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herpsderps123

Student line of credit - Prime + 0

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Hi there, I am shopping around for a student line of credit. When I called RBC, they initially told me I would quality for 125K as a McGill law student, but when somebody from one of their branches called me today to open an account, they said it's 90000 k at prime + 0.5. If you have a line of credit at prime + 0, please let me know what bank you are with :)

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Scotia offered me 135k at prime. Lots of people here will say the same... that's why I called Scotia first.

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4 minutes ago, Honks202 said:

Scotia offered me 135k at prime. Lots of people here will say the same... that's why I called Scotia first.

Thanks! I will reach to Scotia and see what they say!

Edited by herpsderps123

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4 minutes ago, Honks202 said:

Scotia offered me 135k at prime. Lots of people here will say the same... that's why I called Scotia first.

Same here! I think Scotia is your best bet. Their rates seem to be the most competitive.

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A lot of the RBC branch people don't know what they're doing. The one I interacted with kept getting confused because RBC's internal guide referenced "JD" and "JD law" and she was really adamant a JD at Osgoode is not a law program because it doesn't specifically say "JD law" on the admissions letter... She got flustered frequently and it was obvious she had never done an app like this before. But I do remember RBC's quoted terms were 125k at prime. Same for TD.

If you want to deal with RBC, just find a more experienced branch rep. Don't feel locked in to whichever rep called you.

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6 minutes ago, Turtles said:

A lot of the RBC branch people don't know what they're doing.

 I agree with this completely. When I showed up, the person I met with told me that since I was not an existing client, "there's no way to know if I would pay the money back" (despite my 800+ credit score, owning my own home, and having investments). Their customer service is atrocious, in my experience. 

 

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I would email the rep that is associated with your university and law program listed here: https://www.scotiabank.com/content/dam/scotiabank/canada/en/documents/Scotiabank_SPSP_representative_English.pdf

Even though I live across the province, I reached out to the rep for my law school and did everything via email. When I was approved, they sent the documents to a local branch for me to sign. It became very clear to me that emailing my school's rep was the right decision because it was easy and the rep at my local branch had no idea about anything PLSOC related when I went to sign.

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24 minutes ago, Honks202 said:

I would email the rep that is associated with your university and law program listed here: https://www.scotiabank.com/content/dam/scotiabank/canada/en/documents/Scotiabank_SPSP_representative_English.pdf

Even though I live across the province, I reached out to the rep for my law school and did everything via email. When I was approved, they sent the documents to a local branch for me to sign. It became very clear to me that emailing my school's rep was the right decision because it was easy and the rep at my local branch had no idea about anything PLSOC related when I went to sign.

This is the right move. Do this.

 

FWIW, I have heard that following the pandemic + associated lockdown, banks have started to get stingy with their PSLOCs, but definitely shop around before you take anything that isn't prime + 0.

Edited by TobyFlenderson
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CIBC offered me 135k at prime + 0. Interestingly, it's worth noting that they're the only bank that advertises the ability to convert your entire loan into a professional revolving line of credit, which means you can keep the LoC open perpetually after graduation, instead of having to pay it back as a loan. This is something you may want to consider when shopping for loans.

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On 8/5/2020 at 10:04 PM, Cheech said:

CIBC offered me 135k at prime + 0. Interestingly, it's worth noting that they're the only bank that advertises the ability to convert your entire loan into a professional revolving line of credit, which means you can keep the LoC open perpetually after graduation, instead of having to pay it back as a loan. This is something you may want to consider when shopping for loans.

That's really good to know. I'm going on 3L and have been with Scotiabank, but keeping the LOC open after graduation is something I was hoping would be possible.

Has anyone with Scotiabank been able to negotiate for this? 

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3 minutes ago, chaboywb said:

That's really good to know. I'm going on 3L and have been with Scotiabank, but keeping the LOC open after graduation is something I was hoping would be possible.

Has anyone with Scotiabank been able to negotiate for this? 

I've actually heard that some people on this site have been able to negotiate the same deal at Scotia (details should be in one of the recent threads in the Student Financial Support section). However, it doesn't seem to be something they happily advertise or even do often. I asked my advisor about it (one that deals specifically with student LoCs, not just a random representative) while shopping for loans and he told me that it wasn't something that he was aware of, so it seems to be a one-off deal in most cases.

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On 8/5/2020 at 4:26 PM, herpsderps123 said:

Hi there, I am shopping around for a student line of credit. When I called RBC, they initially told me I would quality for 125K as a McGill law student, but when somebody from one of their branches called me today to open an account, they said it's 90000 k at prime + 0.5. If you have a line of credit at prime + 0, please let me know what bank you are with :)

Same thing happened to me. I sent my advisor the TD rate that is listed on their website for law students, which is prime, and I got 90k at prime + 0. I wasn't fighting for a larger line of credit because I don't need it.

PM me if you have any RBC specific q's!!

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14 hours ago, bowl9 said:

Same thing happened to me. I sent my advisor the TD rate that is listed on their website for law students, which is prime, and I got 90k at prime + 0. I wasn't fighting for a larger line of credit because I don't need it.

PM me if you have any RBC specific q's!!

Thanks! I was in touch with Scotiabank last week and they told they could offer me up to 135k at prime+0. I submitted my application last week and I am now awaiting approval/refusal.

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On 8/5/2020 at 2:26 PM, herpsderps123 said:

Hi there, I am shopping around for a student line of credit. When I called RBC, they initially told me I would quality for 125K as a McGill law student, but when somebody from one of their branches called me today to open an account, they said it's 90000 k at prime + 0.5. If you have a line of credit at prime + 0, please let me know what bank you are with :)

As a former Scotiabank employee, I would recommend Scotia. I've worked for TD and CIBC as well but when it comes to professional student line of credit, I would highly recommend it.

Edited by SimmmiSS
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Does getting a high student line of credit all depend on your guarantor’s income ? What if your guarantor’s income is weak, what can you do ? 

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44 minutes ago, Mayalove2020 said:

Does getting a high student line of credit all depend on your guarantor’s income ? What if your guarantor’s income is weak, what can you do ? 

Ty[pically, there is no guarantor... that's not at all a requirement. It's you've been told you need someone to co-sign, you're probably dealing with a rep who's completely unfamiliar with these products.

Essentially it should just come down to your credit + the fact that you're a law student.

-GM

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If you know someone who is a Financial Advisor or higher (at TD anyway) you can ask them to use something called "A Rate Exception Tool" which can get you the same or better rates and packages than medical students.

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