The end of law school does not mean the end of sound financial planning. Financial considerations that graduating students should be aware of include:
- paying all balances owing at York before graduation
- upcoming LSUC licensing fees
- sources of post-graduation funding
Graduation and York Debt
York University Senate Policy stipulates that graduation privileges be withheld from any student until all financial liabilities to the University are settled. Therefore, if you have any debt outstanding at York University, you are required to pay off the balance in order to be eligible to graduate at Osgoode's Convocation in June. We recommend that you make those arrangements early, and certainly no later than June 1.
Outstanding York debt includes:
- Student Account Debt
Your Student Account must be totally clear before you graduate. This includes tuition, housing, and other incidentals recorded on your Student Account. - Other York Debt including Parking and Library Fines
This debt does not appear on your Student Account, but it also must be paid off well before Convocation. York University maintains a second listing of this debt. If you believe that you have unpaid parking or library fines, it is your responsibility to contact the appropriate areas directly and settle your debt before June 1.
Upcoming Fees
In order to be eligible to be called to the Bar, graduating students must go through the LSUC application and licensing processes. There is a significant Licensing Process Fee which is usually due at the start of April in third year. Students are responsible for remaining aware of all appropriate fees and deadlines as outlined on the LSUC website. Information regarding the LSUC licensing process can be found here. Fees and schedules are found here.
If you plan on taking the CanBarPrep course, the fee is $1,500 plus HST. Register early to receive a discount.
Post-Graduation Funding
- York University Loan Repayment Assistance Program (LRAP)
York University's new LRAP is designed to assist eligible graduates in designated professional programs. Osgoode students who are experiencing financial difficulties that prevent them from paying the monthly interest changes on their student line of credit are eligible. Students who meet the LRAP program requirements (check here for details) will be eligible to receive funding for up to a maximum of three years following their degree conferral date. - Law Society of Upper Canada Repayable Allowance Program (RAP)
The Law Society of Upper Canada (LSUC) has established RAP, a financial assistance program of last resort for candidates who are struggling to pay their fees and/or meet their living expenses during the Licensing Process. The maximum Repayable Allowance is $5,000 per candidate for each calendar year. For additional information, please visit the LSUC Resource Centre. - Extending Your Line of Credit for Your Articling Year
RBC Royal Bank will consider you a student in your articling year with respect to paying back on principal. Articling students may also negotiate an additional $20,000 increase to their student line of credit in their articling year. For this additional funding, RBC Royal Bank will take into account your current debt load, articling success, and other factors.
To contact Osgoode’s Special Program at the RBC Royal Bank, please call Cindy Wong at (905) 738-4405 or e-mail her at cindy.wong@rbc.com. - The Honourable F.H. Barlow Scholarship (Post-Graduate Studies)
The Honorable F.H. Barlow Scholarship was created by the late Mrs. Marjorie Forsythe Barlow in memory of her husband, the Honourable Mr. Justice Barlow. An annual scholarship of approximately $15,000 is to be awarded to the student who ranks highest in Commercial Law or subjects within that description, as determined from time to time by the Faculty.
This scholarship is generally awarded to enable a student to pursue post-graduate studies at an approved institution of higher learning. In years when the scholarship is not awarded for postgraduate studies, the funding may be awarded to students with an expertise in the broadly defined area of commercial law as part of Osgoode’s Upper Year Scholarship process. The annual deadline for applications is March 1.