McGill is a mess. Always. The bureaucracy is soul-draining, even for a big research university. Also trying to do anything student-organizing-wise is hellish because of how stifling the administration is.
Also road construction. If you come here, I really hope you like endless construction. That’s more of a Montréal flair, though.
There are some who would posit that you are all fortunate not to have had to sit through a long, hot, boring event. And, some would also add that celebrations can still happen for those who need to celebrate.
Just think about it - why would a PSLOC be treated as an asset? It's a last resort and immediately begins accumulating interest when it's used. If that logic was applied, it would make sense for universities to consider credit card limits and other loans as 'available money'. It's not. It is available debt and bursaries are in place to help students with financial need limit their debt.
Definitely get the PSLOC; it will not effect your bursaries.
Bay is simply the most brain-dead way to get to a high starting salary. The application and interview process is basically paint by numbers. They set up the portal for you, tell you what you need to give them to apply, set the deadlines, come to your school to interview you, interview everyone on the same three days, and tell you right away if you're in or not. It's the most straight-forward job search you can imagine.
It come with its own problems and stresses as explored in myriad other posts, but it's far easier to do the recruit than have to pound the pavement on your own.