(November 25 – 15:00 ET) – Students attending a publicly-funded Canadian college or university, who qualify, have access to a credit line to pay for expenses associated with going to school.
“This credit line gives students, who do not qualify for a student loan, access to alternative funds to pay for their education,” says Francesca Shaw, vice-president of Retail and Small Business Lending for CIBC. “Students use only the money they need and can easily access it through bank machines or cheques.”
The CIBC Education Line of Credit offers full-time undergraduate students up to $15,000 per year and part-time undergraduates up to $7,500 per year to the program maximum. There is no annual maximum for graduate students.
Payments are interest only while in school and for a grace period of 12 months after graduation. At the end of this grace period, the CIBC Education Line of Credit is converted to a personal loan with an established repayment schedule, with blended interest and principal payments, for an amortization period up to 20 years. The option of a long amortization period helps make the loan payments more manageable and affordable for the graduated student. And when income improves, individuals can increase their payments to reduce their balance quicker.
-IE Staff
For more please see: