Every year, many students are faced with the rising cost of attending college or university. ScotiaLine® personal line of credit for students is a sensible way to help students achieve their educational goals. And, parents can participate in financing their child's education, without depleting their savings. Scotiabank delivers the answers in straightforward and useful language.

You can use the Scotia Student Borrower's Reality Check to identify your post-secondary education expenses, and to help map out a plan for managing them effectively.

If you are studying to become a professional the Scotia Professional® Student Plan includes a specialized banking and loan program for students of medicine, dentistry, pharmacy, law and other professional degree programs.

Why a ScotiaLine personal line of credit for students?

With a line of credit you only borrow what you need, when you need it. And you have convenient access to your funds whenever and wherever you want. Read on to learn more.

Am I eligible?

Yes, if you are:

• A Canadian citizen or a landed immigrant, and
  
  
• Enrolled in a degree or diploma program at a public, not-for-profit Canadian post-secondary institution.

How much?

• Full-time undergraduates - up to $10,000 per academic year, to a maximum of $40,000. Part-Time undergraduates up to $5,000 per academic year, to a maximum of $20,000.
  
  
• Graduate students - up to $10,000 per academic year to a maximum of $20,000. 

Do I need a co-borrower?

Yes. A suitable supporting borrower (usually a parent or both parents) is required in order to apply for a ScotiaLine personal line of credit for students. If you are a Graduate Student you may apply without a supporting borrower. All applications must meet Scotiabank's normal credit criteria.

MBA Students

Scotiabank has developed a special program to address the particular borrowing needs of MBA students. MBA students, both Part-Time and Full-Time, can borrow up to $40,000 and a supporting borrower may not always be necessary. Those students enrolled in programs with a duration of less than 18 months, can access their full credit limit immediately. Those students in programs with a duration of greater than 18 months, have access to limits proportional to the duration of their program.

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, as well as INSEAD (France), London School of Business (England), IMD International (Switzerland) and Erasmus University (Rotterdam).

Interested in interest rates

ScotiaLine personal line of credit for students is available at interest rates as low as Scotiabank Prime + 1% - some of the best rates available for unsecured credit. 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.

Flexible Payment

Monthly interest-only payments are required while you are at school. Regular repayment of your line of credit (e.g. Principal & Interest payments) begins eight months after you finish your studies. You can use your ScotiaCard™ to make ScotiaLine personal line of credit for students and VISA account payments at ABM machines and through the TeleScotia^® Telephone Banking and Scotia OnLine^® Financial Services.

Recognizing that finding employment might take some time, you have an automatic eight-month grace period where interest-only payments are due, before regular repayment of your loan begins. You may have up to 15 years to repay your loan, depending upon your line of credit balance upon graduation.

Time is of the essence

You can have payments for your ScotiaLine personal line of credit for students, Scotia Student Loan or Scotia Student VISA* card debited automatically from your Scotiabank bank account through our Pre-Authorized Debit (PAD) system. Visit your Scotiabank branch to set up this option, then just make sure the funds are available in your Scotiabank account on the payment due date and we will automatically debit your account for the payment. 

Establish and maintain a good credit rating

Building a good credit rating now will go a long way to help meeting your future financial goals. In order to ensure a good credit rating, it is essential that you make your minimum monthly student loan payments on time. By making your payments on time, you demonstrate good money management and financial responsibility - essential for future borrowing. If you expect to have difficulty in meeting payments on time, talk to us first!

Applying

• Apply Online for a ScotiaLine personal line of credit for students.
• You can apply for a Scotia Moneyback^TM  VISA* Card with an up to 1% Moneyback reward when you apply for the ScotiaLine personal line of credit for students.
• Print off the Application for ScotiaLine personal line of credit for students 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 
  
  
• Details of the program and application forms are available at all Scotiabank branches, or by calling the Scotiabank National Student Loan Centre, at 1-800-9-Scotia (1-800-972-6842), 416-288-4655 in Metro Toronto.
• Send us an e-mail with your questions.

Approval

Once approved, confirmation with details will be mailed to the Parental/Guardian/ Other Supporting Borrower named on the application. Then when you get your Proof of Enrollment, go with your co-borrower to your local Scotiabank branch to arrange to have your ScotiaLine for Students set up.

Need a credit limit increase?

If your current credit limit is not sufficient, and you need more money, you can apply to increase your overall maximum credit limit. If you are a Scotia OnLine Customer, just sign-on to Scotia OnLine* and select the "Borrowing" tab then the "Apply" sub-tab to access the Limit Increase application. If you have not activated Scotia OnLine, use the "Activate Scotia OnLine" link on the sign on page.

Please note that if you had originally applied for the Student Line with a Parent/Guardian, we require it to be the Parent/Guardian who signs on to Scotia OnLine and applies for the limit increase.