LOC for PT school

[MTN]

Has anyone tried to get a line of credit for PT school yet? PT doesn't seem to be listed as a "professional program" on the banks' websites and I am wondering if it will be a problem.

[bcmountainlove]

Well, I went to Bank of Montreal and was able to get an LOC for $25000+ (spread out over 2 years). I had to have a co-signer, though, since I won't be working at all. It didn't seem to matter if it was OT or PT.

[MTN]

Good to know, thanks!

[aug89]

I was talking to RBC today and they said that I could get a max of $45000 for the 2 years for PT. If needed, you can get even more if you have a co-signer.

[medtech]

Nursing counts as a professional program to banks, so PT, which is a masters professional degree should definitely count. It's just that PT isn't the most known professional degree (eg. compared to medicine, nursing or dentistry). But I went to the big five banks and they all listed PT as part of their "professional edge" or w/e LOC program they have.

[ScotiabankMedsAdvisorLOC]

Scotiabank offers a $40,000 Professional Student LOC as low as prime + 1% with no interest or principle payments required until 12 months after graduation.
- Unlimited transactional chequing account
- $1,000 account overdraft protection
- Free personalized cheques
- Free Scene Movie/Snack rewards debit card
- $5,000 ScotiaGold Travel Rewards Visa card (annual fee waived)

Please feel free to email or call me for more details or to arrange an appointment to discuss your options.
Thanks,
Catherine

[OTGurl23]

Has anyone started to look into lines of credit yet? How do the various banks stack up?

[PThopeful]

Not sure if anyone else has been looking to LOC's, but I have talked to the "big 4" banks: CIBC, Scotiabank, TD & RBC.

RBC offered me $45,000/2yrs with a prime + 1% interest rate and a 6 month grace period, without a co-signer.

Scotiabank offered $40,000/2yrs with a prime + 0.5% interest rate and a 12 month grace period, with a co-signer.

TD offered me nothing and said PT is not on their list, but I'm not sure if this would change if I talked to someone at a different branch.

Finally, CIBC could not give me a concrete estimate but the banking officer said he was confident I could get $30,000 per year, with a prime + 1% interest rate and 12 month grace period, with a co-signer. I went to the CIBC right outside the Rehabilitation Sciences Bldg, but I felt like the guy knew NOTHING and said he had never done a LOC for a PT student. I would not recommend going to this CIBC.

Hope that helps anyone else who is looking!

[wings101]

BMO- 40,000/2 years... prime +1%, 12 month grace period, may or may not need co signer, case by case basis

[Physioprospect]

Why not get a government student lOan?

[person14]

hey i haven't even considered a LOC :eek:

are you guys getting that on top of OSAP? My estimate on the OSAP site is 15,600, which I think should be enough. Only 11k or so has to be paid back, and the rest is free $$ :D

[jj123]

Not sure if anyone else has been looking to LOC's, but I have talked to the "big 4" banks: CIBC, Scotiabank, TD & RBC.

RBC offered me $45,000/2yrs with a prime + 1% interest rate and a 6 month grace period, without a co-signer.

Scotiabank offered $40,000/2yrs with a prime + 0.5% interest rate and a 12 month grace period, with a co-signer.

TD offered me nothing and said PT is not on their list, but I'm not sure if this would change if I talked to someone at a different branch.

Finally, CIBC could not give me a concrete estimate but the banking officer said he was confident I could get $30,000 per year, with a prime + 1% interest rate and 12 month grace period, with a co-signer. I went to the CIBC right outside the Rehabilitation Sciences Bldg, but I felt like the guy knew NOTHING and said he had never done a LOC for a PT student. I would not recommend going to this CIBC.

Hope that helps anyone else who is looking!

Thanks!!! Are you doing this on top of OSAP? From what Ive read...OSAP gives you anywhere from 12,000-15,000 per year...However I dont know if this will cover everything since ill be changing cities and dont plan on working. Ive tried googling if youre allowed to do both, but nothing legit seems to pop up...If you are allowed it seems like the ideal situation because you only pay interest on what you use of your LOC

[wings101]

osap can be hit or miss... if u have a car payment u might not qualify...things like that

[cojo417]

I'm filing for OSAP and I'm from New Brunswick... I'm suppose to file for OSAP because I'm going to McMaster, right? I'm having a bit of trouble with the Status and Residency part of the application, specifically the Ontario residency part. When it says:

Both of the following statements are true:

- I now reside in Ontario.
- None of the previous residency statements applies to me.

Should I say YES because I will be moving to Ontario in September

[Monchhichi]

Why not get a government student lOan?

I actually have the same question in my mind and really appreciate if someone can explain to me. I have never got a student loan. And now I need to think about either getting LOC or govt loan for OT school for 2 years. What are some of the pros and cons?

[miss_q]

I applied for OSAP and hopefully the rest can be covered by UTAPS from U of T. If not, I would have to take out a loan