Student Line of Credit
A Student Line of Credit makes it easier to manage your finances during schooling. Students can make interest-only payments on the amount drawn for up to 6 months after you graduate. After that, your Student Line of Credit becomes a loan with flexible repayment options and no penalties for lump-sum payments.
How much can you borrow?
Borrow just what you need, when you need it.
- Up to $15,000 in the first year
- Up to a maximum of $60,000 in four years
Lower borrowing costs
- We offer low, competitive variable interest rates with only interest payments on what you borrow, no fees or strings attached
- Interest only payments while you are in school and 6 months after graduation; after that the repayment of principle starts
Eligibility
- Full or part-time student enrolled in a post-secondary school
- Enrollment in diploma or certificate program
- Program is offered at least 12 weeks and taught on a f/t basis (20+ hours of instruction per week)
- Canadian citizen Permanent Resident
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Find a co-signer (usually a parent or close relative). A Co-signer agrees to take over your payments in the event you cannot keep up with payments |
Book an appointment! Come in with your cosigner and speak with one of our lending experts. |
We will review your situation and come up with a line of credit that works for you! |
Access your money in branch, online, or using the MyBayCU mobile banking app! |
What do I need before I apply?
- Your government issued ID
- Your proof of enrollment at an eligible post-secondary school
- Co-signers government issued ID
- Co-signers proof of employment (i.e. letter from employer or recent pay stub)
- Cosigners recent T4 slips and tax return with corresponding Notice of Assesment
