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AmyPond

Scotiabank PSLOC

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I had this same issue at first. Did you have a normal account manager handling your application? If yes, speak to a Small Business Advisor, even at a different branch if you have to. They will set things straight.

 

I did speak to a Small Business Advisor, but I guess he screwed up. Unfortunately I signed the 100k loan, as it was still far and above the best I could receive elsewhere as I understood at the time...hopefully they will re-arrange the funding structure of that to be more sensible.

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I was approved for the PSLOC with Scotia at 100k / 4 years (that would be 25k/year, including the articling year). To my understanding, it is atypical for them to allocate such a heavy amount to the articling period. Has anyone had a similar experience? Invariably, I will need to rely on OSAP to supplement my expenses each year, but this seems...poorly calculated.

 

I had the same issue. I voiced my concern and ultimately had my advisor send in a request for an increase which was granted. He said he would apply for the increase each year so it shouldn't be a problem in the future. I also showed him my acceptance package that showed the estimated yearly tuition.

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Mine is 33k a year over three years with an additional optional 10k during articling, not 25k over 4 years. You may want to contact your advisor (or another advisor in your area) and see about changing that.

 

Based on what I've read on this forum if seems that 100k is the typical amount offered on a LOC, however, U of T's website gives a figure of 150k. Is that only the case with U of T?

http://www.law.utoronto.ca/academic-programs/jd-program/financial-aid-and-fees/scotiabank-professional-student-plan 

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Based on what I've read on this forum if seems that 100k is the typical amount offered on a LOC, however, U of T's website gives a figure of 150k. Is that only the case with U of T?

http://www.law.utoronto.ca/academic-programs/jd-program/financial-aid-and-fees/scotiabank-professional-student-plan 

 

I think so.  I read somewhere on this forum that U of T students get more because their tuition is higher.

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At the UofT welcome day reps from both TD and Scotia said they increased the limit for UofT students at least in part due to the high tuition.

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makes sense, though with textbook costs and increasing tuition, really you're looking at spending 100 grand just on tuition and books, so you're left to cope with living on 50 grand for 3 years, in downtown Toronto...

 

Still though, tuition cost probably doesn't play much of a role in the change. A bank wouldn't risk a higher credit line without some more assurance the student can pay it back, and it seems the ultra vires numbers back that up. 

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I went with Scotia and signed all the documents. They are taking 10,000 off because I didn't want to switch over my credit card with them. Mine will be 33 for 3 years, but 23 for the first year because of the 10,000.

 

Has anyone had to give them $500.00 for a "commitment fee" ? She e-mailed me late Friday indicating I owed them $500.00 for a commitment fee, but I feel that's a little contradictory.... like why would I be signing up for a LOC and needing to pay YOU money?

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I went with Scotia and signed all the documents. They are taking 10,000 off because I didn't want to switch over my credit card with them. Mine will be 33 for 3 years, but 23 for the first year because of the 10,000.

 

Has anyone had to give them $500.00 for a "commitment fee" ? She e-mailed me late Friday indicating I owed them $500.00 for a commitment fee, but I feel that's a little contradictory.... like why would I be signing up for a LOC and needing to pay YOU money?

Never heard of it. I didn't have to pay a commitment fee either.  Sounds a bit sketch.

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I went with Scotia and signed all the documents. They are taking 10,000 off because I didn't want to switch over my credit card with them. Mine will be 33 for 3 years, but 23 for the first year because of the 10,000.

 

Has anyone had to give them $500.00 for a "commitment fee" ? She e-mailed me late Friday indicating I owed them $500.00 for a commitment fee, but I feel that's a little contradictory.... like why would I be signing up for a LOC and needing to pay YOU money?

Unnecessary. Do not pay. That's probably the rep just trying to hit their loan fee targets. If it was a $500 deposit to an account to activate it that would sound more reasonable (even tho it's not needed), but a $500 fee? Just say no.

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I was never asked by Scotia to pay any commitment fee, or any other fees for that matter. The only thing I can think of is that it could be related to the fact that you're keeping your other credit card? That would be pretty dumb though. I would call them and ask exactly what it is for. Scotia puts a list of their advisors who deal with the PSLOC online. Maybe call another one in your area or near your area and ask them what the fee is for?

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Sorry haha :( she wrote it a bit off in the e-mail, but she meant the $500.00 commitment fee to TRU that they make you pay. Thank you all, however, for your speedy replies!

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Just to warn people since this is on topic, Scotia is charging me for my "free" chequing account until I can provide proof of enrollment and has so far charged me $26 in fees and another $10 in overdraft fees and refuses to refund my account those charges even though my rep said that the chequing account is free as long as I have a PSLOC.

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Just to warn people since this is on topic, Scotia is charging me for my "free" chequing account until I can provide proof of enrollment and has so far charged me $26 in fees and another $10 in overdraft fees and refuses to refund my account those charges even though my rep said that the chequing account is free as long as I have a PSLOC.

Which account is it? Has the PSLOC been allocated to you already or have simply been approved? Basically, my advisors told me from the get-go that the fees for the Scotia One chequing account aren't waived until you actually have the PSLOC in place (which requires the proof of enrolment, which at least I won't receive until mid-August). If you happen to be sitting on $3500 (I think...) you can get the fees waived. The folks at my branch offered to diarize any fees for my Scotia One chequing account, and subsequently reverse them once the PSLOC has been allocated to me. I guess in that sense it's "free".

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Ah, my rep just called me and told me that she can confirm my enrollment with an enrollment deposit receipt, which I provided. I'll soon find out of that was sufficient to solve the problem.

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I was just told that my application was rejected and that I need a cosigner for this loan because of my lack of credit history. Is this normal? Should I try applying again with a different adviser? I'd rather not have a co-signer if possible...

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I was just told that my application was rejected and that I need a cosigner for this loan because of my lack of credit history. Is this normal? Should I try applying again with a different adviser? I'd rather not have a co-signer if possible...

 

How is the bank going to be able to make an objective determination of your ability to pay back $100,000+ without a credit history?

 

This is why you need to begin building a credit history as soon as possible. I would imagine having a co-signer is your only option at the moment.

 

You could try and build up a credit history over the next year and then try applying again.

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Approved for the 100k at prime, no co-signer, with all the bells and whistles. I found that pdf with all the schools reps to be very useful, because I'd had serious trouble managing to find a rep that could do something like this at any bank. To whomever that posted it, thanks :).

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