Student Line of Credit

Deciding how to pay for your education can be a difficult process. One option that is available is a student line of credit, available at many financial institutions. You can apply for a student line of credit prior to beginning classes. Upon review of your application, you will be approved for a specified amount of credit, which can be accessed as you need it. A line of credit differs from a loan in that you do not receive a lump sum of money, but rather you use your credit as required, up to the maximum amount (much like a credit card). Interest is charged based on the amount of credit you use. Interest rates and repayment terms differ between lending institutions, so shop around for a line of credit that will provide you with the most favourable terms.

The following lending institutions offer Student Lines of Credit:

Royal Bank
ScotiaBank
Bank of Montreal
Toronto Dominion Bank
CIBC
Credit Union

Money Matters | Funding Your Education