/ottawa/sandy-hill/k0c36l1700185

You can get a ride share from Toronto to Ottawa for under $40 and as low as $25

https://www.kijiji.ca/b-rideshare-carpool/gta-greater-toronto-area/toronto-to-ottawa/k0c5l1700272

https://www.kijiji.ca/b-ottawa-gatineau-area/ottawa-to-toronto/k0l1700184?dc=true

You can consider going there for a day or two to sort things out

Place for short term stay

https://www.hometogo.com/search/53f3070c3ce3c?bedrooms=1&persons=1&pricetype=perNight

 

Start Packing and good luck with your financing

 

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50 minutes ago, OttawaBound said:

Thank you very much!

When there is a Will, There is a Way

 

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Hey @OttawaBound I found some information online while I was looking into payment which might be of some use to you! 

 

This site has a lot of information - https://www.uottawa.ca/financial-resources/student-accounts/payment-plan

Apparently, if you have applied for osap and everything is okay with your file, you can have a grace period to pay your tuition (which should give you some more time to secure funding)

"the grace period ends on September 28, 2018, for the fall term and on February 1, 2019, for the winter term. As a recipient of a government loan, you agree to use the loan to pay your university fees first"

ALSO

There seems to be a promise to pay option as well (not sure if you want to do this but look into it)

This plan is a one-term-only arrangement for students who want to limit the interest and late fees charged to their account. You must do the following:

    1. You must pay 50% of the amount you owe the university for the current term before selecting the promise to pay option. It usually takes 3 business days to receive a payment.
    2. Before August 22, 2018, in uoZone, click on Applicationsthen Payment plan . 
    • Interest is charged on your remaining balance. 

3. You must pay the remaining 50% in two monthly instalments. The first is due by October 1, 2018 and the second by October 31, 2018.

If you do not pay your account in full by October 31, a $60 late-payment fee is applied and you cannot register for the following term, participate in graduation ceremonies or receive academic documents (diplomas, transcripts, letters of permission, official confirmations, etc.) until your account is paid in full.

Reminder: To qualify for this plan, you must be in good financial standing with the university, that is, you must have settled any older debt and have honoured all previous payment commitments or promises.

You can select the promise to pay option for the Fall 2018 term from August 1, 2018.

 

LASTLY 

https://www.uottawa.ca/financial-resources/student-accounts/paymentdates

Ottawa says "If we do not receive your payment on time, a late payment administrative fee of $60* plus interest at the prime rate of the National Bank of Canada plus 8% is added automatically to your account" 

 

... Interest sucks but in my opinion letting your dreams slip away sucks more! Go to Ottawa because you earned it! Try to be aware of possible interest and look into as many financial opportunities as you can find!

I would also call the financial aid office. They can probably help you more than any of us!

Best of luck!

 

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