Ever since I finished articling and started practicing, I can't help but think that I wish I had known more about how much and just how difficult line of credits are to pay back once you start working. If someone had sat me down and gave me a sober and honest take on the reality of the interest costs, etc., I'd like to think I would have spent less on my LOC and have been more cognizant of what all this means when it comes to payback time (that time comes a lot sooner than you think).
I came across this great article posted by a friend that was one of the more honest takes on interest costs and timelines for repayment. I found the numbers used in this article to be on the low side ($54,000 spent on a LOC). Personally, and many of my friends who were on their own for law school, are closer to the $100,000 mark. Regardless, I found the article gave me a new perspective (I just wish I had read this 5 years ago).
If you're starting law school, or at some point through it, YOU NEED TO READ THIS AND YOU NEED TO START THINKING WHAT ALL OF THIS FREE MONEY REALLY MEANS!!! I can't stress this enough. The money that you will have available to start paying back debt is much less than you think (taxes, deductions, living costs, etc.).
I started looking at the site and noticed that it was started by two lawyers as well which makes sense given the amount of content on there specifically geared for young people/students/just starting their careers.
If anyone has similar thoughts, please leave them below and let me know about your experiences. AND IF ANYONE IS IN LAW SCHOOL OR JUST STARTING, PLEASE FEEL FREE TO REACH OUT AND I'LL GLADLY CONNECT WITH YOU TO HOPEFULLY ANSWER ANY QUESTIONS YOU MAY HAVE.
Just trying to help people avoid making the mistakes that I did.
Article here: https://modernmoney.ca/personal-finance/professional-insights-what-does-law-school-really-cost/
That isn't how it works in reality. It is largely a matter of resources as barelylegal mentions. My (relatively) small firm typically receives 100+ apps during 2L OCIs for 2 positions. It was a similar number when we didn't hire until the articling recruit. We usually interview ~10 applicants for each position.
I suggest you contact Ottawa Law school directly to find out how they view your application.
168 LSAT is a very impressive score...
Your academic performance may be over
In order to qualify as a mature student, at the time of application:
the applicant must have five or more years of work or other non-academic experience since completing secondary school studies; and
the period of non-academic experience may include part-time, but not full time, post-secondary studies.
In this category, additional consideration will be given to relevant outstanding qualities, as evidenced by previous career and/or life experiences. The academic program in law school is very demanding, so we are looking for a demonstration of capacity for academic success. This usually includes satisfactory completion of at least some courses at the university level.
In addition to all the documents listed on our How to Apply page, Mature applicants must also submit to OLSAS an up-to-date résumé or curriculum vitae. Applicants must submit their curriculum vitae or resume via the SAM page in their OLSAS application.
If you are unable to obtain a letter of reference from an academic source, please choose referees who are able to speak to your abilities as they relate to law school, namely your ability to analyse, write, conduct research, work in groups, and organize your time.
Applicants in this category must be Canadian citizens or permanent residents.