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ScotiaLine® Personal Line of Credit for Students
Is this Line of Credit right for you?
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
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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Resources
*
While you remain in school you will be required to make a minimum payment of interest only on your ScotiaLine Personal Line of Credit for Students (the “Account”) and interest will continue at the interest rate that applies to your Account on any amount you borrow from the date you borrow until you pay that amount in full. See your Credit Agreement and Disclosure Statement we provide you when you apply or speak with your Scotiabank Advisor for more information and how interest is charged to your Account.
1
Subject to change and to credit approval. The interest rate you pay on a ScotiaLine Personal Line of Credit for Students will vary with Scotiabank Prime. Scotiabank Prime is the prime lending rate of The Bank of Nova Scotia as published from time to time. For information on the Scotiabank Prime rate, check current rates.
2
MBA students may apply to all publicly funded Canadian and U.S. Universities, as well as a select group of International schools. These International schools include:INSEAD (France), London School of Business (England), IMD International (Switzerland) and Erasmus University (Rotterdam).
3
The “Maximum credit limit” includes the borrowing capacity granted to you under an Undergraduate program. For example, if you were granted a credit limit of $40,000 under an Undergraduate program, the maximum additional credit that could be granted to you under a Graduate program is an additional $60,000, for a total of $100,000.