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New Brunswick Loans


ikand1399

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ikand1399
  • Applicant

Hi guys, 

I have just been accepted to U of T and would love to go, but I’m not sure how I’ll put up the money. My parents income is fairly high, so when I use the U of T aid estimator it comes out as no more than a 1000$ or so. Unfortunately, I will not be getting any money from my parents so this doesn’t help a ton. Is anyone familiar with the NB student loan system and able to ballpark what I could expect to receive as an independent student living far from home? Are there grants for law school? Thank you!

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CleanHands
  • Lawyer

It's really standard to get a line of credit to go to law school. Unless you have hideous credit, banks will happily throw $100k-$135k at you. Welcome to the club.

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Pecan Boy
  • Articling Student

Yeah, and even if you have bad credit, you can likely just get one of your parents to cosign. But for context, I was approved without a cosigner for a $180k LOC to go to UofT with a very brief credit history and underwhelming credit score at that point. You’ll have no problem getting the funding you want. The question you should really be asking is whether you want to be incurring that much debt since your parents aren’t helping you out.  

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Whist
  • Articling Student

If you haven't looked it up already, there's usually a set age where they no longer consider your parental income as a factor in government loans. I don't know about NB specifically unfortunately. Ditto on the line of credit people have already suggested, most law students get them. The only people I've heard getting outright rejected had zero credit or a very rocky credit history, and in some of those cases they were able to reapply with a cosigner. 

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  • 2 weeks later...
North
  • Law Student
On 12/15/2021 at 2:50 PM, Whist said:

If you haven't looked it up already, there's usually a set age where they no longer consider your parental income as a factor in government loans. I don't know about NB specifically unfortunately. Ditto on the line of credit people have already suggested, most law students get them. The only people I've heard getting outright rejected had zero credit or a very rocky credit history, and in some of those cases they were able to reapply with a cosigner. 

This is indeed correct for government loans. For example, you are considered "independent" in Ontario after a certain number of years, and are no longer required to factor your parents' income.

However, just wanted to chime in here - UofT's financial aid system factors parental income regardless of age. In fact, in order to exclude your parents' income, they essentially ask you to provide a history of complete estrangement. If your parents are making decent money, I really wouldn't count on a ton of financial support from UofT directly. I have heard good things about NB's provincial loans from classmates, though I don't know much about it myself.

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