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Bionix Does Scotiabank Negotiate?
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By davedavedave, March 22, 2012 in Student Financial Support 1 2 3 4 5 6 NEXT
davedavedave
Page 1 of 8
Posted March 22, 2012
Does anyone know if there is any need to negotiate the terms of the PSLOC at Scotia? Members 147 514 posts
From my research on this site, it seems everyone is getting the same deal (prime+0.5, no change after graduation, 12-month post-articling grace period). I ask this because when I called to make an appointment at my local branch, I was told that only the Toronto branch actually deals with the PSLOC, however, they would make an appointment to help me "fill out the forms." Is there any advantage to actually going in for the appointment as opposed to just filing the application online? Does every law student get the same terms (as long as they have good credit), as it seems on this site? RECENT POSTS
Also, is there any chance of them lowering the rate to just prime if I offer to have my parents co-sign (who have a fair amount of money with Scotia)?
Billable Hours v Actual Hours By Diplock · Posted 20 minutes ago I've never even heard of a "fee split"
1
arrangement with an articling student. It may be you're talking with some employer who's very inexperienced with employing students and is trying to
buck
Posted March 22, 2012
protect themselves from losing...
I just got this sorted out recently and can tell you that there is no advantage to
10 reasons TO go to my law school
going in. One thing to note though is that the $110 000 maximum is conditional on there being a need. So when they ask you for your expenses and income make
By BlockedQuebecois · Posted 48 minutes ago I moved downtown this month! If
sure you demonstrate a need of $37 000/yr if you want the maximum.
anything it's his fault for going near
Members 13 82 posts
Eglinton. Anything north of Bloor is downright uncivilized.
The rate is standard depending on your credit.
Does OLSAS notify and remove your…
By zaraaddict101 · Posted 48 minutes
Additionally, there may be some conditions to you getting the loan. They asked
ago
me to pay off and close my existing line of credit at another bank and tried to
Ok - thank you so much for answering!
force a credit card (which was inferior to what I have) on me which took some 10 reasons TO go to my law school
effort to decline.
By pzabbythesecond · Posted 49 minutes ago According to him you don't actually live
Stupor
in Toronto Blocked, even though you
Posted March 22, 2012
actually do.
There is no point going to a branch just to fill out the form. The online application is easy, and it's automaticlly forwarded to the Scotisbank rep who is responsible for your school. Once everything is approved you'll have to go to a branch sign
I live in Toronto. I do not share your concerns.
I got prime + 0.5 for UBC and I know people have gotten it for Osgoode. No idea about other schools. My UBC rep said that Branch managers have the discretion to do this, so I imagine it's obtainable for students at other schools with good credit. You would have to ask Scotiabank about getting prime. I'd add that even if I had the option, I would not have taken it. 0.5% in interest is not enough to make me have my parents be (potentially) liable for up to 100k of debt.
echo
Posted March 22, 2012
The Scotia rep that I got started out offering prime + 1, when I mentioned that others were getting .5 she agreed to drop it to that. Sounds like reps in Toronto are offering prime + .5 right away, but if you get someone offering +1 I would suggest negotiating. Members 27 177 posts
Other than that the terms were the same as everyone else is getting -- I am required to close open lines of credit and credit cards. OSAP apparently no longer counts against the LOC, though.
Stupor
Posted March 22, 2012 (edited) On March 23, 2012 at 1:20 AM, buck said:
One thing to note though is that the $110 000 maximum is conditional on there being a need. So when they ask you for your expenses and income
Members 287 801 posts
make sure you demonstrate a need of $37 000/yr if you want the maximum. Are you in a combined program? I didn't need to demonstrate need, and I was given only $100k. Edited March 22, 2012 by Stupor
Maurice Levy
Posted March 22, 2012
I've heard of people getting it down to +0.25 at UBC by talking to the manager or something. Got that second hand through the grapevine though.
Members 1235 1593 posts
buck
Posted March 22, 2012 On March 23, 2012 at 2:29 AM, Stupor said:
Are you in a combined program? I didn't need to demonstrate need, and I was given only $100k.
