Student Line of Credit
 

Can anyone recommend me a bank for SLC? As of now, my choice is BMO.. =\

TD has(had?) a prime+1 LoC students. I'm not sure if it's for professionals only (aka becoming a professional.)

take a look @ that.

TD, RBC, BMO, ScotiaBank. They are all prime + 1. I believe most are for professional programs only though (law, med, dent, pharm etc)
Doesn't hurt to ask though

scotiabank is prime +0.25% actually for professionals

if you're a med student it's prime flat i believe

BMO vs. TD =\

I have prime +1 with royal

Wish it is +0.25% ;)

Friend just got accepted into med last summer for 2008 Sept.
Walked into RBC and they gave him $100k LOC on the spot at prime.

I don't know if they'd be so eager now since the economy is in the shitter.

Prime rate is now 2.5% =D

Buddy's a professional line specialist for BMO, pm me if you need his contacts

$75k for MBA
$150k for Med/Dent
Not sure for Law

Basic very easy auto approval @ prime like Chuck Norris said even right now! BMO is one of the more aggressive banks trying to mirror RBC's successes over the years w/ Dr's staying with them year after year

I'm not a medical or business related student =\

Is it common to use it to up your living expenses, and overall standard of living for the time that you're in school (go clubbing, eat better food, throw plates on the sunday car), meanwhile pay off the small monthly interest % with your part time gig? What sorts of things would you do with a student LoC?

Wow...

Many students struggle to just pay tuition, books, rent, and food. Please don't take credit away from them if you only intend to use it to go clubbing and buy a weekend car.

I meant to insure a car, up living conditions, etc, given that you're confident you'll be able to repay it afterwards. On redflagdeals forums, a lot of the new grads that land 40k jobs right off the bat (minimum i might add) have something like 30k in debt average. one guy had debt as high as 80k because of cost of living, and maintaining his present standard of living rather than sharing a room with a dirty family, eating sardines out of a can, and taking the bus in the pouring rain after a long day of school

^suck it up? Unless you're in a professional program there should be no reason why anyone grads w/ a $30k debt for their undergrad.

That's not true at all.

sorry i wasnt thinking about living expenses.

i'd say 40-45k for someone that can finish in 4 years.

assuming a student barely has time to work which makes their pay neglible, how do you survive off 10k a year without living at home and being breastfed?

well 70% of the students can do it ..it's called student budget
- live on rez
- eat rez food
- buy 2nd hand txtbook
- don't blow so much money on weekends
- bus instead of driving (save $$$ 'stead of paying gas/maintence/insurance/mods)

any extra expenses...you cover your bases with a summer-job, assuming youre taking 4-5 courses during fall and can grad in 4 years with minimal/no summer school.

and of those 70% i'd say half of them are working one shift a week during regular school semesters. These numbers aren't BS since for work i talk to a buncha alumni.

Graduating $80K in debt is not smart. Even with a $80K/yr job, how long is that going to take to pay off? Especially considering with $80K/yr he'll want to "up" his lifestyle.

That guy did not learn anything in university. Living off money you don't have is dumb.

Sure it is.

My mother laughs cause her generation stayed home and went to school. Our generation goes away to school then moves home due to debts.

Which way is smarter?

Tuition, books, transportation, ... should be < $8K/yr, for ~$30K over 4 years - if you live/eat at home.

During the 4 months every summer you should beable to earn $4-8K, even working crappy minimum wage jobs.

---

Yet none of us want to live like that. Why? Cause school isn't about education anymore, its about partying, drinking, getting laid, flaunting style, making connections, ...

See, you said it: "if you live/eat at home". Some students don't have a nice home that is given for free and free food to eat. That is assuming a lot and that is where the majority of expenses are. Rez at SFU is $2350 a semester and that is not including a meal card if you decide to purchase one (although in some rez buildings, it is mandatory). Each semester should not cost you more than $4000 if all you pay is for tuition and books, although some of us do not get the luxury of being spoon fed by parents.

That's BS, and the few exceptions aren't worth discussing.

A majority of parents aren't going to kick you out at 18, and if the house was good enough to sleep in till you were 18, what makes it not a "nice home" anymore.

Has SFU increased the number of residences? I was declined in 1997 with a 93% graduating average.

Yes SFU has increased their residence. Again, you make a bold assumption that parents will support the student until whatever age desired. That is not the case in many circumstances, and I for one can give you first hand experience on that. Also, many parents force their children to pay rent or pay for food etc. In a wonderful world where we can all live the lives of rich students with free money and mercedes then there would be no need for student loans. I wish that was true.

^ i hear what you're saying but the fact is that most dont graduate with over $20-30g bceause they either work a bit during the semester or work quite a bit in the summer.

You're such a DQ. Stop using the exceptions to make the rule.

I didn't say such situations don't exist, I said they are such exceptions that they aren't worth considering. Most parents will support their children, the charges for rent/food are to ensure their children understand the value of earning money, not just being given a free ride - and that "rent and food" hardly equates to the true costs of living on your own.

Consider the high population of Asian/Indian students at SFU/UBC that come from a background that is more accepting of students living at home, unlike the typical white Canadian mentality to make it on our own.

My parents went bankrupt when I was 18 and could hardly afford to rent a place for themselves, nevermind my brother and I. We moved out on our own to attend school cause there was no advantage to staying home.

I know I am the exception amoung my peers, many of who did not have student loans and were funded by mom and dad. The average student only graduates in debt cause they wasted money, not cause they needed it.