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About Luca

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  1. Luca

    Prime rates at banks

    Prime rate is set by the Bank of Canada and is currently 2.95%. CIBC is also showing 2.95% on closer inspection https://www.cibc.com/ca/rates/loans.html. About one month ago, prime rate was 2.70%, so your google search may have just led you to an old figure. As per your question, you can certainly find a PSLOC with a rate of prime. There are rumours of prime minus at some banks, but I can't confirm firsthand. My current rate for my PSLOC is prime, with TD.
  2. It could be a factor, depending on the amount owing. When I applied, I was not asked to consolidate my car loan for a vehicle I have been financing, but I was asked to consolidate an existing Student Line of Credit used for my undergrad, or take an amount for my PSLOC which was less that amount. It's just something to consider more than anything. I know when you apply for OSAP, it doesn't impact you to have a LOC, as a Line of Credit is liability. But when you apply for a Line Of Credit, it is commonplace to consider all existing liabilities. So, owing 20k to OSAP could impact your Line of Credit but not necessarily to your detriment.
  3. I work in a law office in one of the cities you mention, that mainly does real estate along with wills/estates and some corporate law. The costs seem accurate, the legal fees for sales are less than for purchases, keep that in mind, the average would be slightly lower factoring that in. But you're ignoring the costs associated with each file, paying clerks, building your business because a lot comes from referrals etc. The files aren't quick and easy, on every deal there are a lot of people that have to collaborate to get things done. You have the sellers, purchasers, real estate agents, mortgage agents, law clerks and lawyers for both sides and everyone plays a role to get the deal closed on time. I've seen deals get ugly and it can be quite unpleasant. In fact, I say for that "quick" $1,000 it's quite a lot of work and stress.
  4. The criteria for professional student lines of credit is not as stringent as other credit products. Basically, you're looking at the TDS ratio (Total Debt Service), along with your credit history which will compose of your ability to manage credit, how much credit you have available versus how much is used (which isn't detrimental but it's something to consider, carrying a $900 credit card balance on a $1000 credit limit doesn't look as good as a $900 balance on a $3000 credit limit), and your ability to consistently make payments on time. Employment does factor into your credit score but I imagine for something like a PSLOC, it isn't as important as applying for a mortgage. Some (most?), banks will ask for an interest only payment on your line of credit, so in the application, based on the ratio, they're trying to see if you would be able to afford your monthly payment based on the other obligations you may have. Existing debt, I imagine, would be the greatest obstacle and by that, I mean if you have $15,000 owing to OSAP, they may ask for this debt to be consolidated into your PSLOC, or your PSLOC could be less $15,000 to account for that cost.
  5. Luca

    LOC vs OSAP?

    So, if you are approved for a LOC you may still apply for OSAP because a LOC counts as a liability and does not impact the amount you would receive from OSAP. However, if you go with OSAP and then require or choose to apply for a LOC, you'll have more issues being approved because a LOC application will consider existing debts. You are correct that a large portion of OSAP does convert to a grants/bursaries which do not have to be repaid but I believe the maximum per year for OSAP is around $15k and this may not be enough. A professional student LOC would max at roughly 100k for your 3 year program ~ 33k per year which may be required to cover your tuition, books, living expenses etc. Additionally, as it is a LOC, when you pay into it, you release the limit. For example, if you owe 14k to OSAP and pay $1000, you'll now owe 13k, with a LOC if you owe $14k and have 33k available and pay $1000 towards it, you'll owe 13k and still have the remaining 20k available. A LOC can be more flexible. In short, if you can afford to only do OSAP, then it absolutely makes sense to go that route- just remember, if you decide to go with OSAP and then later need a LOC it's going to be tougher than the reverse order.
  6. Luca

    Accepted to Windsor 2017

    Did you email lawadmit immediately after making the payment initially? If you made the payment via online banking they did ask for that, it might be the reason you did not receive email confirmation yet.
  7. Luca

    Accepted to Windsor 2017

    Via online banking as a bill payment to U Windsor with my student number as the account number.
  8. Luca

    Accepted to Windsor 2017

    Posted where? I received an email confirmation of the law deposit from Windsor shortly after (a day later), after making the payment.
  9. I think if you're sitting on a 3.6 cGPA currently with a 3.8 in your third year, you shouldn't worry about lightening your load come fourth year, in my personal opinion. If you're going to apply during the course of the year, your winter semester (2018), grades may not even factor in as you could already have an acceptance, which may or may not be conditional. Have you already completed the LSAT? If not, I would spend the summer focusing on that if you know you're going to have a busy fourth year ahead.
  10. Luca

    Applied to how many schools?

    I applied to 3 schools, all in Ontario. I decided to apply where I thought I would be most competitive in my application and also where I would want to go. Staying in Ontario was key for me.
  11. What are your stats like if you don't mind me asking? But regardless of that, I would not say its bleak. It's not even April yet. I'm assuming in the next month we will see quite a bit of movement since preliminary acceptances are due on April 1.
  12. Luca

    New to Borrowing Money - HELP

    The only application was quite simple, it asked for name, DOB, address, SIN number was even optional, which I elected not to provide, and they were able to complete the application. I imagine in person, a piece of ID & SIN number should set you up to apply. As for information regarding previous loans and liabilities, having the numbers handy could help in determining what sort of limit you would be able to get/if anything should be consolidated into the Scotia PSLOC.
  13. Luca

    Graduating next month, AMA

    Anything you wish you would've known going into 1L? If you did not grow up in Windsor or the surrounding area, what challenges did you find in terms of the move/transition to living away for school? Your favourite and least favourite thing about Windsor- in both as a city and school? I've been accepted and have accepted my offer for September 2017.
  14. Luca

    New to Borrowing Money - HELP

    I have not yet received a date, I know there's a few things that still need to happen. But from my knowledge regarding lines of credit, there would be a signing that would need to be completed, so a Scotia branch would have to be coordinated first. Beyond that, I'm not overly concerned as it is quite early.
  15. Luca

    New to Borrowing Money - HELP

    I've just been approved for my Scotia PSLOC and I've done all my banking with TD. If/When approved, they will ask you to close credit cards from outside sources and take theirs instead. You can choose to keep your OFI credit cards, but it will reduce your PSLOC amount (for example if you have a 5,000 Visa with TD, you would not be able to get the full $100,000 PSLOC but rather $95,000 as this amount would be deducted), since Scotia's professional student plan is great and they offer their own credit cards worth $10,000 which does not impact your PSLOC limit, closing the card with TD is not an issue to me. If you have a chequing/savings account with another bank, that does not (to my knowledge), have any impact on your professional student plan with Scotia, the main concern is liabilities like existing credit products (credit cards, lines of credit etc.). Anyways, you would be able to apply in your current status- feel free to PM me if you have any questions, I've just gone through the process myself.