I went to RBC, BMO, and TD yesterday and this is the info that I got:
Gives UP TO $90,000- Guarantor is required ( RBC client is preferred)
Deducts any money you owe to OSAP from that amount but can ask for an exception
Takes into consideration any debt you may have
Interest: Prime rate is 3.95% + 2.75%- Pay interest on what you owe while in school and for 2 years after graduation i.e. if graduated in 2022 start paying back prime + principal in 2024 over a 15 year period ( note: prime rate may or may not change by that time)
Can receive UP TO $80,000 BUT does so in installments- maximum amount is $20,000/yr and in most cases, has to be a 4 yr program
Co-signer is required
Interest: Prime rate + 1%- pay interest on what you borrow and just like RBC, there is a 2 year grace period
The lady I spoke to said they don’t offer loans for out of country programs anymore BUT you can try to apply for the amount that they give to domestic law programs (up to $125,000) and they might accept???? Didn’t get any real answers from TD.
@ lawstud101 your right, they do need proof that you are registered in the program in order to process any application for loc, my mistake.