Members 13 82 posts
I am not and maybe I quoted the maximum incorrectly. Basically, the rep told me that the bank would only approve a loan for the amount I would need so I wouldn't be guaranteed the maximum. The way I initially filled out the form showed a need of about 25 000/year but I recalculated less conservatively and was able to show a need of about 33 000/year. In the end I was approved for $95 000.
Radfahrer
Posted March 23, 2012 (edited)
The representative I dealt with at Scotiabank also came back with a P+0.5% rate, I dealt with the Queen & McCaul branch that deals with UofT students, but they are willing to extend it to Osgoode students. The underwriters initially approved it at P+1%, but the branch overrode that rate and gave me the promised P+0.5% Members 326 637 posts
rate without me asking for it. I was approved for $103,000, the maximum being $110,000 for JD/MBA students. My limit was reduced by the outstanding credit limits I have on my credit cards, and I was asked to drop the limit on a few of my cards before getting the final approval (which I didn't mind, because I don't use them anyways, and it would have brought my limit to $80K.) Initially the representative wanted me to show I had an explicit need in the first column (in the first year, I will have almost zero need for the LOC because of my existing savings and scholarship money), but she eventually ended up listing my Savings balances and scholarships on the application form, because I will be needing it in future years. Banks these days really don't have too much discretion to do something other than what their head office tells them to do. I tried asking for a better credit card deal, given that the credit card I use now is way better in terms of rewards and benefits (with no annual fee) than what Scotiabank offers, and I was told no dice. I also tried negotiating a higher cash withdrawal limit for times when I travel, and a higher deposit clearance limit (the default $200 offered at Scotiabank is paltry and not enough when I get a bigger deposit than that), while hinting I would move all my accounts at ING Direct over. Again, no dice on that. But in the end, I figure it's probably not a bad idea to keep my "expense" account separate from my line of credit. Maybe I just don't have the negotiator "swag?" Edited March 23, 2012 by Radfahrer
2
Stupor
Posted March 23, 2012 On March 23, 2012 at 7:40 AM, Radfahrer said:
Banks these days really don't have too much discretion to do something other than what their head office tells them to do. I tried asking for a better
Members 287 801 posts
credit card deal, given that the credit card I use now is way better in terms of rewards and benefits (with no annual fee) than what Scotiabank offers, and I was told no dice. I also tried negotiating a higher cash withdrawal limit for times when I travel, and a higher deposit clearance limit (the default $200 offered at Scotiabank is paltry and not enough when I get a bigger deposit than that), while hinting I would move all my accounts at ING Direct over. Again, no dice on that. But in the end, I figure it's probably not a bad idea to keep my "expense" account separate from my line of credit. Maybe I just don't have the negotiator "swag?" I think your Scotiabank rep was just incompetent. I got a better credit card (not at the Momentum Infinite level, but better than the two default cards) just by asking, and I was given $1000 overdraft on the chequing account (which is the standard apparently : http://law.queensu.ca/prospectiveStudents/jdProgram/funding/QueensLawProfess ionalStudentPlanScotia.pdf)
Radfahrer
Posted March 23, 2012 (edited) On March 23, 2012 at 8:03 AM, Stupor said:
I think your Scotiabank rep was just incompetent. I got a better credit card (not at the Momentum Infinite level, but better than the two default cards)
Members 326 637 posts
just by asking, and I was given $1000 overdraft on the chequing account (which is the standard apparently : http://law.queensu.c...tPlanScotia.pdf) Okay, well I basically asked for the Momentum Infinite. I wouldn't bother getting the regular Momentum as it is still inferior to my main card. I also have the overdraft, but what I'm referring to is the hold on deposits. For instance if I deposit a $5,000 cheque at ING, I can use every penny of it right away, whereas I can only use $200 of it at Scotia. That limit is typically based on your credit file, when I banked with RBC, TD, CIBC and PC Financial at various points in the past, it's always been higher than $200. Edited March 23, 2012 by Radfahrer
Stupor
Posted March 23, 2012 On March 23, 2012 at 8:05 AM, Radfahrer said:
I also have the overdraft, but what I'm referring to is the hold on deposits. For instance if I deposit a $5,000 cheque at ING, I can use every penny of it
Members 287 801 posts
right away, whereas I can only use $200 of it at Scotia. That limit is typically based on your credit file, when I banked with RBC, TD, CIBC and PC Financial at various points in the past, it's always been higher than $200. I was actually under the impression that the only way to increase the hold limit is to apply for overdraft. Since you have a $1000 overdraft with Scotiabank, it only makes sense for them to not hold deposit up to $1000. Maybe I should try it out.
