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ScotiaLine personal line of credit for students
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Every year, many students are faced with the rising cost of attending college or university. Scotiabank can help with our ScotiaLine® personal line of credit for students , a line of credit that lets you use only what you need, when you need it to help pay for things like tuitions, books, and residence.
Features that matter:
- Monthly interest-only payments while in school
- 8-month grace period after graduation on principle repayment
- Competitive Interest Rates
Available at Scotiabank Prime + 2.75%, subject to change. (Better unsecured rates may be available if an application for credit is completed.)
Find out the current interest rates by calling 1-800-9-Scotia (1-800-972-6842) or 416-288-4655 in Metro Toronto or by visiting any Scotiabank branch.
- Optional VISA card for incidental fees
You can apply at the same time for a Scotia Moneyback™ VISA* Card with an up to 1% Moneyback reward with $1,000, $2,000 or $3,000 limits, deducted from your ScotiaLine personal line of credit for students total credit limit.
- Optional Credit Protection for your credit solution.
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Minimum Limit
per year |
Maximum Limit
per year |
Total Credit Limit |
| Full-time |
| Undergraduate |
$1000 |
$10,000 |
$40,000 |
| Graduate |
$1000 |
$10,000 |
$20,000 |
| Part-time |
| Undergraduate |
$1000 |
$5,000 |
$20,000 |
| Graduate |
$1000 |
$5,000 |
$10,000 |
| MBA |
Full-time/Part-time
less than 18 months |
$1000 |
$40,000 |
$40,000 |
| Full-time/Part-time more than 18 months |
$1000 |
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Approved credit
limit divided by
the # of years of
the program**
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$40,000 |
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There is no difference in the line amount for Part Time/Full Time Programs
**i.e. 3 year Full or Part Time MBA program = $40,000/3 = $13,333 per year The total lifetime maximum credit limit for ScotiaLine personal line of credit for students is $50,000. If you have borrowed $40,000 under an Undergraduate program, the maximum credit you would be allowed to borrow for a Graduate program or MBA program is an additional $10,000
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Am I Eligible?
To be eligible for a ScotiaLine personal line of credit for students:
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You must be a Canadian citizen or permanent resident |
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You must be enrolled in a degree or diploma program at a public, not-for-profit Canadian post-secondary institution
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You must have a suitable supporting borrower - usually a parent or both parents. |
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Graduate Students may apply without a supporting borrower.
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All applications must meet Scotiabank's normal credit criteria.
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MBA students may apply to all publicly funded Canadian Colleges and Universities, as well as a select group of American and International schools. These non-Canadian schools include: Wharton School, University of Pennsylvania, Kellogg School of Management, Harvard University, Massachusetts Institute of Technology, Duke University, University of Michigan, Columbia University, Cornell University, University of Virginia, University of Chicago, Dartmouth College and Yale University, INSEAD (France), London School of Business (England), IMD International (Switzerland) and Erasmus University (Rotterdam).
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Student Professionals
The Scotia Professional® Student Plan has been specially designed for students in professional degree programs such as medicine, dentistry, pharmacy, law and chiropractic medicine. Learn more 
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Apply Online for a ScotiaLine personal line of credit for students. This option is ideal for student and co-borrowers in different locations.
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Print off the Application for ScotiaLine personal line of credit for students, complete all the information and fax it to us at 1-800-403-7448 or mail it to us at:
Scotiabank National Student Loan Centre
PO BOX 53305 STN BRM B
Toronto, Ontario M7Y 8X1
Note: any missing information results in delays in processing the application, so please ensure all fields are completed accurately before submitting.
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