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jatthopefullawyer

Max Amount per Year

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I know that Scotiabank offers 135000 for LOC, I was wondering what the maximum amount you can take out per year? Is it divided by 3 (45k a year). Is the full amount (45k) available in September? Thanks      

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Hiya Jatt,

It is divided into three chunks, and you get the second and third chunks released by forwarding a confirmation of enrolment type of document each year.

The chunk for each year becomes available at the start of each year, but the chunks are not quite equal. I believe it's something like $42K, $42K, and then $51K in the final year. It was explained to me that the larger chunk in the final year is to reflect additional costs at the end of the final year and beginning of articling.

Please note that all of the above is just based on my memory of a recent phone call with the Scotiabank rep here in Victoria; I don't have any of this on paper in front of me. :)

-GM

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3 minutes ago, GrumpyMountie said:

Hiya Jatt,

It is divided into three chunks, and you get the second and third chunks released by forwarding a confirmation of enrolment type of document each year.

The chunk for each year becomes available at the start of each year, but the chunks are not quite equal. I believe it's something like $42K, $42K, and then $51K in the final year. It was explained to me that the larger chunk in the final year is to reflect additional costs at the end of the final year and beginning of articling.

Please note that all of the above is just based on my memory of a recent phone call with the Scotiabank rep here in Victoria; I don't have any of this on paper in front of me. :)

Hi GM! 

Thanks for the info, I really appreciate it. it's been a while since I have seen you post, but I remember seeing you post daily back when the admission cycle started. it's nice to see that we are both going to law school. congrats! 

 

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On 6/23/2020 at 8:48 PM, jatthopefullawyer said:

I know that Scotiabank offers 135000 for LOC, I was wondering what the maximum amount you can take out per year? Is it divided by 3 (45k a year). Is the full amount (45k) available in September? Thanks      

Hey I work there. Usually it's 41,800 first year, same amount second year and the rest are in year 3., unless otherwise specified by the bank. You have to send them proof of enrollment each year to advance the new limit.

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