RBC Professional Student Line of Credit

[Travis Tanner]

Hi everyone,

Just wondering if anyone has used the LOC from RBC before and would you share a little bit about your experience? I have only banks with RBC so this is my first consideration for LOC now. I am heading to 1L in the fall and any advices/comments on this would be great.

Thank you!

[Chewy]

You don’t have to get a LOC with the bank you primarily use for your other banking. I can’t speak for RBC’s experience, but I suggest looking into Scotiabank. Very easy to work with and with the best terms that I’ve come across. For example, the payback grace period with Scotia is 3 years, with most other banks it’s 2. 

[flertalgerdal1]

I tried with RBC, when I had no idea what I was doing. Eventually, I ended up with a 10K LOC...which I will refinance with my Scotiabank LOC that has the traditional 135K limit. Scotiabank was so easy.

[Dnian]

I used RBC for my professional LOC because it was the option which was easiest to set up totally remotely - I couldn't visit the bank in person when I was in my pre-1L summer, due to being out of the country. From my recollection, the other options required you to visit the bank in person. 

Since then, it has all gone well and my maximum credit limit is $120k (a little lower than some other providers, granted). However, it was extremely easy. All I needed was a confirmation of enrolment letter and some basic documents and boom, I had access to the PLOC. 

[washedballer]

Did TD over the phone and email, took no time, 150k. Had a much worse experience with soctiabank. It's all about the rep that you work with. 

[theaukr]

8 hours ago, Chewy said:

You don’t have to get a LOC with the bank you primarily use for your other banking. I can’t speak for RBC’s experience, but I suggest looking into Scotiabank. Very easy to work with and with the best terms that I’ve come across. For example, the payback grace period with Scotia is 3 years, with most other banks it’s 2. 

Did this change? I was just approved through Scotia and the terms in my agreement are only 2 years post articling.

[Chewy]

4 hours ago, theaukr said:

Did this change? I was just approved through Scotia and the terms in my agreement are only 2 years post articling.

That's correct. Other banks include the 10 months articling period in their 2 year grace period, therefore, only giving you one year after completing articling. Scotia at least gives you two years post-articling. 

[GoBigOrGoHome]

You all should NOT be basing your LOC decisions on who is the easiest to work with, who you currently bank with, etc. 

In 2023, your primary consideration should be the interest rate and payment terms. Interest is going to impact you significantly. Getting prime would be the ideal situation. 

You also need to consider pay back and amortization length. What if you don't end up in a high-paying articling position? Does your payment period start one year out? Right away? This will matter. Also the amortization period when it gets converted into a loan will make a huge difference for you. 

I just realized that I am going to have minimum $60,000 student loans by the time I am done and some line of credit. This absolutely scared the crap out of me today and I am now trying to find any way I can to limit my debt burden. I am confident we will start to see more and more posts from people having a hard time paying back their lines of credit. 

[Travis Tanner]

Thank you everyone, I will look into Scotia and TD as well.

[corktree]

hey im a little late, what did you end up doing to finance?