Guest Toonces Posted July 11, 2003 Report Share Posted July 11, 2003 I know the topic of LOCs is currently being haggled over in several forums, but this is specifically in regard to UofT. In the acceptance package, it mentioned that financial aid could consist of OSAP + UTAPS and an LOC, and that UofT meds has a special arrangement with Scotiabank. It did not include the details beyond the interest rate (prime + 1/2%), but did offer a carrot by saying that there were specific bursaries designed to help with paying off the interest on Scotiabank loans. Does anyone know more details about the UofT-Scotiabank arrangement, and whether these bursaries are good/useful enough to make Scotiabank the primo choice for an LOC (over, say, BMO)? Link to comment Share on other sites More sharing options...
Guest peachy Posted July 11, 2003 Report Share Posted July 11, 2003 If you do the UTAPS self-assessment, it'll tell you exactly how much the bursary will be: it estimates how much money you'll need from the Scotiabank line of credit, and the bursary is equal to the interest on that amount for the year, as far as I can see. Link to comment Share on other sites More sharing options...
Guest bj Posted July 12, 2003 Report Share Posted July 12, 2003 Hi guys, Just to add another tidbit of information, it looks as though the bursary covers what they ESTIMATE your LOC needs to be. In other words, if you only need $10,000 according to UTAPS but take out $15,000 because that's your real need, you still only get a bursary for the interest estimated on $10,000. So you may still have to pay something in interest, although it is still a better deal than many. Anyone tried shopping around yet? I am going a little nuts waiting until O-week to secure some funding, since. . .well. . .I don't like not knowing where rent and food money is going to be coming from! BJ Link to comment Share on other sites More sharing options...
Guest kyouou Posted July 12, 2003 Report Share Posted July 12, 2003 should we be starting to apply for OSAP now? Link to comment Share on other sites More sharing options...
Guest JSS02 Posted July 12, 2003 Report Share Posted July 12, 2003 The sooner you apply for OSAP, the sooner you'll get an assessment and the money. It can take over 8 weeks to get an assessment, so doing it now probably wouldn't be a bad idea at all. I believe that as long as you have your student # you can go ahead. Link to comment Share on other sites More sharing options...
Guest bj Posted July 13, 2003 Report Share Posted July 13, 2003 I applied for OSAP maybe two weeks ago and just got my assessment on Friday. It was a heck of a lot faster than in previous years. If you do it online, the program will even estimate how much you will receive in loans (although this is not always what you actually get as my estimate was higher than the actual amount). Overall, much better than in previous years, plus I know how much I will need from an LOC. BJ Link to comment Share on other sites More sharing options...
Guest peachy Posted July 14, 2003 Report Share Posted July 14, 2003 FYI -- According to the folks at the U of T financial aid office, the interest grant (that they say is for the Scotiabank LOC on the UTAPS site) applies no matter what bank we use. Link to comment Share on other sites More sharing options...
Guest Toonces Posted July 15, 2003 Report Share Posted July 15, 2003 Nice fact finding peachy! It's good to know..I was pretty sold on the BMO package. Link to comment Share on other sites More sharing options...
Guest Chieka Posted July 28, 2003 Report Share Posted July 28, 2003 Toonces, I too am sold on the BMO package. Have you signed up yet? If so, what branch did you go to and who did you speak to? I will be making a trip to T.O. tomorrow and I'd like to get the LOC out of the way. Thanks. C. *edited to add: on another thread ("Something's happening") thelaze suggested Gary at the University and College Branch of BMO - has anyone else worked with him? Link to comment Share on other sites More sharing options...
Guest doctorfunk Posted July 28, 2003 Report Share Posted July 28, 2003 "On the basis of the information which you provided on your UTAPS application, we estimate that you will need **** for the 2003-2004 academic year. We expect that OSAP will fund this amount in full." Does this mean I am not entitled to any UTAPS assistance? Link to comment Share on other sites More sharing options...
Guest bj Posted July 28, 2003 Report Share Posted July 28, 2003 Hey doctorfunk, I think I remember another line that said something to the effect of "UTAPS will provide a bursary of ****" when I did it. I think it was pretty subtle, though, so it might be worth double-checking. I think Western had it right when they included their bursary offers along with the acceptance package, but U of T seems to drum to a different beat. . . bj Link to comment Share on other sites More sharing options...
Guest Chieka Posted July 29, 2003 Report Share Posted July 29, 2003 I just did my self-assessment. bj and doctorfunk, this is the blurb U of T gave me: On the basis of the information which you provided on your UTAPS application, we estimate that you will need **** for the 2003-2004 academic year. We expect that OSAP will provide **** of this amount. The University will provide a non-repayable grant of **** to assist with your need. The University has an agreement with Scotiabank to provide students with access to a line of credit. The University will provide you with an additional grant of *** to assist with interest payments on the amount you borrow to meet your remaining assessed need. Link to comment Share on other sites More sharing options...
Guest Toonces Posted August 3, 2003 Report Share Posted August 3, 2003 I was away in Georgian Bay, Chieka, and I haven't yet gone to BMO. Did you find the aforementioned branch to be the one affiliated with U of T or no? Link to comment Share on other sites More sharing options...
Guest PDSP Posted August 10, 2003 Report Share Posted August 10, 2003 Hey guys: Just to let you know that CIBC has made some changes to their medical student line of credit ($125K max at prime). Although I got my loan through the London, ON branch, it may be possible to get the same deal here in Toronto. I don't know if UTAPS will cover the interest on non-Scotia Bank LOCs. The details are found at the following link: pub125.ezboard.com/fpreme...=281.topic PD Link to comment Share on other sites More sharing options...
