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Student Loans & Credit

Invest in your education without the financial stress. Compare specialized student lines of credit with flexible repayment options.

Interest-only payments while you are in school
Grace periods available after graduation
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Viewing our curated selection of Student Loans & Credit.

Scotiabank
ScotiaLine® Personal Line of Credit for Students
Est. APR
Varies
Loan Amount
Up to $160k
Loan Terms
Interest-Only (While in School)
Recommended Score
All Credit Types
Flexible Repayment Options Online Account Management Interest-Only Payments Available
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $0 - $160,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
No Collateral Required Flexible Repayment Options Mobile App Available Online Account Management Interest-Only Payments Available
Highlights & Pros
  • Industry-leading 12-month principal grace period after graduation—double the standard 6 months offered by many competitors.
  • No annual fees, reducing the total cost of borrowing during long programs.
  • Competitive interest rate of Scotiabank Prime + 0.50%.
  • High credit limits available for graduate students (up to $160,000).
Things to Consider
  • Variable interest rate is tied to Scotiabank Prime, meaning monthly interest costs can increase without notice.
  • Part-time students are eligible but may face different underwriting criteria or co-signer requirements.
National Bank of Canada
NBC Student Line of Credit
Est. APR
Varies
Loan Amount
Varies
Loan Terms
Interest-Only (While in School)
Recommended Score
All Credit Types
Flexible Repayment Options Online Account Management Branch Support Available Interest-Only Payments Available
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $0 - No Limit
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Flexible Repayment Options Online Account Management Branch Support Available Interest-Only Payments Available
Highlights & Pros
  • Industry-leading 12-month grace period on principal repayment after graduation or finding a job.
  • Enhanced terms for professional students (Medicine, Law, etc.), allowing total deferral of interest and principal.
  • Preferred interest rates (Prime + 1.00%) compared to standard personal lines of credit.
Things to Consider
  • Requires a mandatory annual in-person branch meeting to update your file and review credit limits.
  • Does not allow for total interest deferral for standard undergraduate programs; interest must be paid monthly.
National Bank of Canada
Quebec Government Student Loan (via NBC)
Est. APR
Varies
Loan Amount
Varies
Loan Terms
Interest-Only (While in School)
Recommended Score
All Credit Types
Flexible Repayment Options Branch Support Available
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $0 - No Limit
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Flexible Repayment Options Branch Support Available
Highlights & Pros
  • The government covers 100% of your interest costs while you are actively enrolled in your program.
  • Highly competitive variable rate of Prime + 0.50% during the repayment phase.
Things to Consider
  • Eligibility is strictly limited to residents of Quebec.
  • Grace period is shorter (6 months) compared to the 12 months offered on NBC's private line of credit.
CIBC
CIBC Professional Edge® Student Program
Est. APR
Varies
Loan Amount
Up to $350k
Loan Terms
Interest-Only (While in School)
Recommended Score
All Credit Types
Flexible Repayment Options Mobile App Available Online Account Management
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Welcome Offer

Free SPC+ membership and exclusive referral rewards.

Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $0 - $350,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Flexible Repayment Options Mobile App Available Online Account Management
Highlights & Pros
  • Massive credit limits up to $350,000 designed to fully cover expensive professional programs like Medicine and Dentistry.
  • Specialized bundles available for Medical and Dental students that include extra banking perks.
  • Highly flexible limits that scale based on your specific field of study (MBA, Law, Engineering, etc.).
Things to Consider
  • Higher limits require more intensive credit review and may require a branch consultation to finalize.
CIBC
CIBC Education Line of Credit
Est. APR
Varies
Loan Amount
From $5k
Loan Terms
Interest-Only (While in School)
Recommended Score
All Credit Types
Online Application Flexible Repayment Options Mobile App Available Online Account Management
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Welcome Offer

Free SPC+ membership for up to 30% off 450+ brands.

Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $5,000 - No Limit
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Online Application Flexible Repayment Options Mobile App Available Online Account Management
Highlights & Pros
  • Includes a free SPC+ membership, providing significant lifestyle savings with up to 30% off at over 450 brands.
  • Revolving open-ended term allows you to access funds repeatedly throughout your degree without reapplying.
  • Industry-recognized mobile banking app makes managing your credit line easy on the go.
Things to Consider
  • Variable interest rate based on CIBC Prime means borrowing costs can increase unexpectedly.
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Plan Your Repayment

After graduation, your student line of credit converts to a standard personal loan. Understanding your future monthly payment is the key to a healthy financial start.

  • See your "Interest-Only" payments while studying
  • Estimate your standard monthly payment after the grace period
  • Discover the total interest cost over the life of your loan
1. Your Loan Details
$
%
Post-Grad Monthly Payment
$0
While in school: $0 /mo (Interest-Only)
Total Loan Amount
$0
Repayment Period
0 Years
Total Interest Cost
+$0
Total Cost of Loan
$0
Fund Your Future Today

Secure your student line of credit now to cover tuition, books, and living expenses with low interest-only payments while you study.

Compare Student Lenders
Student Funding Guide

Student borrowing in Canada, explained simply

Students in Canada usually look at two main borrowing paths: government student loans and bank student lines of credit. They are not the same product, and the repayment rules can feel very different after school.

