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My Personal LOC Recommendation


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Hi everyone,

Current UofT student here.

I just wanted to let anyone know who's interested in getting an LOC or perhaps switching that I've been more than impressed with my current advisor's services at RBC. I'm posting this because I see that she really goes above and beyond for me compared to what some of my peers have told me about theirs and is simply a pleasure to work with.

There are many similar options with the banks out there but I personally found that your advisor is what ends up being the most important. School's stressful enough and the last thing you need is an advisor who doesn't put your interests first.

PM me and I can forward you her information. I'm also available to answer any other questions about school in general.

Cheers!

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I agree with Eureka that having a great advisor is key - however to those looking for LOC right now it is highly advisable that you guys look around before settling. 

I've been using RBC my whole life and so naturally I went to RBC to apply for an LOC. Their max right now is 275K and prime -0.25%. However, when they were calculating how much to offer me they deducted my OSAP debt of 40K (is this normal lol?) and made it 235K. With tuition being around 50K/year and cost of living downtown toronto 10K+ I was thinking that I will def need to get other sources of money later on. 

However after reading how UofT dent recommended scotiabank for their students I decided to go and see what they had to offer. They apparently raised their limit to 300K and the best part is that they don't deduct your OSAP debt from how much you can receive. 

So now I am eligible for 297K (this is after they deduct my credit card) vs. the 235K from RBC. Also their rate is the same as RBC. That extra 60K is one year's worth of tuition + living expenses and it def puts my mind at ease - although I would still supplement that with OSAP and grants. 

I think the customer service in both branches are very comparable and obviously it depends a lot on who you meet - but just based on the numbers I think Scotia has better offers than RBC. 

 

*Forgot to mention - Scotia will only start caring about your OSAP loans when you have more than 60K. But they only deduct whatever amount you go over 60K by ... so if you have 70K of OSAP debt - they'll deduce your offer by 10K not 70K. 

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42 minutes ago, Waves said:

Just to clarify above: Scotia offers the standard 275k but you can request up to 300k if you specifically ask for it. They probably won't tell you about it or know about it unless you ask though. 

literally the first thing they told me was that their offer is 300k lol

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I haven't heard of anyone getting their OSAP deducted. In fact, when I was shopping around Scotia deducted the credit card but RBC didn't. I think it's also very dependent on who you deal with.

There's typically more you can get that's not in formal writing so it never hurts to ask.

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4 hours ago, DentalFoodie said:

Does your credit score affect what kinds of LoC you can get? Or is it set for all dentistry students? 

It can in some cases if bad - some people are even declined completely if they have bad credit (for very small money amounts relative to the size of the LOC). 

 

 

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