Scotiabank offers Faculty of Law J.D. students financial assistance through its Scotia Professional Student Plan. J.D. students can take out their Faculty of Law Interest-free Loan and also access additional interest-bearing loans via this plan.
What is this Plan?
The Scotia Professional Student Plan is 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 J.D. program.
Students should apply to the Scotia Professional Student Plan in order to access their Faculty of Law interest-free loan.
Students who are otherwise not eligible for Faculty of Law funding and/or government student financial assistance are also advised to apply for this plan instead of other banks' lines of credit.
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How Much are the Loans?
Effective in the 2011-2012 academic year, the maximum amount is $33,000 each year of law school, to the three-year J.D. program maximum of $100,000, less any amount of other outstanding debt from non-Scotiabank 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).
The maximum outstanding debt amount (combination of Scotia Professional Student 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 $100,000, with certain exceptions.
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How do I apply?
Submit an application directly to Scotiabank. Before applying, please review the information regarding Student Line of Credit, Interest-Bearing Loans in the Financial Aid Policies & Procedures Booklet.
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How is the loan repaid?
Scotiabank 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 Scotiabank’s prime rate of interest plus 0.5% for these loans.
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