MTN Posted May 24, 2011 Report Share Posted May 24, 2011 Has anyone tried to get a line of credit for PT school yet? PT doesn't seem to be listed as a "professional program" on the banks' websites and I am wondering if it will be a problem. Link to comment Share on other sites More sharing options...
bcmountainlove Posted May 24, 2011 Report Share Posted May 24, 2011 Well, I went to Bank of Montreal and was able to get an LOC for $25000+ (spread out over 2 years). I had to have a co-signer, though, since I won't be working at all. It didn't seem to matter if it was OT or PT. Link to comment Share on other sites More sharing options...
MTN Posted May 25, 2011 Author Report Share Posted May 25, 2011 Good to know, thanks! Link to comment Share on other sites More sharing options...
aug89 Posted May 30, 2011 Report Share Posted May 30, 2011 I was talking to RBC today and they said that I could get a max of $45000 for the 2 years for PT. If needed, you can get even more if you have a co-signer. Link to comment Share on other sites More sharing options...
medtech Posted May 30, 2011 Report Share Posted May 30, 2011 Nursing counts as a professional program to banks, so PT, which is a masters professional degree should definitely count. It's just that PT isn't the most known professional degree (eg. compared to medicine, nursing or dentistry). But I went to the big five banks and they all listed PT as part of their "professional edge" or w/e LOC program they have. Link to comment Share on other sites More sharing options...
ScotiabankMedsAdvisorLOC Posted July 5, 2011 Report Share Posted July 5, 2011 Scotiabank offers a $40,000 Professional Student LOC as low as prime + 1% with no interest or principle payments required until 12 months after graduation. - Unlimited transactional chequing account - $1,000 account overdraft protection - Free personalized cheques - Free Scene Movie/Snack rewards debit card - $5,000 ScotiaGold Travel Rewards Visa card (annual fee waived) Please feel free to email or call me for more details or to arrange an appointment to discuss your options. Thanks, Catherine Link to comment Share on other sites More sharing options...
OTGurl23 Posted May 23, 2012 Report Share Posted May 23, 2012 Has anyone started to look into lines of credit yet? How do the various banks stack up? Link to comment Share on other sites More sharing options...
PThopeful Posted May 28, 2012 Report Share Posted May 28, 2012 Not sure if anyone else has been looking to LOC's, but I have talked to the "big 4" banks: CIBC, Scotiabank, TD & RBC. RBC offered me $45,000/2yrs with a prime + 1% interest rate and a 6 month grace period, without a co-signer. Scotiabank offered $40,000/2yrs with a prime + 0.5% interest rate and a 12 month grace period, with a co-signer. TD offered me nothing and said PT is not on their list, but I'm not sure if this would change if I talked to someone at a different branch. Finally, CIBC could not give me a concrete estimate but the banking officer said he was confident I could get $30,000 per year, with a prime + 1% interest rate and 12 month grace period, with a co-signer. I went to the CIBC right outside the Rehabilitation Sciences Bldg, but I felt like the guy knew NOTHING and said he had never done a LOC for a PT student. I would not recommend going to this CIBC. Hope that helps anyone else who is looking! Link to comment Share on other sites More sharing options...
wings101 Posted May 29, 2012 Report Share Posted May 29, 2012 BMO- 40,000/2 years... prime +1%, 12 month grace period, may or may not need co signer, case by case basis Link to comment Share on other sites More sharing options...
Guest Physioprospect Posted May 29, 2012 Report Share Posted May 29, 2012 Why not get a government student lOan? Link to comment Share on other sites More sharing options...
person14 Posted May 29, 2012 Report Share Posted May 29, 2012 hey i haven't even considered a LOC are you guys getting that on top of OSAP? My estimate on the OSAP site is 15,600, which I think should be enough. Only 11k or so has to be paid back, and the rest is free $$ Link to comment Share on other sites More sharing options...
wings101 Posted May 29, 2012 Report Share Posted May 29, 2012 osap can be hit or miss... if u have a car payment u might not qualify...things like that Link to comment Share on other sites More sharing options...
cojo417 Posted May 29, 2012 Report Share Posted May 29, 2012 I'm filing for OSAP and I'm from New Brunswick... I'm suppose to file for OSAP because I'm going to McMaster, right? I'm having a bit of trouble with the Status and Residency part of the application, specifically the Ontario residency part. When it says: Both of the following statements are true: - I now reside in Ontario. - None of the previous residency statements applies to me. Should I say YES because I will be moving to Ontario in September Link to comment Share on other sites More sharing options...
Monchhichi Posted May 29, 2012 Report Share Posted May 29, 2012 Why not get a government student lOan? I actually have the same question in my mind and really appreciate if someone can explain to me. I have never got a student loan. And now I need to think about either getting LOC or govt loan for OT school for 2 years. What are some of the pros and cons? Link to comment Share on other sites More sharing options...
miss_q Posted May 31, 2012 Report Share Posted May 31, 2012 I applied for OSAP and hopefully the rest can be covered by UTAPS from U of T. If not, I would have to take out a loan Link to comment Share on other sites More sharing options...
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