Professional Student Lines of Credit
A Professional Student Line of Credit is designed to supplement government loan programs and our JD Financial Aid program.
All JD students are eligible to apply for a Professional Student Line of Credit and benefit from the preferential terms negotiated by the Faculty with TD and Scotiabank.
A line of credit allows you to borrow only what you need, when you need it, up to the limit authorized by the bank. Interest is charged only on the amount borrowed, not the total authorized amount. To avoid compounding interest, you’re required to make monthly payments to cover the interest charges.
LOC application process
It’s best to apply for a line of credit as early as possible. The application process is free, but it may take some time - especially if your credit rating isn’t strong. In some cases, you may need a guarantor to secure the line of credit. You can check your credit report for free through Equifax and TransUnion which would give you an understanding of your credit rating prior to applying.
- Equifax provides free access to your credit report online, with monthly updates.
- TransUnion offers free access and downloads of your credit report (called Consumer Disclosure), also updated monthly.
A lack of credit history or a poor credit history can be a significant barrier to financing your education. If this applies to you, it’s recommended that you take steps to build or repair your credit well before you need to apply for loans.
Jackman Law is not a lender and cannot offer loans if you’re unable to secure credit from a bank.
Learn more about Credit Reports and Credit Scores.
We have partnerships with Scotiabank and TD bank. These banks have agreed to offer lines of credit to students at prime rates, along with other services listed below.
It’s your responsibility to confirm that the terms are still valid when you apply, as conditions may change over time.
Topic Scotiabank TD Maximum Line of Credit Granted $160,000 $180,000 1st Year borrowing limit $53,300 $60,000 2nd Year borrowing limit $53,300 $60,000 3rd Year borrowing limit $53,400 $60,000 Access to funds after articling Allowed to borrow remaining funds on the Line of Credit up to 24 months after articling Upon completion of articling, the LOC is converted into a loan Interest rate Prime Interest Calculation Interest is calculated daily on the closing balance and is charged every monthly billing cycle. The monthly interest is added to the principal amount outstanding. Monthly statements show the amount of interest charged. Deferred Principal Repayment Period Students are given 24 months grace period in which they can pay interest only on the loans after completion of their articling period. Principal Repayment Period Maximum 15 years 10 years for amounts up to $10,000; 15 years for amounts between $10,001 and $100,000, and 20 years for amounts over $100,000 Optional Other features Line of credit protection, no monthly or annual fees, free cheques, pre-approved credit card, unlimited debit transactions and Interact e-Transfer transactions Line of credit protection, no monthly or annual fees, free cheques, pre-approved credit card, free All Inclusive Bank account and no fee credit card for the duration of the program including articling Credit score must have a good credit score, otherwise require co-borrower Approval 5 days Students should use the following branches and contacts when arranging lines of credit as these individuals are familiar with our arrangement.
Using other branches or banks will not guarantee the terms negotiated above.
Scotiabank: 222 Queen Street West (at McCaul St.)
- Students with surnames beginning with A-H, please contact Caroline DaBreo 416-866-3940 ext. 4300
- Students with surnames beginning with I-P, please contact Michael Switzer 437-908-2281
- Students with surnames beginning with Q-Z, please contact Lynne Owen 416-866-3940 ext. 4206
TD: 77 Bloor Street West (at Bay St.)
- Mariam Jazrawi, Branch Manager 416-944-4115 ext. 250
To begin the approval process for a Professional Student Line of Credit, you’ll need to provide the bank with either your offer of admission letter or a letter confirming your invitation to register. You can generate this letter through ACORN once you’ve accepted your offer and paid the acceptance deposit.
However, to have the funds released, the bank will require a Confirmation of Enrolment letter, which verifies that you are officially enrolled. This letter can also be generated through ACORN.once you've paid or deferred the minimum payment required to register, as indicated on your official invoice.
You can pay or defer payments starting in mid-July, once your invoices are posted on ACORN.
The process for generating both types of letters is the same.
- The invited letter is available before you make the minimum payment to register (or if deferred), after May 1 for newly admitted students
- The enrolled letter is available in mid-July, once you have made the minimum payment (or secured a deferral).
If you applied to the JD Financial Aid Program, you may be eligible for reimbursement of interest payments on the authorized borrowing amount under the Professional Line of Credit. You will be notified in late September of the bursary amount you are qualified for, along with the specific line of credit amount for which the interest will be reimbursed.
Keep in mind that if you borrow more than the authorized amount, only the interest on the authorized amount will be reimbursed.
It's important to note that you are responsible for making your monthly interest payments. Our Financial Aid Office issues interest reimbursements in March based on your January or mid-February statements. The amount borrowed up to the statement date is prorated till the end of the academic session to account for the earlier statement submission deadline. Students in the JD Financial Aid Program MUST submit interest reimbursement statements by February 15th to be considered for reimbursement.
For students in the JD Financial Aid Program, the need and authorized borrowing amount are reassessed each year, and lines of credit authorizations do not carry over if not used.
We strongly urge you to meet with the JD Financial Aid advisor before borrowing from your Professional Line of Credit.
Questions about lines of credit?
Contact the JD Financial Aid Office at financialaid.law@utoronto.ca or call (416) 978-3716.