Loc vs student loan from government

[Johnboy]

Do you know if you get the LOC, will it impact the loan you will get from government, or vice versa? I didn't apply for student loan before. 

Thanks

 

[Synth1]

No, not at all.

[Johnboy]

Thank you! I think it would impact other-way. I  just received an email from Scotia Bank to fill-in some forms asking the amount I owe to others.  I think the bank rep told me I can have max 25k loan from other sources. I will keep posted :). 

[frenchpress]

1 hour ago, Johnboy said:

Thank you! I think it would impact other-way. I  just received an email from Scotia Bank to fill-in some forms asking the amount I owe to others.  I think the bank rep told me I can have max 25k loan from other sources. I will keep posted :). 

Yes, if you have existing student loans, a car loan, etc. this MAY reduce the total amount of LOC you’re given. But your LOC will not effect your ability to get a student loans.

[Bachwall]

If you don`t have loans, it will not impact.

[rmorelan]

they do generally ignore gov loans in their math - which makes sense as those loans are in a different class in many ways. 

other loans are fair game (and should be from a risk point of view)

[insomnias]

On 10/26/2020 at 12:46 PM, rmorelan said:

they do generally ignore gov loans in their math - which makes sense as those loans are in a different class in many ways. 

other loans are fair game (and should be from a risk point of view)

Depends. Scotia caps you off at 60k fed/prov student loans, after which they reduce your LOC amount (e.g. if you have $110k in student loans, your LOC limit is $350k - $50k, assuming $350k is the normal max)

[HongHongHong]

On 10/27/2020 at 12:48 PM, insomnias said:

Depends. Scotia caps you off at 60k fed/prov student loans, after which they reduce your LOC amount (e.g. if you have $110k in student loans, your LOC limit is $350k - $50k, assuming $350k is the normal max)

Oh man I wasn't aware of this. Is this only at the time of applying for your LOC or do they look at your student loans and lower it year over year?

Any ideas where the numbers are for RBC? I don't recall seeing this in any of the fine print when I signed up.