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Paying for Law School

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Hi guys this is a question from a financial noobie (myself) who was overwhelmed by going through all of the posts in this thread to be honest. 

My understanding is that you can apply for about 150k of a line of credit. When can you apply for that? When you are actually enrolled? Do we know the best bank to get this from? Is this a "law school student rate" type of thing?

I also have an OSAP loan to still pay from undergrad.

From what I can ascertain from this group so far the best course of action is to apply for OSAP and take the loan and the grant AND then also apply for financial loan through the school you're attending because both loans will be negative interest until you graduate. Then, if you need other money, it's best to use the Line of Credit?

I am currently an Ontario resident but want to go to school outside of Ontario - how does the new OSAP payment requirement impact me? Does that mean that the day I graduate law school I am on the hook to pay the student loan immediately now? That leads me to my next question... are loans paid after graduating or after articling? What is the general salary for an articling position? 

I know these are a lot of questions but I'm just a bit lost and overwhelmed. With undergrad my parents helped me out with the financial planning portion and I'm poor with money in general. 

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OSAP, as I understand it, still has a 6 month grace period for payments, but interest starts accruing immediately after grad. 

Are you going to U of T? Otherwise, it's 135 max (unless something's changed). You should meet with an advisor who deals with professional student lines of credit specific to law students . Generally, the best deal out there is 135 at prime, with some perks. Try to push for a delayed grace period for payment if possible since you can't predict the future (Scotia has a delayed payments of one or two years after articling).

You'll still only qualify for OSAP, and not the province's Gov loan system. You'll apply much the same way as on Ontario student.

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On 1/21/2019 at 10:48 AM, NFLDFree said:

Hi guys this is a question from a financial noobie (myself) who was overwhelmed by going through all of the posts in this thread to be honest. 

My understanding is that you can apply for about 150k of a line of credit. When can you apply for that? When you are actually enrolled? Do we know the best bank to get this from? Is this a "law school student rate" type of thing?

I also have an OSAP loan to still pay from undergrad.

From what I can ascertain from this group so far the best course of action is to apply for OSAP and take the loan and the grant AND then also apply for financial loan through the school you're attending because both loans will be negative interest until you graduate. Then, if you need other money, it's best to use the Line of Credit?

I am currently an Ontario resident but want to go to school outside of Ontario - how does the new OSAP payment requirement impact me? Does that mean that the day I graduate law school I am on the hook to pay the student loan immediately now? That leads me to my next question... are loans paid after graduating or after articling? What is the general salary for an articling position? 

I know these are a lot of questions but I'm just a bit lost and overwhelmed. With undergrad my parents helped me out with the financial planning portion and I'm poor with money in general. 

I was just approved for my LOC for 135k with Scotia! Idk if other banks will do it this early though 

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39 minutes ago, bigfudge2017 said:

I was just approved for my LOC for 135k with Scotia! Idk if other banks will do it this early though 

why it is early?  you can ask for one as soon as you got an offer. However, you probably have to submit proof of enrollment before you can start drawing on it.  

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7 minutes ago, Luckycharm said:

why it is early?  you can ask for one as soon as you got an offer. However, you probably have to submit proof of enrollment before you can start drawing on it.  

I was just going off what the rep told me! glad to know I’m not jumping the gun 

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TD Canada Trust now offers a 160K Professional Student Line of Credit for Law Students. 

EDIT: they retracted their 160k Law Professional Student Line of Credit back to 125k (used to work for Canada Trust and for a brief period they offered 160k, I guess not anymore).

Edited by aspiringlawyer10

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23 hours ago, bigfudge2017 said:

I was just going off what the rep told me! glad to know I’m not jumping the gun 

You need to know if you can get a LOC before you can decide on your offer(s)

You are not jumping the gun

Edited by Luckycharm

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1 hour ago, aspiringlawyer10 said:

TD Canada Trust now offers a 160K Professional Student Line of Credit for Law Students. 

EDIT: they retracted their 160k Law Professional Student Line of Credit back to 125k (used to work for Canada Trust and for a brief period they offered 160k, I guess not anymore).

