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lawstud101

Line of Credit for UK law school?

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Hi, I know from reading previous posts on this forum that going to a UK law school is considered to be very very bad, but I have already thought long about this so please dont give me advice regarding reconsidering this choice. I however, am going through this process of applying for line of credit and funding this. I have already received some financial aid from OSAP which I can access once school starts however I am not very sure about the line of credit required to pay for the rest of my tuition. I was wondering if someone could shed some light on what my options are. Do the loc rates and options most likely differ for students applying for universities in Canada? I have talked to one financial advisor at CIBC who said the max they could give me was 100k but at a rate of 3% + prime 1. Thats quite a lot right? considering some students over here are getting prime +0. I would really really appreciate if someone could share their experience applying for loc for uk universities. Thank you!

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Check on Scotiabank and RBC. I don't know if the rates and max amounts have changed but I believe both offer $100k- $130k. I personally liked RBC's student line of credit. Last September it was just prime +0 for $125k max, no co-signature required, and they had the Ipad promo (I believe the Ipad was just for new customers). I initially went with Scotiabank and switched, but they were also great with students going abroad. 

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7 hours ago, Jacq said:

Check on Scotiabank and RBC. I don't know if the rates and max amounts have changed but I believe both offer $100k- $130k. I personally liked RBC's student line of credit. Last September it was just prime +0 for $125k max, no co-signature required, and they had the Ipad promo (I believe the Ipad was just for new customers). I initially went with Scotiabank and switched, but they were also great with students going abroad. 

 

9 hours ago, lawstud101 said:

Hi, I know from reading previous posts on this forum that going to a UK law school is considered to be very very bad, but I have already thought long about this so please dont give me advice regarding reconsidering this choice. I however, am going through this process of applying for line of credit and funding this. I have already received some financial aid from OSAP which I can access once school starts however I am not very sure about the line of credit required to pay for the rest of my tuition. I was wondering if someone could shed some light on what my options are. Do the loc rates and options most likely differ for students applying for universities in Canada? I have talked to one financial advisor at CIBC who said the max they could give me was 100k but at a rate of 3% + prime 1. Thats quite a lot right? considering some students over here are getting prime +0. I would really really appreciate if someone could share their experience applying for loc for uk universities. Thank you!

Apparently scotia bank doesn’t provide student line of credit for schools outside of Canada. They used to but changed their policies as of March 2019. I was there a couple of days ago to inquire about a loan for Leicester law school. 

Today I’m going to RBC and BMO, I will definitely let you know what rates they give!

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13 minutes ago, Isabellas said:

Apparently scotia bank doesn’t provide student line of credit for schools outside of Canada. They used to but changed their policies as of March 2019. I was there a couple of days ago to inquire about a loan for Leicester law school. 

Today I’m going to RBC and BMO, I will definitely let you know what rates they give!

Hmm. I don't have useful suggestions for the OP regarding credit, and he's made a very reasonable request that we not get into his choice of law school at this point, so I won't. But I do find it interesting that banks are pulling back from providing credit to students who want to study in foreign law schools. There's a certain intelligence in the marketplace that responds to trends and patterns. Scotiabank doesn't care where you spend your money, as long as they feel they are reliably going to get it back. If they aren't funding foreign legal study any more (is that just law schools, or also a more general policy shift?) it's because some pattern they've identified suggests that students paying back those loans has become too risky. And that's information people should pay attention to.

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thank you for the insight guys. I am really bummed out that scotiabank isnt giving anymore loans for schools outside of canada and I really wonder why? Does having a co-signer make a difference? I have an appointment with them and now it feels like it will be a waste of time. Please let me know what rates you get from other banks though.

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5 minutes ago, lawstud101 said:

thank you for the insight guys. I am really bummed out that scotiabank isnt giving anymore loans for schools outside of canada and I really wonder why? Probably because they've found it isn't a good investment; consider the corollaries of that statement. Does having a co-signer make a difference? I bet it would make a big difference; a co-signer is responsible for your debt if you don't pay. You're basically substituting the co-signer's credit worthiness for your own. Make sure your co-signer knows what they are doing. I've seen it sour even family relationships. I have an appointment with them and now it feels like it will be a waste of time. Please let me know what rates you get from other banks though.

My responses in bold. 

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11 minutes ago, lawstud101 said:

thank you for the insight guys. I am really bummed out that scotiabank isnt giving anymore loans for schools outside of canada and I really wonder why? 

