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Lindenbaum

LOC general question.

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Posted (edited)

Hi guys, I went to CIBC today to get a general information about the LOC.

 

The rep. told me that I can get up to 100k for the PLOC if I get accepted by Canadian law schools. He didn’t know whether there exists such a school as Western University (or the University of Western Ontario) in Canada and told me he couldn’t find the school in the system.

 

Anyway, he told me that I need to have at least a three year, full time, and law related work experience in Canada and provide a cosigner or assets no matter what amount I want, but I can get about 5k without a cosigner, based on my previous income. I am not sure whether this is because he found the bank doesn’t have Western University in the system (I seriously doubt it) or this applies to all the cases, but it’s totally different from what I have read here, which says CIBC offers one of the best.

 

I really need the LOC to support my family while in school, but that was really disappoing, since I don’t have any law related work experience and a cosigner or an asset here, and $5,000 is not enough. That was a local branch in Calgary. Is it just the representative’s ignorance? Will it be different to apply for the LOC in other banks? Or should I apply for it to the banks near the school after I move to Ontario? 

 

If it’s the case in general, I need to find other ways to support my family. I can just afford the tuition... :(

Edited by Lindenbaum

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Posted (edited)

Maybe check out Scotiabank. They offer up to $135 k, no co-signor, no asset, no law-related work experience required. You do need to provide proof of enrollment before you can access the funds.

Here is a list of the representatives for each school. 

https://www.scotiabank.com/content/dam/scotiabank/canada/en/documents/Scotiabank_SPSP_representative_English.pdf

I suggest you book an appointment with the one closest to you.

Edited by Aschenbach
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That rep was misinformed on the professional student line of credit. It's fairly common for the bank to sit you down with whoever was around to see you, which results in someone that doesn't know what they are talking about and they try to sell you a normal line of credit. Try again with a different person/ different branch or a different bank. Unless you have serious credit issues you should be offered between 100k-135k professional student line of credit that is specifically for law school. If the interest rate is anything higher than prime + 0 go somewhere else.

Really important to stress that its the professional line of credit as many of the general reps at the bank will not know the difference between that and the bank's normal student line of credit.

Also, you should be able to get a free bank account and a decent credit card with the fees waived.

 

 

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44 minutes ago, Lindenbaum said:

 

Thanks a lot! Will it be okay to book an appointment in Calgary rep. even if I go to other schools?

I think so. I would also reach out to the rep at the school you got accepted to. It could be worthwhile to compare interest rates.

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49 minutes ago, lawstudent20202020 said:

That rep was misinformed on the professional student line of credit. It's fairly common for the bank to sit you down with whoever was around to see you, which results in someone that doesn't know what they are talking about and they try to sell you a normal line of credit. Try again with a different person/ different branch or a different bank. Unless you have serious credit issues you should be offered between 100k-135k professional student line of credit that is specifically for law school. If the interest rate is anything higher than prime + 0 go somewhere else.

Really important to stress that its the professional line of credit as many of the general reps at the bank will not know the difference between that and the bank's normal student line of credit.

Also, you should be able to get a free bank account and a decent credit card with the fees waived.

 

 

Thanks for the reply. He correctly said it’s the professional LOC. I am not sure there’s difference between the professional LOC and the professional student LOC. However, he said the educational LOC is limited to 60k and the same conditions are applied - cosigner or asset and work experience. I am not sure whether CIBC changed its policy on law students but he said that’s the case. Maybe I should try other banks.

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16 minutes ago, Aschenbach said:

I think so. I would also reach out to the rep at the school you got accepted to. It could be worthwhile to compare interest rates.

Thanks. I will.

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2 minutes ago, Lindenbaum said:

Thanks for the reply. He correctly said it’s the professional LOC. I am not sure there’s difference between the professional LOC and the professional student LOC. However, he said the educational LOC is limited to 60k and the same conditions are applied - cosigner or asset and work experience. I am not sure whether CIBC changed its policy on law students but he said that’s the case. Maybe I should try other banks.

https://www.cibc.com/en/student/student-lines-of-credit/professional-students.html sounds like he gave you the limit for the Nursing and Engineering version. Scotia generally has the best terms for law students I would give them a shot.

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Posted (edited)

In my case, the Scotia PSLOC rep I worked with walked me through the program details and application process through email, then forwarded the documents to my local branch for me to sign once everything was approved.

I didn't want to transmit my documentation through plain old email, so I went to my local Scotia branch with a hard copy and asked them to forward it to the rep through their internal mail system. You don't need to live in the same city as your rep or even meet them at all.  

Edited by Tagger
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1 hour ago, lawstudent20202020 said:

https://www.cibc.com/en/student/student-lines-of-credit/professional-students.html sounds like he gave you the limit for the Nursing and Engineering version. Scotia generally has the best terms for law students I would give them a shot.

Hmm, the $60k was for the educational LOC. It seems 100k for law students is right, as he said. I actually don’t need that much money. I just can hardly provide a cosigner or an asset, and a three-year law-related work exprience, which doesn’t make sense to me. He also added I can’t apply for the LOC before the enrollment. Maybe, that’s the basic rule, but some reps have a little bit of leeway. I will definitely try Scotia. Thanks!

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1 hour ago, Tagger said:

In my case, the Scotia PSLOC rep I worked with walked me through the program details and application process through email, then forwarded the documents to my local branch for me to sign once everything was approved.

I didn't want to transmit my documentation through plain old email, so I went to my local Scotia branch with a hard copy and asked them to forward it to the rep through their internal mail system. You don't need to live in the same city as your rep or even meet them at all.  

Wow this helps a lot. Many thanks!

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It sounds like whoever you were talking to does not know much about the professional student LOCs. Do yourself a favour and get in touch with someone who has the experience and expertise with these. There are lists of dedicated advisors for each school, or ask your school or a classmate for a name/contact info. Do not settle for anything less, your overall experience will be much better.

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On 3/5/2019 at 4:07 PM, Lindenbaum said:

 

Thanks a lot! Will it be okay to book an appointment in Calgary rep. even if I go to other schools?

absolutely. I dealt with my rep thru email (he was in calgary) when i thought I would be attending UofC but i changed my mind to the UofA and that was no problem at all.

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