PSLOC question

[lucus3245 20]

Hi guys. I will be meeting with a few reps in the next couple weeks. As someone who is completely blind to the entire process I am looking to you guys for some help. What are considered favorable PSLOC terms? Anything that I should look out for in particular? Anything that I should try negotiating for?

Thank you in advance for your insight.

[Luckycharm 1879]

Don't make any decision on the spot. Post the terms from each bank so we can give you our thoughts.

 

[lucus3245 20]

Thank you!

[lawfacade123 55]

Check other threads here. Lots of people have spoke about this in the past.

Scotiabank seems to have the best offer with prime + 0%, 135k limit, and no principle repayment required until 24 months after articling.

[SELIM 2]

On 6/17/2020 at 2:23 PM, lucus3245 said:

Hi guys. I will be meeting with a few reps in the next couple weeks. As someone who is completely blind to the entire process I am looking to you guys for some help. What are considered favorable PSLOC terms? Anything that I should look out for in particular? Anything that I should try negotiating for?

Thank you in advance for your insight.

Prime rate is standard for law school PSLOC. If you get better definitely take it. Some banks offer interest only payments while in school (RBC) others offer no min. payment while in school (Scotiabank). Interest accrues and gets added to the balance monthly. Not sure about the other banks. Typical limit is 125,000. I know Scotia does 135,000. You get around 42K in year 1, same in year 2 and the rest in year 3. Usually after your articling year, you get 1 year of interest payments then it turns into a 10 year loan at the same rate.