pharmaJD
Posted March 23, 2012
Scotiabank does not usually drop below prime+0.5%. only for medical, dental and pharmacy. that's what i was told. Members 5 22 posts
it's a pretty standard 100k over 3 years @ prime +0.5% for law students and then 110k over 3 or 4 years for JD/MBA which is retarded because an MBA is much more than 10k lol.
davedavedave
Posted March 23, 2012
On a side note, what is the VISA they usually give out? The online application gives you the option to apply for the Momentum, Gold, or
Members 147 514 posts
none. I briefly compared these two to my current card, the TD Rebate Rewards. I chose the Gold because it had a slightly better interest rate, and I didn't notice that much of a difference between my current card and the Momentum. Can anyone give a little insight into this?
buck
Posted March 23, 2012 On March 23, 2012 at 8:28 PM, davedavedave said:
On a side note, what is the VISA they usually give out?
Members 13 82 posts
The online application gives you the option to apply for the Momentum, Gold, or none. I briefly compared these two to my current card, the TD Rebate Rewards. I chose the Gold because it had a slightly better interest rate, and I didn't notice that much of a difference between my current card and the Momentum. Can anyone give a little insight into this? I think the momentum is better than the gold because you get 2% cash back on gas and groceries and 1% on all other purchases. Unless you plan to carry a balance, and you shouldn't, the interest rate shouldn't factor into it. 1
davedavedave
Posted March 23, 2012 On March 23, 2012 at 8:58 PM, buck said:
I think the momentum is better than the gold because you get 2% cash back on gas and groceries and 1% on all other purchases. Unless you plan to
Members 147 514 posts
carry a balance, and you shouldn't, the interest rate shouldn't factor into it. Very true. I didn't put too much effort into comparing the two, as I was unexpectedly confronted with the choice while filling out the application. Perhaps I can have them switch it over after the review it.
muffins
Posted March 23, 2012
Should I secure OSAP before a PSLOC? I would obviously prefer to go as far with OSAP as possible. Any suggestions?
Members 502 1314 posts
davedavedave
Posted March 23, 2012 On March 23, 2012 at 10:19 PM, muffins said:
Should I secure OSAP before a PSLOC? I would obviously prefer to go as far with OSAP as possible. Any suggestions?
Members 147 514 posts
I think the general rule is secure the LOC first because whatever you have in government loans will reduce the amount of your LOC (although a LOC will not reduce the amount of OSAP you get). Someone correct me if I'm wrong.
Stupor
Posted March 23, 2012
With Scotiabank you can have up to 60k in govt student loans without reducing the LoC limit. So for most people it doesn't matter whether they apply for OSAP or LoC first. Members 287 801 posts
muffins
Posted March 23, 2012
Awesome! Thanks.
Members 502 1314 posts
buck
Posted March 23, 2012 (edited) On March 23, 2012 at 10:19 PM, muffins said:
Should I secure OSAP before a PSLOC? I would obviously prefer to go as far with OSAP as possible. Any suggestions?
Members 13 82 posts
I've done a lot of fooling around with the OSAP calculator and I think the best strategy is to is to get the LOC first because when you apply for the LOC, you'll be forced, to some degree, so apply your savings towards your debts which will help your OSAP loan amount. Remember, if you have $10 000 in credit card debt and $1000 in savings, OSAP will count the $1000 as assets but will ignore the debt. Edited March 23, 2012 by buck
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Student Financial Support
By BlockedQuebecois · Posted 55 minutes ago
the documents, but there is no need to go before then. Members 287 801 posts
10 reasons TO go to my law school
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