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PSLP Loan - BMO or RBC?

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Intern
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PSLP Loan - BMO or RBC?  [#permalink]

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New post 14 Jun 2017, 16:19
For those of you taking out a PSLP loan, what's your reasoning for picking one bank over the other? I can't seem to identify any differences between the credit line from RBC with that from BMO.

And if you've chosen a separate loan plan with another bank over the PSLP, what's your reasoning?
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New post 16 Jun 2017, 21:37
I had RBC just because the branch that did the specialized loans was closer to where I was at the time. No other reason. Like you said, there's no identifiable difference between the two.

Oh, although... the RBC loan, I was recently informed, can be converted into a low-interest line of credit for the value of your tuition. Not sure about BMO though.
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New post 05 Jul 2017, 00:51
jigglypuff wrote:
I had RBC just because the branch that did the specialized loans was closer to where I was at the time. No other reason. Like you said, there's no identifiable difference between the two.

Oh, although... the RBC loan, I was recently informed, can be converted into a low-interest line of credit for the value of your tuition. Not sure about BMO though.


Hey Jigglypuff,

Regarding the loans - how hard/easy was it to go through RBC? In the same boat as you, heading to Rotman and government loans will only cover 40%ish for me (Alberta). And did it also include some funds for living costs or strictly tuition? Their website is a little vague and I don't want to keep hitting my credit every time a bank checks.
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PSLP Loan - BMO or RBC?  [#permalink]

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New post 10 Jul 2017, 11:39
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It was very easy to go through RBC. All you have to do to get it is bring your letter of admission to prove you've been offered and you're intending on accepting. That's it. There's some other paperwork to make sure everything is legit, but once it's approved you don't need to do anything. RBC pays your tuition directly, so it's not like the money goes to you and you have to be reminded to pay it. As a Canadian, my RBC loan was 100% of tuition, so I had no worries.

Unfortunately the loan only covers tuition, no more. I had to get OSAP for other stuff.
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Re: PSLP Loan - BMO or RBC?  [#permalink]

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New post 11 Jul 2017, 13:49
jigglypuff wrote:
It was very easy to go through RBC. All you have to do to get it is bring your letter of admission to prove you've been offered and you're intending on accepting. That's it. There's some other paperwork to make sure everything is legit, but once it's approved you don't need to do anything. RBC pays your tuition directly, so it's not like the money goes to you and you have to be reminded to pay it. As a Canadian, my RBC loan was 100% of tuition, so I had no worries.

Unfortunately the loan only covers tuition, no more. I had to get OSAP for other stuff.


AH, that is far superior to the standard student line of credit they give out (either at RBC or BMO). Thanks!
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Re: PSLP Loan - BMO or RBC?   [#permalink] 11 Jul 2017, 13:49
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