- Joined
- Mar 14, 2019
- Messages
- 7
- Reaction score
- 11
So i met with BMO and they said prime minus 0.25% ... all of the different info being given to different people is extremely confusing..
also, BMO lets you access 1/4 of the loan amount for each year of school. I think they're probably trying to protect from a student blowing 300K in the first year and not finishing their education. This shouldn't really be a problem because your budgeting should be spread out over four years anyways.
I totally agree with you, but sometimes it can be bad. For example, you were lucky that your co-signer decided to step in and pay some tuition fees or you won something, etc. With RBC, you are free to do so because the money is in the bag for you and you can take as much as you want, whenever you want. With BMO, it's like you are forced to take it if you signed that contract with me. That's just my opinion.
PM me, and I can send you the email the banking advisor sent me a couple hours ago from BMO.
Have you guys considered doing two LOCs? A person I know in Ireland right now has a larger one to cover the cost of tuition over the four years and another to cover living costs, flights, etc.