Scotialine Personal Line of Credit for Students

Right for you if:

  • You need to borrow money to help you get the education you want

  • You only want to borrow what you need

  • Overview

  • Deferred principal payments. Make interest-only payments while you're still in school.

  • Control how much you use. No interest if there is no balance on your line of credit.

  • Eligibility: You must be a Canadian citizen or permanent resident enrolled in a certificate, apprenticeship, degree or diploma program at a Canadian or American post-secondary school.2 International students enrolled in a Canadian Graduate program can apply with a co-borrower who is a Canadian citizen/permanent Canadian resident.

  • Plus

    • Enjoy a 12-month grace period after graduation on repayment of the principal amount borrowed.
    • Good way to establish a credit record in Canada - remember to make regular payments on time.
    • Scotia Line of Credit Protection can mean providing the financial support that you may need during a difficult time

    How it works

    Full-time

      Minimum credit limit per year Maximum credit limit per year Maximum Credit Limit
    Certificate or Apprenticeship Programs less than one year $1,000 $20,000 $20,000
    Certificate or Apprenticeship Programs  more than one year $1,000 Approved credit 
    limit divided by the 
    # of years of program
    $20,000
    Undergraduate/Diploma $1000 $15,000 $40,000

    Part-time

      Minimum credit limit per year Maximum credit limit per year Maximum Credit Limit
    Certificate or Apprenticeship Program $1000 Approved credit 
    limit divided by the 
    # of years of program
    $10,000
    Undergraduate/Diploma $1000 $7,500 $20,000

    Graduate Programs3

      Minimum credit limit per year Maximum credit limit per year Maximum Credit Limit
    Full/Part-time Program less than 18 months $1000 $100,000 $100,000
    Full/Part-time Program greater than 18 months $1000 Approved credit limit divided by the
    # of years of the program
    $100,000

    Subject to credit approval, your credit limit will be increased in each year of your program by as much as the “Maximum credit limit per year” amount. However, your total credit limit can never exceed the “Maximum credit limit” amount for your program.

    Pursuing a professional degree?

    The Scotia Professional® Student Plan is a customized banking package designed to help students studying medicine, dentistry, optometry, law and other professional programs achieve their financial goals now and in the future.

    See if our program is right for you.

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