PSLOC question

[doggoford]

Hello all, I'm starting law school in September and I'm beginning to plan my finances for the next school year.

It dawned on me that I might run a little short on my current savings and may need to take out some loans through PSLOC.

Before I consult an advisor, I want to know from people who have taken out loans through PSLOC: are there any major downsides to a PSLOC?

Will it affect my credit score, or will it be an impediment to purchasing a home later down the road? 

 

Thanks in advance!

[scooter]

Well, downside compared to what other options?

If you need to borrow money, the psloc is typically going to give you the lowest interest rate and best payback terms.

[flertalgerdal1]

I just received a LOC from RBC. Was pretty easy and straightforward. I will have an income during school, but they also look at "projected income" based on my course of study as a law student. Yes, they will do a credit check, and it will only be an impediment if you default or have a large Debt-to-income ratio...just like any other credit product. 

[myth000]

There will be no pause on repayment if you don't find a job (unlike with government loans), that's the downside.