Borrow money to help you get the education you want
- While in school, no principal interest payments are required1
- Grace period up to 24 months after program completion2
- No monthly or annual fees
- Optional free cheques
Account Details
Limit | Up to $375,0003 |
Grace Period | Up to 24 months4 |
Pre-approved Credit Card | Select from the following5
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Frequently Asked Questions
What is a line of credit? |
What is the difference between a regular student line of credit and Scotia Professional Student Plan (“SPSP”) Line of Credit? A regular student line of credit is available to full-time and part-time students studying at recognized colleges and universities. Interest only payments are required monthly throughout length of their programs and for 12 months after graduation. A SPSP line of credit is available to students pursuing a professional designation in qualifying professional study programs. For some SPSP programs, students can access their maximum credit limit immediately. While in school, interest payments are deferred provided it is within the total authorized limit. |
Is a Scotia Professional Student Plan (SPSP) Line of Credit a good idea? |
Can you get a Scotia Professional Student Plan line of credit and OSAP? Yes, you can apply for and receive both. If you have significant amounts of OSAP loans, it could affect the credit limit of your line of credit. |
What is the minimum credit score for a Scotia Professional Student Plan Line of Credit? |
Are there monthly or annual fees on the Scotia Professional Student Plan line of credit? |
Can I get creditor protection insurance on my Scotia Professional Student Plan line of credit? |
How much can I borrow under a Scotia Professional Student Plan line of credit? |
How do I access my Scotia Professional Student line of credit? Accessing your line of credit can be done through your online banking at Scotiabank via ScotiaOnline or your Mobile Banking app. Funds can be transferred from your line of credit to your chequing account. |
How does repayment of the Scotia Professional Student Plan line of credit work? You can start repaying your line of credit at anytime. After the 12-month or 24-month grace period depending on your program, any outstanding amount owing on your line of credit will be converted to a term loan and follow a monthly repayment schedule. |
What are the interest rates on your Scotia Professional Student Plan lines of credit? Your variable annual interest rate will depend on your program and it is tied to Scotiabank’s Prime Rate (which is subject to change) plus an adjustment factor that we assign to you. The total of Scotiabank’s Prime Rate + your adjustment factor equals your variable annual interest rate. |
Can I get a student line of credit without a co-signor? A co-signor (or sometimes called a co-borrower) depends on your personal financial situation including credit score and other factors. We may require a co-signor (or co-borrower) for your application. |
What do I do if I don't have a co-signor/co-borrower for a student line of credit? We encourage you to apply to see if you qualify without one. Your advisor will work with you to determine your needs and offer any available alternative options if needed. |
What can I use my Scotia Professional Student Plan line of credit for? You can use your Scotia Professional Student Plan line of credit for everything you need from tuition to everyday living expenses like rent or groceries. Use your credit wisely, as you will eventually have to pay it back. |
Why is the Scotia Professional Student Plan line of credit only available for certain programs? The Scotia Professional Student Plan line of credit is designed for students in select specialty programs who require funding to complete their studies beyond an undergraduate degree. Speak with a specialist to see if your program qualifies. |
Who is eligible for a Scotia Professional Student Plan line of credit? To be eligible, you will need to provide proof of acceptance and enrollment for any one of the qualifying programs in Canada. Also, you must be a Canadian citizen or permanent resident of Canada. |
How do I apply? To apply, find your local Scotia Professional Student Plan representative related to your program and contact them for more details. |
How soon will I find out if I am approved? Once we receive your application and all relevant documents are submitted, the application is reviewed by our team and a decision is typically made within 5 business days. |
Is there a deadline to apply? No. We accept applications at any time. We recommend applying early to ensure you have the funds you need to pursue your studies. |
Contact Us
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1
Subject to conditions, please contact us for details.
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2
Subject to program, please see us for details.
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3
Limits are subject to program and credit approval.
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4
Subject to program, please see us for details.
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5
Subject to credit approval, please see us for details.