Most financial institutions offer student lines of credit, which are different from a loan because you don't have to borrow the full amount at once. You can withdraw money from your line of credit as you need it, much like using a credit card.
You must be a full- or part-time student studying at an accredited post-secondary institution.
If you have a poor or limited credit history, you will need a co-signer – a person who can act as your guarantor if you are unable to pay off your line of credit.
Line of credit amount
This amount varies and is dependent upon your financial institution.
You must make interest payments, normally monthly, on the amount of money you use, even while you are at school.
Most student lines of credit have a grace/deferral period after you finish your studies during which you do not have to make payments on the principle. This period varies from institution to institution. You must, however, make interest payments during this period.
Line of Credit
Goverment Student Loans
|Varies: $5,000 to $10,000||$13,300 for two semesters of study|
|Prime + 1 per cent||Prime|
|No||Automatically assessed for government grants and bursaries|
You must apply for a student line of credit through a financial institution. Start with your own bank and then compare their program to other financial institutions.
Confirmation of enrolment
Most financial institutions will require you to provide a Confirmation or Verification of Enrolment. Verifications of enrolment can be filled in by the Office of the Registrar or by a Student Advisor in the Advising Office.