This page is designed to help you compare student-focused borrowing options more clearly, especially if you want to understand how private student lines of credit fit beside government student aid.

What matters most

  • How much you truly need to borrow
  • Whether the repayment structure fits student life
  • What happens during school and after graduation
  • Whether grants or government aid should come first
Two Main Paths

Government student loan or student line of credit?

These two borrowing paths are often compared, but they work differently enough that students should understand the trade-offs before deciding.

Feature Government Student Loan Student Line of Credit
How funds work Set student-loan funding structure Revolving credit up to an approved limit
During school Different repayment rules from private credit Usually at least interest payments while studying
After school 6-month non-repayment period Often interest-only for a limited grace period, then principal plus interest
Extra support Repayment Assistance Plan may be available No RAP for private line-of-credit borrowing
A good rule is to understand both paths before borrowing. One product may offer flexibility, but another may offer more borrower protection after graduation.
How It Works

How a student line of credit usually works

A student line of credit is a revolving credit product. You do not automatically use the full limit. You usually borrow only what you need and pay interest only on the amount you actually use.

You’re approved up to a limit

The amount can depend on your program, school, living costs, credit background, and expected ability to repay later.

You borrow only what you use

Interest usually applies only to the portion actually borrowed, not the full approved limit.

You need a post-school repayment plan

Many lenders allow a limited interest-only period after graduation, but that does not remove the need for a real payoff strategy.

Best mindset: use a student line of credit for genuine education-related needs and keep the balance as lean as you reasonably can.
Lifecycle Guide

How a student line of credit usually unfolds

A student line of credit often feels simple at first, but it usually moves through two very different phases: your school years and your post-graduation repayment period.

Phase 1

While you are in school

During school, you may be approved for access up to a borrowing limit and draw only what you need. In many cases, the required payment while studying is lighter than a normal loan structure and may focus mainly on interest.

Main idea: this stage is about flexible access to funds, not full repayment yet.
Phase 2

After graduation or after studies end

After school, many student lines of credit move into a more serious repayment phase. There is often a limited transition window, then the focus shifts to paying both principal and interest over time.

Main idea: this is where the real long-term repayment plan begins.
Simple takeaway: a student line of credit can feel manageable during school, but the bigger financial test usually comes after classes end and full repayment begins.
Co-Signer & Cost Basics

What students and families should pay attention to

Many students may need a co-signer for a student line of credit. That means another person can be responsible for the debt too, so the decision should be discussed clearly before anyone signs.

Co-signer reality

  • A co-signer can be required for some applications
  • The co-signer also takes on repayment responsibility
  • Everyone should understand the risk before agreeing
  • It should be treated like a real financial commitment, not a formality

What to compare carefully

  • Interest rate and how it behaves
  • Repayment terms during school and after graduation
  • Any optional insurance or add-on products
  • How much total debt you may carry when studies finish
Smart question: if a parent or co-signer is helping, does everyone understand both the best-case plan and the fallback plan if repayment becomes harder later?
Family Discussion Point

A co-signer is not just a reference

If a student line of credit requires a co-signer, that person is usually taking on real legal and financial responsibility for the debt. This is not just a formality or a supporting name on the application.

Before signing anything, the student and co-signer should talk through the borrowing amount, expected graduation timeline, repayment plan, and what happens if income is delayed or the repayment period becomes harder than expected.

What should be discussed clearly

  • How much borrowing is truly needed
  • Who is expected to repay and how
  • What the plan is after graduation
  • How both sides will handle repayment stress if it happens

Why this matters

  • The co-signer can still be responsible if the student cannot pay
  • Debt can affect family relationships if expectations were unclear
  • Borrowing more than necessary increases pressure later
  • Good communication early can prevent bigger problems later
Borrow Smarter

What to try before borrowing more than you need

Borrowing may be necessary, but it should not automatically be the first or only option. A smarter plan often starts by checking lower-cost funding sources first and borrowing only what is still genuinely needed.

Check grants and scholarships first

Grants, bursaries, scholarships, and provincial aid can reduce how much debt you need to carry later.

Know the support differences

Government student loans may come with repayment support tools that private student lines of credit do not offer.

Borrow lean

Borrowing only what you need for school costs can make graduation and repayment much less stressful later.

Good long-term move: think about repayment while you are still choosing the borrowing product, not only after school ends.
Popular Questions

Student borrowing FAQs

Clear answers to common questions students ask when comparing student loans and student lines of credit in Canada.

A student line of credit is a revolving borrowing product, while a student loan follows a different student-loan funding and repayment structure.

Usually no. You generally pay interest only on the amount you actually borrow, not the full approved limit.

Yes. Some students may need a co-signer, and that person can also become responsible for the debt if it is not repaid.

Government student loans and private student lines of credit usually have different repayment rules after school, so the transition terms should be checked carefully before borrowing.

Yes. Government student loans may offer access to the Repayment Assistance Plan if you are having trouble with payments.

Yes. Grants, bursaries, scholarships, and provincial aid can reduce how much debt you need to take on.

Cover your tuition without the guesswork.

Focus on your studies, not spreadsheets. Compare top student lines of credit and personal loans to find the smartest way to bridge your funding gap.

  • Compare Top Student Lenders
  • Find Interest-Only Options
  • See Your Real Approval Odds
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