Student Lines of Credit

Taking Care of Our Own.....through Family

When heading off to college or university, your focus should be on your studies, not your finances. Turn to your Credit Union first when seeking a student loan. With competitive rates and easy repayment plans, it's sure to make the grade.

Eligibility:

Student must be a Canadian citizen, 18 years of age or older, and enrolled in a full-time degree or diploma program at a recognized postsecondary institution in Canada. Loan approval* requires a qualified borrower (co-signer) such as parents or guardian.

Student To Provide:

  • An estimate of education costs such as tuition and accommodation
  • A list of financial resources available to handle those expenses
  • Confirmation of enrollment in a recognized Canadian postsecondary institution

 Line of Credit Details:

  • Loan amounts range from $5,000 to $10,000 per year with a lifetime maximum of $40,000
  • Funds can be accessed by ATM, Interac e-Transfer money transfer, or cheques on account

 Repayment:

  • While you're enrolled as a full-time student, interest-only payments are required each month
  • Repayment will begin one year after graduation or course completion
  • The line of credit is not accessible after graduation or course completion
  • If a longer amortization period is required, the line of credit can be converted to a fixed rate loan one year after graduation or course completion
  • The co-signer(s) remains on the loan or line of credit until it is fully repaid
  • All or part of the loan may be paid at any time without penalty

It’s easy to apply! Talk to one of our Member Service Officers today. Just call, come into your nearest branch or apply online.

*Available on  approved credit (OAC)

 

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