To help fund their education, students may consider financing through banks and other lending agencies.  In particular, Scotiabank and TD Bank offer special financial assistance for Faculty of Law JD students.  Their professional student line of credit plans enable our students to obtain their Faculty of Law Interest-free loans and also access additional interest-bearing loans, at an exceptional lending rate.

What are these Line of Credit plans?

Each plan is a loan consisting of an interest-bearing line of credit from which students can borrow funds. Students are required to apply once to be eligible for financing all three years of the JD program. 

Students should apply to one plan in order to access their Faculty of Law interest-free loan. Select either the Scotia Professional Student Plan or the TD Student Line of Credit.

Students who are otherwise not eligible for Faculty of Law funding and/or government student financial assistance are also advised to apply for one of these plans instead of other banks' lines of credit, due to the exceptional interest rate offered.

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How much can be borrowed from the Line of Credit?

During JD studies
The maximum amount is $50,000 each year of law school, to the three-year JD program maximum of $150,000, less any amount of other outstanding debt from non-Scotiabank/non-TD Bank sources (i.e., amounts above $60,000 of any outstanding government student loans, outstanding loans from lines of credit used for undergraduate education, credit card debt, etc).

Funds can be accessed from the bank after registration has been confirmed by the Faculty of Law in September. However, first year students can access the funds in mid-August as their program starts at that time.

The maximum outstanding debt amount (combination of the Scotia or TD plan; OSAP or other government student loans, outstanding loans from lines of credit used for undergraduate education, credit card debt, etc) at time of graduation cannot exceed $150,000 with certain exceptions.

After graduation
For Scotiabank only, in addition, students will have access to a $10,000 line of credit during their articling period. 

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How do I apply?

  1. Before applying, please review the information regarding Student Line of Credit, Interest-Bearing Loans in the Financial Aid Policies & Procedures Booklet.
     
    Do you know your Credit History?
    The lack of a positive credit history, including no credit history, can be an obstacle to accessing financing for your legal education. The Financial Aid Office can provide guidance as to what steps would be helpful in establishing a positive credit history. Prospective students who do not have a positive credit history are encouraged to take the steps necessary to establish or to rehabilitate their credit histories well in advance of seeking financing for educational expenses. For more information about credit histories and credit scores, please see: http://tinyurl.com/aboutcredit

    Students who do not yet have a positive credit history are encouraged to get in touch with the Financial Aid Office at the earliest possible opportunity. The Financial Aid Office will advocate on behalf of students with Scotiabank /TD Bank regarding credit history issues. 

    In the event that Scotiabank/TD Bank's responses are not favourable, the Financial Aid Office will review other possible options with students. In exceptional cases, short-term emergency loan assistance can be arranged with the law school for students who are in the process of establishing positive credit histories in order to be able to access third-party financing.
  2. Submit an application to the bank

Scotiabank: online application
or
TD Bank: phone the Bay St & Bloor St branch in Toronto at 416-944-4115, extension 300 or 250

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How is the Line of Credit loan repaid?

Scotiabank/TD Bank requires that students make monthly interest payments on the outstanding amount of the Overdraft Facility (interest is only paid on the portion of the approved loan amount that is actually used by the student and minimizes the student’s interest costs).

The University has negotiated a very low interest rate of prime for these Line of Credit loans.

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