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When should I apply for loans/LOC?


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  • Applicant

Hi everyone,

Just curious when I should talk to the bank/apply for student loans. Through summer jobs and my parents I went through undergrad with no student debt so this is a completely new process for me. I am in New Brunswick so I don't think I can apply for government loans until May (But could be wrong) although I am curious if now is a good time to talk to one of the banks about the line of credit. Is it too early? Just thought I'd see. Thanks!

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  • Law School Admit

I spoke with Scotia about a week ago. 

Keep in mind that they require proof of enrollment, rather than merely firm acceptance, as a prefunding condition. YMMV, but at Oz where I'm headed, the registration package goes out mid-July (nonspecific). 

At Scotia, approvals are only good for 90 days before they have to either fund, or be cancelled and forced to re-apply, so I personally am waiting a couple of weeks to make sure I will be able to complete registration within the approval period and provide proof to the bank. I'll likely put my application in mid-May in case of any delays at Oz's end on registration. 90 days from May 2nd is July 31st, so I'm likely being over-cautious, but that's me. 

I'm in Ontario, so I have no idea how NB government student loans work. 

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