Which PSLOC Is Best?

[cities1000]

Hi everyone! I'm looking for some insight into which professional student line of credit is best for UofT Law. Their financial aid website discusses both Scotiabank and TD's PSLOCs. The only differences I see on UofT's website is that TD's LOC can provide $20,000 more credit if needed, but Scotiabank provides a 24-month grace period for principal payments, which TD does not. Are there any other differences, and are there other banks with just as good PSLOCs that I should be looking at? Thanks in advance! 

[North]

Scotiabank and TD are the major players specifically because they offer more credit to UofT Law students than other banks. Personally, I don't know of any students who are using a bank that isn't one of these two for their PSLOC. As you've mentioned, Scotiabank's grace period is definitely a better deal than TD. I've also been told that Scotiabank has a better incentive package for students - free credit cards with better rewards, bonus cash opportunities if you agree to sign with them, etc. Contrastingly, TD will offer their own incentives - free cards, gift cards, etc. Have a look at these when you're applying, and ask your representative if they are aware of upcoming deals. I delayed signing for my PSLOC by a month or so because they were starting an Amazon gift card promo the following month.

One thing I'll add if you're considering a joint degree (JD/MBA for example). TD and Scotiabank will both offer 180k PSLOCs to JD/MBAs at UofT. There is a difference in how the money is made available annually. Scotiabank offers 45k/year over four years, whereas TD offers 60k/year over three years. For some, this makes a difference. In any case, I encourage you to get in touch with both banks to hear about what they have to offer. It's a worthwhile exercise, and the reps who are identified by the school are usually very easy to work with.

[cities1000]

Thanks so much for the help!