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Hi everyone, 

I'm currently researching about getting a line of credit for PT school. Most places seem to offer 80k over the two years with a prime + 1%, with a 12 month grace period after graduation.

I'm wondering if any of you have been offered a better rate? Or, if you guys aren't pursuing a line of credit, how do you plan to fund your Master of Physical Therapy?

So far the best offer I've received is from Scotia Bank because they've offered the Gold American Express  and the Passport Infinite Visa with the annual fees waived ($120 and $140 annual fee respectively).

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37 minutes ago, PTforLife319 said:

Hey

 do you guys know if it’s better to get a line of credit or apply to OSAP? I haven’t done much research and any help is appreciated!

Get both if you can. OSAP will give you some grants and some loans and the line of credit is just nice to have as a security. Getting a LoC doesn't mean that you have to use it!

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I'll be doing a BC/Canada integrated student loan, and a Line of Credit with CIBC for wiggle room and to cover the remainder of expected expenses not covered by student loans. I don't necessarily feel comfortable disclosing my personal budget categories, etc but my calculations indicated that student loans (even with increased loans amounts due to covid) alone won't comfortably cover my needs for grad school.

The line of credit I've received with CIBC is ~$80k, prime + 1%; interest only payments until 12 months after graduation; 1st half of LOC is delivered in first year, 2nd installment in second year; no co-signor needed despite limited long-term employment and I was able to sign up completely over the phone. Approval took less than 24 hours. 

In addition, I am staying open to post-grad opportunities that qualify me for loan forgiveness. My province (BC) has a rural loan forgiveness program which forgives 20% of the provincial portion of the integrated loan for each year served in a public position in a rural community (not necessarily full-time hours). After 5 years, 100% of your provincial portion of student loan is forgiven. I believe a similar program exists for PTs and OTs that practice in pediatric settings in non-rural locations as well. Personally, I have lived in rural communities in the past, have experience in a rural hospital setting from my undergrad, and some of my favourite hobbies (mountain biking, skiing) are most readily available in rural towns so it's an option I'm staying open to, pending strong mentorship opportunities and identifiable room for long-term professional growth once graduated!

Also! Thanks for making a thread for this- I feel like personal finance doesn't get discussed enough in grad school conversations :) 

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I am planning to get provincial/federal student loans for sure. I hadn't considered getting a back-up line of credit, but this thread has made me think I should look into it just in case. 

Is anyone planning to work while in school? I worked all through my undergrad which really decreased my dependence on loans. I would love it if I could get by without working, but the idea of no income for 2 full years is terrifying and I also want to minimize my debt as much as possible. Covid has definitely thrown a wrench into my plans though and I'm not really sure what I'm going to do. What are you guys thoughts on working while in grad school?

Also, anybody know much about scholarships? Most of the ones I've seen have been for PT students entering their second year. 

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2 hours ago, rehabhopeful said:

I am planning to get provincial/federal student loans for sure. I hadn't considered getting a back-up line of credit, but this thread has made me think I should look into it just in case. 

Is anyone planning to work while in school? I worked all through my undergrad which really decreased my dependence on loans. I would love it if I could get by without working, but the idea of no income for 2 full years is terrifying and I also want to minimize my debt as much as possible. Covid has definitely thrown a wrench into my plans though and I'm not really sure what I'm going to do. What are you guys thoughts on working while in grad school?

Also, anybody know much about scholarships? Most of the ones I've seen have been for PT students entering their second year. 

Hey, I’m from the GTA but going to school at Western and was also contemplating working while studying. I’ve had a part time job throughout all of undergrad and have developed a nice relationship with the management team, which has said they’ll let me pop by whenever I can to work (if I have placements near home). Plus, in person instruction doesn’t start at western until Sept 28th, so until I’m just gonna stay home and work and study at the same time. 
I think to work while studying you really need to find a place to work that will be flexible and okay with you working only a few shifts every now and then. I definitely think it’s doable and know a couple people that have done it during their masters. 

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On 6/18/2020 at 5:01 PM, lalalalaura said:

I'll be doing a BC/Canada integrated student loan, and a Line of Credit with CIBC for wiggle room and to cover the remainder of expected expenses not covered by student loans. I don't necessarily feel comfortable disclosing my personal budget categories, etc but my calculations indicated that student loans (even with increased loans amounts due to covid) alone won't comfortably cover my needs for grad school.

The line of credit I've received with CIBC is ~$80k, prime + 1%; interest only payments until 12 months after graduation; 1st half of LOC is delivered in first year, 2nd installment in second year; no co-signor needed despite limited long-term employment and I was able to sign up completely over the phone. Approval took less than 24 hours. 

In addition, I am staying open to post-grad opportunities that qualify me for loan forgiveness. My province (BC) has a rural loan forgiveness program which forgives 20% of the provincial portion of the integrated loan for each year served in a public position in a rural community (not necessarily full-time hours). After 5 years, 100% of your provincial portion of student loan is forgiven. I believe a similar program exists for PTs and OTs that practice in pediatric settings in non-rural locations as well. Personally, I have lived in rural communities in the past, have experience in a rural hospital setting from my undergrad, and some of my favourite hobbies (mountain biking, skiing) are most readily available in rural towns so it's an option I'm staying open to, pending strong mentorship opportunities and identifiable room for long-term professional growth once graduated!

Also! Thanks for making a thread for this- I feel like personal finance doesn't get discussed enough in grad school conversations :) 

Hey thanks for the reply! And no problem. I'm glad that there are others exploring similar avenues and have similar questions.

 

I have a few questions I hope you can help me with:

I'm wondering where you saw that there will be increased loan amounts due to COVID? Is the increased loan from the Canada integrated student loan/OSAP?
You mentioned ~80k - were you eligible to receive additional funds?
It's interesting that you mentioned forgiveness programs because I didn't know any existed! Do you know if the forgiveness program apply for Ontario residents as well? 

 

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5 minutes ago, PTforLife319 said:

Hey, I’m from the GTA but going to school at Western and was also contemplating working while studying. I’ve had a part time job throughout all of undergrad and have developed a nice relationship with the management team, which has said they’ll let me pop by whenever I can to work (if I have placements near home). Plus, in person instruction doesn’t start at western until Sept 28th, so until I’m just gonna stay home and work and study at the same time. 
I think to work while studying you really need to find a place to work that will be flexible and okay with you working only a few shifts every now and then. I definitely think it’s doable and know a couple people that have done it during their masters. 

Where did you see that in person instruction won't start until September 28th at Western?

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2 minutes ago, PTplox said:

I have a few questions I hope you can help me with:

I'm wondering where you saw that there will be increased loan amounts due to COVID? Is the increased loan from the Canada integrated student loan/OSAP?
You mentioned ~80k - were you eligible to receive additional funds?
It's interesting that you mentioned forgiveness programs because I didn't know any existed! Do you know if the forgiveness program apply for Ontario residents as well? 

 

Hey no problem!

The increased loan amounts are part of the federal economic response plan and are for the federal portion of loans (increase of $210 to $350 for maximum weekly amount) https://www.canada.ca/en/department-finance/economic-response-plan.html 

The $80k was the maximum for physical therapy students as part of CIBC's "Professional Edge Program" https://www.cibc.com/en/student/student-lines-of-credit/professional-students.html 

And the loan forgiveness is super interesting and is a really common tool for trying to attract doctors and nurses to rural areas. Here are some links for anyone interested that I found:

Hope it helps and I'm sure there is more info out there that I'd be keen to learn about!

 

 

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