Guest kit115 Posted August 21, 2003 Report Share Posted August 21, 2003 I just got turned down a LOC at BMO because my parents (the co-signers) failed to meet the requriements with their current income. >: (the mean face is aimed at BMO, NOT at my parents.) So I wanna ask you guys to clarify something for me. Does not having a LOC affect my chances at any additional grants/loans from UofT? I ask because, for example, UTAPS has two parts (my understanding). First can be a $2000 grant given based on your needs. Second, if you need MORE, they pay you a bit more to cover the interest you may have from your LOC. Now, I looked at the UTAPS application and I don't believe I need to show them that I have a LOC with any bank. Do they automatically assume that you will have a LOC anyway, and give you the money for the interest, when in reality maybe you have no LOC because you do not qualify? I'll try Scotiabank tomorrow, perhaps, but I may wait until school starts and try them in Toronto. What do you guys think? Link to comment Share on other sites More sharing options...
Guest peachy Posted August 21, 2003 Report Share Posted August 21, 2003 I'm not sure, but when I asked about whether they care what bank, I emailed osap@adm.utoronto.ca and they responded within a day, so you might try that. Link to comment Share on other sites More sharing options...
Guest UofT Student Posted August 22, 2003 Report Share Posted August 22, 2003 I just got turned down a LOC at BMO because my parents (the co-signers) failed to meet the requriements with their current income. (the mean face is aimed at BMO, NOT at my parents.) Do all banks normally require cosigners and look at parental income in order for one to be considered for a LOC? I thought that some banks, such as Royal, did not require cosigners or information about parental income. If someone could please clarify this point, it would be greatly appreciated. Thanks. Link to comment Share on other sites More sharing options...
Guest TimmyMax Posted August 22, 2003 Report Share Posted August 22, 2003 Hey, Most professional student LOCs DO NOT require a cosigner, but most of the "special" med student deals are only available at certain branches where they deal with medical students specifically. That said, while these "special" packages do exist, they are not available or will not be offered to you if you go to a branch that usually does not deal with medical students without a cosigner, or whatever. Example: the London Masonville BMO branch offers a great LOC package to UWO medical students which does not require a cosigner, BUT you will generally not get offered this package if you go to any other BMO branch in Ontario (ie: if you are from Peterborough and go to a Peterborough BMO branch, they'll hassle you- wait and go to the London one instead). It sounds like the person you are quoting went to their local BMO branch rather than the "special" London branches, hence their being hassled. The moral of the story is to make sure that you go to the right branch of the bank you want to open your LOC with in order to get the best deal. If they want you to have a cosigner and refuse to bend on that one, simply go to a bank that doesn't require one. Best of luck! Timmy Link to comment Share on other sites More sharing options...
Guest UofT Student Posted August 22, 2003 Report Share Posted August 22, 2003 Thanks for your help, TimmyMax! Kit115 or anyone else: Any idea on whether or not all banks look at parental income when determining whether or not to give a LOC? If so, would high parental income be "good" to help one get a LOC, or would low parental income look better? Thanks in advance. Link to comment Share on other sites More sharing options...
Guest UofT Student Posted August 24, 2003 Report Share Posted August 24, 2003 Could anyone please answer my second question (the one directly above this post)? Thanks in advance. Link to comment Share on other sites More sharing options...
Guest StarGirl123 Posted August 24, 2003 Report Share Posted August 24, 2003 That is wierd that your LOC was rejected. The medical student LOC does not require a cosigner. Did you use the 1-800 number by any chance, because they are a little less informed. Try contacting the BMO at 600 University and ask for Ms. Feria, she does the LOCs there for medical stidents. Or since we start tomorrow you can talk to their representatives in person. Good Luck. Oh, and in terms of your question, the reason they might reject someone based on their cosigner is if the cosigner has too many other loans (house, car, etc) and they worry they may mot be able to pay off your bank loan if anything happens. Link to comment Share on other sites More sharing options...
Guest Toonces Posted August 25, 2003 Report Share Posted August 25, 2003 Yes, definitely go to the BMO at University and College. I dealt with a random person (Angie) who turned out to be awesome..I just filled out a form, she sent it to the lender, I got approved. She informed me right off the bat that I would NOT need a co-signer because the branch is affiliated with the med school. I was told that most students have pretty average credit records (no real job, no car, no collateral) but get approved because the requirements for medical students to get an LOC are much easier than for others. Link to comment Share on other sites More sharing options...
Guest UofT Student Posted August 25, 2003 Report Share Posted August 25, 2003 Hi Toonces, Did you have to provide info about your parents' income to get the LOC? Do you know if other banks (e.g. ones in London, Kingston and other cities) would require such information? Link to comment Share on other sites More sharing options...
Guest kyouou Posted August 26, 2003 Report Share Posted August 26, 2003 so does UT provide bursary for interest at BMO as well? Also do u need to get life insurance or something like that? Link to comment Share on other sites More sharing options...
Guest Toonces Posted September 1, 2003 Report Share Posted September 1, 2003 U of T provides bursaries for an LOC at any bank, and you can waive life insurance (which I did). No information about my parents' income was required..I would imagine it would be similar in London, Kingston, etc., because if you're not using your parents as co-signers, their income(s) are irrelevant anyway. Link to comment Share on other sites More sharing options...
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