ScotiaLine® Personal Line of Credit for Students

A tailored way to borrow money for school with flexible ​repayment options and competitive interest rates.

Is this Line of Credit right for you?

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Right for you if you:

  • Are enrolled in a post secondary institution 
  • Want to finance your education or other day to day expenses while in school
  • Want to keep credit available for future needs 
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May not be right for you if you:

  • Are uncomfortable with a variable interest rate that can increase when Scotiabank’s Prime Rate increases
  • You want a payment method for everyday purchases with an interest-free grace period on purchases

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.
  • Optional Scotia Line of Credit Protection insurance 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.

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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