That is an insane amount of debt for a law degree.

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2 hours ago, Luckycharm said:

You need to know if you can get a LOC before you can decide on your offer(s)

You are not jumping the gun

agreed, he just made it sound like he doesnt get many applications this time of year- which was super reassuring as when he emailed me my contract to sign it was filled with errors ranging from my birth date to the date at which I'd start making payments haha

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14 hours ago, bigfudge2017 said:

agreed, he just made it sound like he doesnt get many applications this time of year- which was super reassuring as when he emailed me my contract to sign it was filled with errors ranging from my birth date to the date at which I'd start making payments haha

Do you have some acceptances? Inside or outside of Ontario? Noob question, but just call any Scotia and tell them I want a professional LOC specific for law students, and that I've been accepted to law school? By creeping this forum it looks like Scotia typically offers the best rates

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26 minutes ago, NFLDFree said:

Do you have some acceptances? Inside or outside of Ontario? Noob question, but just call any Scotia and tell them I want a professional LOC specific for law students, and that I've been accepted to law school? By creeping this forum it looks like Scotia typically offers the best rates

Hey thanks, yeah I have an offer from Calgary. I was just approved a couple days ago from Scotia, it was just a weirdly arduous process getting them to start my application. My experience is probably specific to my representative though. As a heads up, my LOC is @ prime for anyone who’s having a tough time with negotiating with their bank. 

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On 1/21/2019 at 12:48 PM, NFLDFree said:

Hi guys this is a question from a financial noobie (myself) who was overwhelmed by going through all of the posts in this thread to be honest. 

My understanding is that you can apply for about 150k of a line of credit. When can you apply for that? When you are actually enrolled? Do we know the best bank to get this from? Is this a "law school student rate" type of thing?

I also have an OSAP loan to still pay from undergrad.

From what I can ascertain from this group so far the best course of action is to apply for OSAP and take the loan and the grant AND then also apply for financial loan through the school you're attending because both loans will be negative interest until you graduate. Then, if you need other money, it's best to use the Line of Credit?

I am currently an Ontario resident but want to go to school outside of Ontario - how does the new OSAP payment requirement impact me? Does that mean that the day I graduate law school I am on the hook to pay the student loan immediately now? That leads me to my next question... are loans paid after graduating or after articling? What is the general salary for an articling position? 

I know these are a lot of questions but I'm just a bit lost and overwhelmed. With undergrad my parents helped me out with the financial planning portion and I'm poor with money in general. 

Not sure if OSAP applies outside of Ontario or if there's equivalent in the province if your choice you want to go through.  Contact OSAP or its equivalent in the province you want to go to and find out your best bet. 

1) In terms of finances, absolutely apply for max OSAP. They automatically give you a grant every year which credits your account, and they "forgive" a portion of your debt. Concurrently, once you are accepted, go to the bank of your choice and apply for a professional line of credit for law school. Your university will typically have a preexisting relationship with a specific bank that may be able to offer you special rates and perks. Usually they won't require a guarantor. 

2) Paying tuition: you can set up your OSAP (or the equivalent) to automatically submit funds to your law school every semester when tuition is due, so you don't have to worry. Concurrently, you will have access to your LOC any time you want and you can withdraw funds as you see fit. Nobody will monitoring you whether you withdraw the funds to pay for your student housing, tuition, or to go buy a brand new BMW (you should probably not go buy a new car though). 

3) Your Line of Credit will be charging you interest monthly, the minute you make a withdrawal, but you usually only have to start making payments a year or two after graduating. The rate is usually around prime or prime and a half. OSAP charges you a higher interest rate, but you don't get hit with interest at all during law school and for a year or so (can't remember) until after you graduate. 

4) Apply Apply Apply for grants/scholarships etc at your law school. Most just of your friends in the beginning of 1L will be out partying. You should too, but make sure you get those applications out of the way first. There's a lot of free money out there, you just need to apply, apply, and apply. Your law school will have a "finances" section on your student account where that information will be available. 

5) Feel free to PM if you have any further questions. All the best 

 

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