Lawstudents.ca

Email your school and ask for proof of enrollment, they will give it to you.

Confirmed. I emailed my admissions officer, and received three copies of a letter confirming my enrolment quite promptly.

Does anyone know if you can apply at two different banks and then after you've been approved for both, decide which one you want to have your LOC with, based on how much money they give you??

You wont get approved for both, because all banks do a credit check at the credit bureau, and the second bank will see that you have already applied/been approved for a LOC at another bank.

I was approved for both.

The first bank I went with, I know the banker quite well personally, and she told me that she wouldn't have known that I applied with Bank #2 if I hadn't told her.

She also told me it's quite common for students to have approval/ sign with two banks, and then wait and see which one they want to use. Just don't use both...

^ Im thinking different banks have different lending regulations because I took this specific queston to my mom, who has been a lending officer at BMO for many years. She told me that when she does credit checks it brings up exactly what (and where) loans the applicant has applied for and if they were approved/declinced. She told me that the other day they had to turn down an applicant for a professional student LOC because their credit check showed they had been approved for a LOC at CIBC. However, BMO has a history of being more stringent in its lending process than other banks so that may explain the discrepancy in experiences ToughCookie.

Also, I know for a fact that too many inquires into your credit for loans (credit cards, LOC etc) actually hurts your credit rating, so I wouldnt apply for both unless you absolutely had too.

RBC jacks their interest rate up after you graduate to prime +3 or something ridiculous like that. i'd rethink that move if i were you.

weird question...
if i get osap, can i just pay it off right away with my line of credit? cuz a lot of bursaries require you to have applied for osap. I would really rather use my line of credit, so anyone who has insight on this let me know!

If you're eligible for OSAP over $7200, anything above that figure is granted to you and you don't have to pay it back... so OSAP is free money. OSAP doesn't accrue interest while you're in school, LOC does... so OSAP costs you far less than LOC. Best tihng to do, if you're eligible for OSAP, is to take it! Worst case, it's interest free money. WHy would you pay back an interest free loan with interest bearing LOC? Doesn't make sense.

ive just heard horror stories about how frustrating osap can get. i dpnt wana deal with it. and i didnt know this about osap all i heard was that it has higher interest rates so thanks for the info!

No interest until 6 months after you graduate at which time if you find the interest rates are too high, you can roll it into a different line of credit and just pay off the osap from that all together. You don't have to use osap, but you should know what it will mean you lost the interest free loan and the potential "Ontario Student Opportunity Grant" which limits your debt load (through osap) to the first $7200.

What are people's thoughts on RBC? Their terms seem good - prime+1%, no co-signer, interest-only while in school+12 months after, I was quoted an $80,000 limit over 3 years.

I'm with RBC through the branch Osgoode recommends (Highway 7 & Edgely Blvd - near Hwy 400). I've had no problems. They've done exactly as they promised.

I've heard that RBC makes you renegotiate the interest rate when you enter repayment, which I found troubling. I didn't meet with RBC directly so I don't know for certain if this is true.