Student Line of Credit

Our Student Line of Credit is a flexible and easy way to make continuing education possible – tuition, books, dorm fees, etc.  Students can borrow to assist with the cost of attending a post-secondary educational institution, including community college, university, or technical school.  You can choose how much you use and reuse any amounts you’ve repaid.  You control how much you use.

Eligibility:
Full-time or part-time student at any recognized post-secondary institution in which studies will lead to a degree, diploma or certification in a particular field.

Term:
Loans are renewed annually, verification of student enrollment is required.

Repayment:
Monthly interest repayment required
♦ When borrower ceases to be enrolled as a student (graduated or leaves), blended interest and principal payments must start within 6 months.

Amortization:
Up to 12 years

Security:
Qualified co-signor required, and proof of full-time school registration and confirmation of income
Credit Life and Disability insurance available

Variable Rate Interest:
The borrower’s interest 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.

 

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