EVERYTHING YOU NEED TO KNOW
- Up To $40,000 ($10,000/year up to 4 years), in the form of a line of credit;
- Interest-only payments available while in school;
- Six month grace period after finishing school before repayment starts, in the form of a term loan;
- Repayable over 10 years;
- Weekly, Bi-Weekly, Monthly, and Semi-Monthly payment options;
- Prime +2%;
- No Prepayment Penalty;
- Accessible online ;
- Eligible for Creditor Insurance; and
- MasterCard available.
WHAT’S IN IT FOR YOU?
- Our student loan helps to take the pressure off of having to pay for education up front;
- We offer up to $10,000 a year, for up to 4 years to help you get your education. Because we offer it as a line of credit, any funds that are paid back into the account immediately become accessible again;
- By offering interest only payments while you are studying, it allows for lower payments and lets you focus on studying;
- We offer a 6 month grace period following graduation before we term out the loan for you. This gives you time to find that perfect job and start earning money before you have to make an additional payment;
- Once you have completed your schooling, we offer up to a 10 year term for you to repay the funds. We also offer weekly, bi-weekly, monthly and semi-monthly payment options, making it so that your payment will fit your budget;
- The interest rate on your student loan stays at Prime +2% for its entirety. It’s a low cost option to pay for your education. There is also no pre-payment penalty, so you can pay off the loan early or make extra principal only payments, saving you money in the long run in reduced interest costs and the ability to be debt free sooner;
- As the loan starts as a line of credit, it is accessible on your online banking, through your debit card and by personal cheque. You can access the funds when you want, the way you want;
- The Creditor Insurance that is offered protects you in the case of one of life’s unexpected events. You will know that your credit score will be protected and that you payment will be made for you; and
- As part of the package, we also help you obtain a student MasterCard through CUETS to help you start building your credit rating.
- On approved credit only;
- Interest rates vary per application;
- Immediate family member required as co-borrower; and
- Proof of enrollment required each year.