Canadian Bank LOC for out of country law schools

[RagingBull]

This is a copy + paste from a thread on lawstudents.ca; this is not info that I have gathered. Unfortunately I don't have the name of the user saved but I figured other Canadians who are considering out of country schools. This info is probably a little old at this point but it may still be a useful reference.

 

RBC:

• RBC lends to out-of-country law schools.
• Max of 125k at 2.75% plus prime.
• Will not start application until the applicant has fully committed to the school with proof of enrolment in classes.
• Need co-signor for out-of-country.
• Because of this noncompetitive rate, I didn't bother to explore this option more.
• Will deduct government loans.

TD:

• TD lends to out-of-country law schools.
• However, your law school must be within its list that the advisor will see (on its electronic application page) when applying for a PSLOC.
• Will start application with offer letter.
• A cap of 125k at prime rate, same as domestic.
• Did not get an exception to the loan limit. However, I have it on good authority that TD will make exceptions for a tiny handful of schools (think HYS).
• Need co-signor for out-of-country.
• Will not deduct government loans assuming your PSLOC gets approved and activated first. If not, your government loan may impact your debt-to-income ratio.

BMO:

• BMO lends to out-of-country law schools.
• Will consider the schools on a per-case basis.
• Will start application with offer letter.
• A "normal" cap of 80k at prime + 0.5%. However, it does give exceptions on a per-case basis.
• I managed to get 150k at prime.
• Need co-signor for out-of-country or domestic applicants that want to exceed the usual limits.
• Will not deduct government loans assuming your PSLOC gets approved and activated first. If not, your government loan may impact your debt-to-income ratio.

CIBC:

• CIBC lends to out-of-country law schools.
• Will consider the schools on a per-case basis.
• Will start application with offer letter.
• I forgot the usual limit and rate at CIBC but it's very similar to the other banks.
• Will make loan limit exceptions and rates. This is much easier to get if you are an existing CIBC client (received info from another applicant).
• Need co-signor for out-of-country.

Scotia:

• Scotia no longer lends to out-of-country law schools except for the Windsor dual program and Harvard LLM programs.

[buoy]

If you want to try to get a Scotia LOC and you're out of country it's still worth applying to see if they'll give it to you anyway. I'm not in law school yet, but according to their website and help center I shouldn't have been able to get one for my out-of-country masters. My local Scotia advisor told me to apply anyway and they gave it to me no problem (with an in-country co-signer)

Edited January 29, 2022 by buoy
co-signer, not guarantor

[Lilbb19]

I looked into it previously when i botched the LSAT and considered going to Australia lol. You can get the loan, but you need a cosigner