Is a LOC necessary or can you get by on OSAP+summer employment+bursaries etc....

[lawandordermaker]

Is a LOC necessary or can you get by on OSAP+summer employment+bursaries etc....

Incoming L1 trying to get things figured out.

Thanks ! 

[Rashabon]

You haven't really given anyone enough facts to remotely try and help you answer this question. Generally, if you have lots of savings, perhaps. Otherwise, probably not without additional assistance. Nobody knows your personal finances though or what school you're going to, etc.

Go check the cost of your tuition for all three years, figure out your rent for all three years, and then estimate for additional expenses and costs (groceries, books, etc.) and that will give you a sense of how much you need. You can then get an estimate for how much you'll get from OSAP.

At the high end, summer employment in law (if you're on Bay) might give you something like $23K to $25K gross (depends on the length of the summer), but most jobs won't pay that well.

 

[boxesoforanges]

Hey current 1L here. I am depending on OSAP and summer employment only. I would say check to see if you qualify for financial aid from the school itself because that shaved about 7k off my tuition. Also I have savings, no undergraduate debt due to full scholarship, and live with my parents. It will totally depend on your circumstances! Not an easy question to answer 

Edited May 1, 2022 by boxesoforanges

[scooter]

Create a realistic budget with all your expenses - tuition, books, rent, food, entertainment, etc etc. Then take stock of what you will receive from OSAP, bursaries, employment, savings. See if there is a gap in your budget which needs to be covered by a LOC. Also consider how much room for error you have, like what happens to your budget if each of the inputs ends up being higher/lower.