Student Line of Credit
The New Brunswick Credit Union Student Loan (Line of Credit) Program has been developed for the further education of our members' children.
The following conditions apply to this loan:
| Eligibility >> |
full-time undergraduate student at
recognized post-secondary institution.
|
| Amount >> | Up to $6,500/year to a total of $26,000. |
| Term >> |
Loans are renewed annually, verification
of student enrollment is required.
|
| Rate >> |
Fixed: Adjusted Annually on August 1 Variable: Changes with to prime rate |
| Repayment >> |
As a full-time student, only interest
is required to be paid monthly.
When eligibility ceases, blended
interest and principal payments
must startwithin 6 months. Amortization: Up to 10 years |
| Security >> |
Qualified co-signor required, and
proof of full-time school registration
and confirmation of income.
|
- Fixed Rate Interest: The borrower's interst rate is set at time of lending, and does not change throughout the payment schedule and maturity of the loan.
- Variable Rate Interest: The borrower's interst rate is set at time of lending, but is modified whenever a change occurs in the prime lending rate as set by the Bank of Canada. These interest rate changes affect the loan payment amount.