I would think Scotiabank has made a business decision that the risk of default is greater than the money they would make off such loans. Generally the only reason a bank does anything really. 

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18 minutes ago, lawstud101 said:

thank you for the insight guys. I am really bummed out that scotiabank isnt giving anymore loans for schools outside of canada and I really wonder why? 

When I first saw this thread yesterday, my immediate reaction was "Anyone's offered you money? Take it and stop asking questions". I once looked at financing an international degree, and found that (although this was a different situation), banks were categorically unprepared to support an application which could be summed up as "I want to take $100,000 to another continent. I promise I'll come back and repay you". They wouldn't even look at  my factors, the loan being for the same country as the bank was a non-negotiable starting point. The risk profile is just so totally out of proportion to someone studying domestically. The issue of funding international degrees is one of the (many) reasons why the whole pathway is fraught.

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41 minutes ago, lookingaround said:

When I first saw this thread yesterday, my immediate reaction was "Anyone's offered you money? Take it and stop asking questions". I once looked at financing an international degree, and found that (although this was a different situation), banks were categorically unprepared to support an application which could be summed up as "I want to take $100,000 to another continent. I promise I'll come back and repay you". They wouldn't even look at  my factors, the loan being for the same country as the bank was a non-negotiable starting point. The risk profile is just so totally out of proportion to someone studying domestically. The issue of funding international degrees is one of the (many) reasons why the whole pathway is fraught.

I'm surprised that any of the Canadian major banks are giving loans for people to study law (or medicine) abroad. It's a highly risky move to make. 

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4 hours ago, Isabellas said:

 

Apparently scotia bank doesn’t provide student line of credit for schools outside of Canada. They used to but changed their policies as of March 2019. I was there a couple of days ago to inquire about a loan for Leicester law school. 

Today I’m going to RBC and BMO, I will definitely let you know what rates they give!

Hey your going to leicester, so am I. Did they give you a letter of enrolment? Because for me they said they wont give it until registration starts in end august or early septemeber. Dont you need the letter of enrolment to start your application at any bank for getting an loc?

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4 minutes ago, lawstud101 said:

Hey your going to leicester, so am I. Did they give you a letter of enrolment? Because for me they said they wont give it until registration starts in end august or early septemeber. Dont you need the letter of enrolment to start your application at any bank for getting an loc?

Hey, so you can take your acceptance letter to any bank which can be accessed through the UCAS website. 

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Posted (edited)

Considering the number of Canadian graduates of foreign medical and law schools I've personally encountered that have returned to live, unemployed, in their parents' basement, I can't believe banks were willing to extend these loans at all. 

Edited by QuincyWagstaff
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@Isabellas thank you for providing all of this useful information. There are probably a lot of lurkers who appreciate it. 

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Posted (edited)
On 7/19/2019 at 8:29 AM, Isabellas said:

I went to RBC, BMO, and TD yesterday and this is the info that I got:

RBC: 

  • 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)

BMO:

  • 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

TD:

  • 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.

I got pretty different information than you from my meetings with advisors and also managed to secure exceptions to loan limits and rates after negotiating with my chosen bank.

RBC:

  • RBC lends to out-of-country law schools.
  • Max of 125k at 2.75% plus prime.
  • Will not start application until the applicant has fully committed to the school with proof of enrolment in classes.
  • Need co-signor for out-of-country.
  • Because of this noncompetitive rate, I didn't bother to explore this option more.
  • Will deduct government loans.

TD:

  • TD lends to out-of-country law schools.
  • However, your law school must be within its list that the advisor will see (on its electronic application page) when applying for a PSLOC.
  • Will start application with offer letter.
  • A cap of 125k at prime rate, same as domestic.
  • Did not get an exception to the loan limit. However, I have it on good authority that TD will make exceptions for a tiny handful of schools (think HYS).
  • Need co-signor for out-of-country.
  • Will not deduct government loans assuming your PSLOC gets approved and activated first. If not, your government loan may impact your debt-to-income ratio.

BMO:

  • BMO lends to out-of-country law schools.
  • Will consider the schools on a per-case basis.
  • Will start application with offer letter.
  • A "normal" cap of 80k at prime + 0.5%. However, it does give exceptions on a per-case basis.
  • I managed to get 150k at prime.
  • Need co-signor for out-of-country or domestic applicants that want to exceed the usual limits.
  • Will not deduct government loans assuming your PSLOC gets approved and activated first. If not, your government loan may impact your debt-to-income ratio.

