Becoming a Member
Who should get this loan?
Students who want to meet their financial needs during their studies, if they do not qualify for government financial aid or if it is not enough to cover their educational costs. This line of credit is reserved for full-time and part-time1 vocational, college, CEGEP and university students, of any age.
Features
| Interest rate |
- During your studies: variable rate.
- After graduation: fixed rate, lower than the rate for a personal loan.
|
| Amount available |
- Credit limit based on your situation and your level of study.
- If you are studying part-time, the maximum amount granted is equivalent to 50% of the maximum limit for full-time students.
|
| Repayment |
- While you are still a full-time secondary vocational, vocational, CEGEP or university student, you pay only interest on the borrowed amount.
- Option to pay interest only on your loan for the first 6 months following your graduation.
- Loan payment frequency: monthly.
- No prepayment penalties: Pay off your loan at any time during your studies without being charged extra fees.
|
| Loan term |
- Up to 5 years for vocational school, college and CEGEP students.
- Up to 10 years of university students.
|
| Possible uses |
- Tuition, entrance fees and expenses.
- Work study program charges.
- Books, school supplies, computer2 or special training equipment.
- Living (food, housing) and transportation expenses.
|
| Other |
- Additional financing can be granted for certain programs of study that require major expenses (books, equipment, etc.).
- Line of Credit Insurance (life and disability) available.
See Line of Credit Insurance.
|
How much can I afford?
A branch financial advisor will work with you to determine the amount of the line of credit you can borrow.
| LEVEL OF STUDY |
MAXIMUM LIMIT |
| |
Annual |
Overall |
| Vocational training (1 year of college in Ontario) |
$5,000 |
$5,000 |
| College (2 or 3 years of study) |
$5,000 |
$15,000 |
| Undergraduate university studies (4 years) |
$10,000 |
$40,000 |
| Graduate university studies (master's or doctorate)(2 years) |
$10,000 |
$20,000 |
1. Subject to approval by the credit department. A principal and interest payment is due for part-time students. Certain conditions apply.
2. A one-time amount of $3,000 may be added for the purchase of a computer. Undergraduates in Ontario must have a guarantor.
