Many Canadian financial institutions offer a student line of credit for those who may not be eligible for student loans or who demonstrate a need for financial aid above that which they have already received. Eligibility requirements, interest rates and maximum credit limits vary from bank to bank.
In general, students only have to pay interest owing each month while still in school and most banks offer a 12-month grace period. where interest on the principal borrowed does not have to be paid. Once the 12-month grace period ends, you start making monthly payments on the principal you borrowed. Visit some of the following banks to get more information:
- The Bank of Montreal
- TD Canada Trust
- RBC Royal Bank
You can also contact a Financial Aid Officer at Academy of Learning Career College Brampton Campus to learn more about a student line of credit or any of the other financial assistance options that you may want to pursue. Invest in your future today!