Student Line of Credit
Most major banks in Canada offer lines of credit and other programs specifically for students.
Yorkville University participates in several bank-sponsored academic student loan programs for graduate and professional study, which are available to Canadian citizens and landed immigrants. Yorkville is also a designated institution under the CIBC Educational Line of Credit (ELC) program.
For any line of credit program, students typically must visit their local branch to apply.
Information on programs for students through major banking institutions:
- TD Canada Trust
- Bank of Montreal (Student Line of Credit)
- RBC Royal Bank (Credit Line for Students)
- CIBC (Educational Line of Credit program)
- Scotiabank
The following is an example of a TD Bank student line of credit:
| Amount available: | Maximum available is $10,000 per year for a maximum of four years ($40,000). |
| Cost: | The interest rate is prime plus 1% set monthly. |
| Repayment: | An interest-only repayment begins while a student is in school and continues for 12 months after graduation. After that students begin monthly principal plus interest payments that will repay their loans in up to 20 years. |