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 UofT 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 a UofT JD student borrow from the Line of Credit?

Effective from the 2019-2020 academic year
Maximum Line of Credit loans ($) by JD Year of Study 
1st Year2nd Year3rd Year & ArticlingTotal
The line of credit 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.


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:

    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 or TD Bank regarding credit history issues. 

    In the event that Scotiabank/TD Bank's responses are not favorable, 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
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 or 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).

Scotiabank gives you 24 months grace period in which the student can pay interest-only on the loans after completion of their articling period. However, TD bank does not have this option. 

TD bank will not allow you to have access to any funds remaining on your Line of Credit immediately after your articling period. This means your Line of Credit will be converted to a loan immediately after articling with no access to the funds still remaining on your Line of Credit. However, with Scotiabank you are allowed to have access to all remaining funds on your Line of Credit up to 24 months after articling.

You are allowed to switch from one bank to another for whatever reasons during law school, articling and after your articling period.

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

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