CIBC:

  • CIBC lends to out-of-country law schools.
  • Will consider the schools on a per-case basis.
  • Will start application with offer letter.
  • I forgot the usual limit and rate at CIBC but it's very similar to the other banks.
  • Will make loan limit exceptions and rates. This is much easier to get if you are an existing CIBC client (received info from another applicant).
  • Need co-signor for out-of-country.

Scotia:

  • Scotia no longer lends to out-of-country law schools except for the Windsor dual program and Harvard LLM programs.
Edited by Chemistry124

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9 hours ago, Chemistry124 said:

I got pretty different information than you from my meetings with advisors and also managed to secure exceptions to loan limits and rates after negotiating with my chosen bank.

RBC:

  • RBC lends to out-of-country law schools.
  • Max of 125k at 2.75% plus prime.
  • Will not start application until the applicant has fully committed to the school with proof of enrolment in classes.
  • Need co-signor for out-of-country.
  • Because of this noncompetitive rate, I didn't bother to explore this option more.
  • Will deduct government loans.

TD:

  • TD lends to out-of-country law schools.
  • However, your law school must be within its list that the advisor will see (on its electronic application page) when applying for a PSLOC.
  • Will start application with offer letter.
  • A cap of 125k at prime rate, same as domestic.
  • Did not get an exception to the loan limit. However, I have it on good authority that TD will make exceptions for a tiny handful of schools (think HYS).
  • Need co-signor for out-of-country.
  • Will not deduct government loans assuming your PSLOC gets approved and activated first. If not, your government loan may impact your debt-to-income ratio.

BMO:

  • BMO lends to out-of-country law schools.
  • Will consider the schools on a per-case basis.
  • Will start application with offer letter.
  • A "normal" cap of 80k at prime + 0.5%. However, it does give exceptions on a per-case basis.
  • I managed to get 150k at prime.
  • Need co-signor for out-of-country or domestic applicants that want to exceed the usual limits.
  • Will not deduct government loans assuming your PSLOC gets approved and activated first. If not, your government loan may impact your debt-to-income ratio.

CIBC:

  • CIBC lends to out-of-country law schools.
  • Will consider the schools on a per-case basis.
  • Will start application with offer letter.
  • I forgot the usual limit and rate at CIBC but it's very similar to the other banks.
  • Will make loan limit exceptions and rates. This is much easier to get if you are an existing CIBC client (received info from another applicant).
  • Need co-signor for out-of-country.

Scotia:

  • Scotia no longer lends to out-of-country law schools except for the Windsor dual program and Harvard LLM programs.

 

After I went to these different banks, I was really put down because not only were the financial advisors not helpful, I just got the vibe that I was somehow annoying them with my questions. Any who, its great to see that you were able to get an exception, if you dont mind, can you PM me the financial advisor you went to in BMO? 

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Posted (edited)
On 7/19/2019 at 7:05 AM, QuincyWagstaff said:

Considering the number of Canadian graduates of foreign medical and law schools I've personally encountered that have returned to live, unemployed, in their parents' basement, I can't believe banks were willing to extend these loans at all. 

I bet most if not all of those loans had co-signers. The banks likely had an employed family member living in Canada that they could go after. It's probably unsecured, but I'd also bet that recovery from family members in these cases is pretty good. I've seen it happen. Co-signing is generally speaking a bad idea, IMO. 

Edited by conge
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On 7/24/2019 at 8:44 AM, Isabellas said:

 

After I went to these different banks, I was really put down because not only were the financial advisors not helpful, I just got the vibe that I was somehow annoying them with my questions. Any who, its great to see that you were able to get an exception, if you dont mind, can you PM me the financial advisor you went to in BMO? 

Hey Isabellas thank you so much for breaking this down for me. Really helpful that you have talked to other banks and know what they are offering. So I have been to Scotia bank and at the first appointment he ran a credit check and told us that with my dad as a co-signor we were not approved, something to do with debt to income ratio. Which was suprising because he mentioned that the income was not the problem. Also the guy never mentioned that they dont offer loans for abroad study btw, i even told him the school was in england so I am not even sure if he even knew the policy but the bitch  brought my credit score down with that inquiry. He did say that maybe getting another co-signor like my brother could also be an option so i might try that. But honestly this whole process is just to demoralizing. I guess i might try BMO, please send me the name of the advisor as well. thank you

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Posted (edited)

If the banks are requiring a co-signer, then they aren't offering loans for abroad; they're really leveraging your risk with a domestic source of income. 

Edited by Trew

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