With easy payment options and competitive rates, the Student Line of Credit is perfect for students living away from home as they will have access to the funds they need for school expenses, living essentials and unexpected expenses.

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Features

  • Prime rate + 2% 

  • While attending school, only interest accumulates 

  • Grace period post-graduation (before payment of principal + interest required)  is 6 months to 1 year maximum

  • Flexible payment options (weekly, bi-weekly, or monthly etc.)

  • Automatic transfer from your account, another financial institution or direct payroll deductions

  • Make extra payments at any time without penalty

  • Life and disability insurance available, conditions may apply

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Line of Credit Amounts

  • Full-time students  may borrow up to $10,000 maximum per school year (up to $50,000)

  • Part-time students may borrow up to $2,500 maximum per school year 

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Application Requirements 

  • Confirmation of enrollment at a Canadian post-secondary educational institution (college, university, career college, registered apprenticeship)

  • Job training programs (if applicable)

  • An estimate of your education costs including tuition, school supplies, living expenses, food and transportation

  • List of current financial resources including savings, bursaries and summer employment

  • Must meet lending requirements or have a suitable guarantor 

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