The Faculty of Law anticipates that students will use Professional Students' Line of Credit to supplement the difference between their resources and expenses.  As part of the Financial Aid assessment, each student is notified about their authorized Line of Credit amount, an amount on which annual interest will be reimbursed while the student is in the program.

Students may choose to borrow more than the indicated approved amount; however, the Faculty interest subsidy will apply only to the amount the faculty has approved and/or the student borrowed, whichever is less. 1L and 2L students will have their interest reimbursed for the 12 month period, and 3Ls will have their interest reimbursed for 10 months, up till June 30.

Students are responsible for making their monthly interest payments to the bank.  Students are required to submit their January or February LOC bank statement to the Financial Aid office for interest reimbursement by February 15th. Late statements will not be accepted.

If a student borrowed 75% or more of the authorized LOC amount, the interest on the entire (100%) of the LOC amount will be reimbursed; the assumption being that the student will borrow the remaining amount during the rest of the academic year. If a student borrowed less than 75% of the authorized amount, the amount borrowed will be prorated (divided by 0.75) to project expected amount at the end of the term. The interest will be reimbursed on this projected amount.

The interest rate used to calculate interest reimbursements is an average of prime rates September 1-August 31.

Please note that if a student did not use their entire authorized amount in one year, the difference IS NOT carried forward to the next year. 

The Financial Aid office will calculate the amount of interest subsidy and apply it to student's ACORN account by mid March.

Students who are not in the Financial Aid program during the current year may have part of their interest reimbursed if they were eligible for interest reimbursement in prior years, ie. student who borrowed last year as part of their financial aid assessment will have interest reimbursed on the authorized portion of their debt during all 3 years, even if they are at Rotman or no longer meet the eligibility criteria for additional bursaries/LOC subsidies.

If you have any questions about interest reimbursements, please contact Financial Aid office.