What is a Student Line of Credit?
A student line of credit is repayable loan assistance from a bank or credit union.
Unlike government student loans, a student line of credit is not based on financial need. To qualify, you usually require a valid Canadian co-signor (e.g. parent or guardian). Approval is based on the co-signor's credit worthiness. Students enrolled in professional programs (e.g. Law, Medicine, etc.) may not require a co-signor in recognition of future earning potential (please contact your financial aid institution for further details). You can apply for a student line of credit at most major Canadian banks. Each will have their own terms and interest fees.
While you are enrolled in full-time studies you are only responsible for repaying the interest on the funding you have borrow. You begin repayment of the principal when you cease full-time studies (either graduate, or withdraw from full-time studies).