Seeking PSLOC Application Advice
Hello folks!
I am considering applying for a PSLOC and would love to hear suggestions or advice from people who have applied before.
I am a 3L student from Ontario law school. I have been working for both my 1L and 2L summer and already got my articling secured. I am considering to apply for a PSLOC because I am an international student and the tuition is crazy. My parents have paid for my law school tuition for the first two years, and will be paying my final year tuition as well. However, their savings are almost drained because of this, and I might face difficulty covering my living expenses for my final year.
Another concern for me is that although my articling place will pay for my bar exam and licensing fees, I will need to pay for these myself in March or April in advance, and won't be able to receive the reimbursement until July or August.
I am planing to start my articling job right after the bar exam like in very early July, so I will be able to make money, but I am still worried about my financial situation, and I do want to stop ask my parents for money as soon as possible.
I am only in Canada for 2 years so my credit score right now is between 700-720. I don't think I need a huge amount if I am going to apply for a PSLOC, probably around 5k-8k, just want to have a back up plan.
For those who have experience in this, should I try applying for one? My articling salary is not that much, around $65,000 probated for 10 months, and it is unlikely I will get a hire back from my articling placement. I know the junior market is terrible right now. Is it realistic for me to pay back the debts if I ended up borrowing money from the LOC? And will there be any harm if I get a PSLOC but did not use money from it?
Thanks so much in advance to those who are willing to share their experience and thoughts with me!