Admissions
Bank Loans and Student Lines of Credit:
In addition to applying for government loans and grants, we recommend that students also explore the various student loans and student lines of credit options available at most major Canadian Financial Institutions.
A line of credit is a personal loan from the Bank. Unlike a regular loan for a fixed amount, the Bank doesn't provide you with the full amount of the loan at once. Instead, the Bank establishes a "credit limit" for you as the maximum amount you can borrow. As you withdraw, the available credit reduces. However, as you pay the money back, the amount available for withdrawal increases. You control how much of your credit limit you want to withdraw and when.
The student line of credit is designed for Canadian or Landed Immigrant students pursuing post-secondary education at an accredited/recognized post-secondary institution. Usually full-time and part-time students qualify for the line of credit, with part-time students having lower credit line maximums. Some banks even give out lines of credit for students who are studying abroad in non-Canadian institutions.
Yes, if you qualify.
This will depend on the institution you bank with. Students usually only have to pay the monthly interest. After students finish their studies, banks usually allow a grace period where students only make interest payments. After the grace period expires, repayment is negotiated with the lending bank and students must start making monthly payments that include part of the principal as well as the interest. For exact details, phone the numbers listed at the bottom of the page or go in and speak with your bank representative for full details.
A co-signer is a person who acts as a guarantor for a student (who may have a poor or limited credit history) in case the student is not able to pay off the line of credit. Usually a co-signer is a parent or guardian who co-signs the line of credit so that, if the student is unable to make payments, the co-signer will take over and pay the balances. Most banks require co-signers for undergraduate students, but usually not for graduate students.
| Student Line of Credit | Government Student Loans | |
| Amount of Assistance | Ranges from $5000 to $8000 a year depending on the bank- more funding is available for professional programs | Maximum loans for an 8 month academic year is $13,300 - more funding is available for higher cost programs and professional programs |
| Interest payments while in school | Yes | No, as long as the student is registered in full-time studies |
| Interest Rate | Varies depending on financial institution |
Prime + 2.5% for Canada Student Loans Prime + 1% for Ontario Student Loans |
| Co-signer required | Usually for undergraduates, usually not required for graduate students | No |
| Repayment Assistance | No | Yes - Remission, Interest relief, etc. |
| Other funding programs | Not automatically considered for any assistance programs | Automatically assessed for government bursaries and grants |
| Student Line of Credit | Government Student Loans | |
| Amount of Assistance | Ranges from $5000 to $8000 a year depending on the bank- more funding is available for professional programs | Only covers educational expenses - to a lifetime accumulated 'oustanding' limit of $10, 000 |
| Interest payments while in school | Yes | No payments are necessary while registered as a student, however interest is accumulating during this time period |
| Interest Rate | Varies depending on financial institution |
Prime + 2.5% for Canada Student Loans Prime + 1% for Ontario Student Loans |
| Co-signer required | Usually for undergraduates, usually not required for graduate students | No |
| Repayment Assistance | No | Yes - Interest relief, etc. |
| Other funding programs | Not automatically considered for any assistance programs | Automatically assessed for government bursaries and grants |
For your convenience, the names and contact information of most major Canadian Financial Institutions have been listed below:
|
Financial Institution |
Contact Information |
|
1-800-769-2599 |
|
|
1-800-665-9665 |
|
|
1-800-465-CIBC (2422) search “Student Life” to go directly to info about tuition financing |
|
| HSBC | 1-888-310-4722 |
|
General Inquiries |
|
|
1-800-9-SCOTIA (1-800-972-6842) (Direct line to Student Centre) |
|
|
1-888-4-TelNat |
|
|
1-800-LBC-1846 |
Current Size: 100%
North Campus: Office of the Registrar- Room D133
8:30 a.m. to 4:30 p.m. - Monday to Friday
Phone: 416.675.6622 Ext: 4245
Fax: 416.675.1002
North Campus map
Lakeshore: Room A118
8:30 a.m. to 4:30 p.m. - Monday to Friday
Phone: 416.675.6622 Ext: 3235
Fax: 416.252.3198
Lakeshore Campus map
