Johnboy 0 Posted June 17 Report Share Posted June 17 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 Quote Link to post Share on other sites
Synth1 32 Posted June 17 Report Share Posted June 17 No, not at all. Johnboy 1 Quote Link to post Share on other sites
Johnboy 0 Posted June 17 Author Report Share Posted June 17 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 :). Quote Link to post Share on other sites
frenchpress 307 Posted June 17 Report Share Posted June 17 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. Johnboy 1 Quote Link to post Share on other sites
Bachwall 1 Posted October 26 Report Share Posted October 26 If you don`t have loans, it will not impact. Quote Link to post Share on other sites
rmorelan 2,526 Posted October 26 Report Share Posted October 26 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) DrOtter 1 Quote Link to post Share on other sites
insomnias 130 Posted October 27 Report Share Posted October 27 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) Quote Link to post Share on other sites
HongHongHong 60 Posted Tuesday at 03:11 PM Report Share Posted Tuesday at 03:11 PM 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. Quote Link to post Share on other sites
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