Compare student lines of credit in Canada

A student line of credit provides flexible access to funds to help you cover the cost of school. You can access money any time up to a predetermined limit, and you only pay interest on the money you actually use. Then once you graduate, there’s typically a grace period of 12 or 24 months before you have to start repaying the principal amount.

So if you’re looking for the best student line of credit in Canada, compare interest rates and credit limits from the lenders below.

CIBC Education Line of Credit

Up to $80,000

Loan Amount

Starting at 5.45%

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

This CIBC student line of credit provides $80,000 in total to help you cover your post-secondary education expenses as a full-time undergraduate student up to $20,000 per year. The maximum limit is also $80,000 for graduate students but with no yearly limit. You also have a 24-month grace period after graduation before you must start repaying the principal.

Eligibility

• Canadian resident
• Age of majority
• Haven't been declined for credit by CIBC in the last 6 months
• Haven't declared bankruptcy in the past 7 years
• Enrolled in an eligible program

• Pay off your loan any time without penalty
• Repay over up to 20 years
• Easy access to funds

• Watch out for yearly limits

Loan Amount	Up to $80,000
APR Range	Starting at 5.45%
Loan Term	N/A
Requirements	Haven't been declined for credit by CIBC in the last 6 months

CIBC Professional Education Line of Credit

$60,000 – $350,000

Loan Amount

Starting at 4.2%

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

This CIBC student line of credit provides access to funds online and via CIBC mobile banking. Credit limits range from $60,000 for nursing and engineering students to $350,000 for medicine and dentistry students. The interest rate you get varies depending on the program you're enrolled in, with medicine and dentistry students qualifying for CIBC's prime rate minus 0.25%.

Eligibility

• Canadian citizen or permanent resident
• Enrolled at a Canadian accredited university or college
• You'll need to apply with a guarantor if you have a limited credit history

• Interest-only payments up to 24 months after you graduate
• Competitive rates
• Easy access to funds
• You can apply online

• Credit limits vary depending on your field of study
• Rates vary depending on your field of study

Loan Amount	$60,000 – $350,000
APR Range	Starting at 4.2%
Loan Term	N/A

National Bank Student Line of Credit

Undisclosed

Loan Amount

Starting at 5.45%

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

The National Bank Student Line of Credit provides a revolving line of credit, with the maximum amount available depending on your personal circumstances. Interest is charged at National Bank's prime rate plus 1%, and you only pay interest on the amount you use each month. You can then start repaying the principal amount when you get a full-time job or 12 months after graduation.

Eligibility

• Full-time or part time post-secondary student
• Canadian citizen or a permanent resident

• Flexible ways to access credit
• Credit limit can be reviewed each year
• Interest-only payments while you're a student

• Maximum credit limit not listed online
• You'll need to book an appointment to apply
• You must visit a branch once a year to update your file

Loan Amount	Undisclosed
APR Range	Starting at 5.45%
Loan Term	N/A

TD Student Line of Credit

Up to $80,000

Loan Amount

4.45% – 5.95%

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

For full-time undergraduate students, the TD Student Line of Credit provides up to $20,000 per year to a maximum of $80,000 over four years of study. Limits ranging from $80,000 to $175,000 are available for graduate students, while veterinary students can access up to $250,000. Medical and dental students can access up to $400,000. You can access funds using your TD Access Card, online and mobile banking, ATMs and cheques.

Eligibility

• Enrolled in an eligible program
• Undergraduates will most likely need a co-signer

• No principal payments required until 24 months after you graduate
• Flexible access to funds
• Big Five bank

• You'll need to book an appointment to apply
• Credit limits vary based on your program of study

Loan Amount	Up to $80,000
APR Range	4.45% – 5.95%
Loan Term	N/A

BMO Student Line of Credit

$20,000 – $80,000

Loan Amount

Undisclosed

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

This flexible financing option from BMO provides access to a credit limit of $20,000 per year up to a maximum of $80,000 over four years. There are no monthly or annual fees to worry about, and you can make interest-only repayments while you study and for up to two years after graduation.

Eligibility

• Enrolled as a full-time or part-time student in an eligible post-secondary school
• Enrolled in a diploma or certificate program
• Canadian citizen or permanent resident

• Easy access to funds
• Competitive rates
• Big Five bank

• You'll need a co-signer
• You have to apply at a branch

Loan Amount	$20,000 – $80,000
APR Range	Undisclosed
Loan Term	N/A

BMO Medical or Dental Student Line of Credit

$95,000 – $350,000

Loan Amount

Starting at 4.2%

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

This BMO student line of credit provides medical and dental students with a credit limit of up to $350,000 and the ability to access as much as $95,000 in your first year. You get a competitive variable rate that is less than BMO's prime rate and can continue to access funds while completing a residency or specialty studies.

Eligibility

• Enrolled in an accredited medical or dental program
• Canadian citizen or permanent resident

• Credit limit of up to $350,000
• Interest rate of prime minus 0.25%
• Interest-only payments for up to 2 years after you graduate

• You can't apply online
• Medical and dental students only

Loan Amount	$95,000 – $350,000
APR Range	Starting at 4.2%
Loan Term	N/A

BMO Professional Student Line of Credit

Up to $175,000

Loan Amount

Starting at 5.45%

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

This BMO student line of credit provides amounts ranging from $1,000 to $175,000. You need to be enrolled in a professional education program such as accounting, engineering, law or an MBA, and the interest rate is BMO's prime rate plus 1%. You also get the flexibility of interest-only payments while you're at school and for two years after graduation.

Eligibility

• Enrolled in an accredited professional education program
• Canadian citizen or permanent resident

• No annual or monthly fees
• Interest-only payments for two years after you graduate
• Big Five bank

• Online application not available
• Only specific study programs are eligible

Loan Amount	Up to $175,000
APR Range	Starting at 5.45%
Loan Term	N/A

RBC Royal Credit Line for Students

$5,000 – $350,000

Loan Amount

Starting at 4.45%

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

This RBC student line of credit offers access to a flexible credit amount starting from $5,000. The variable interest rate is based on RBC's prime rate, and you only pay interest on the funds you use. You'll need to provide proof of enrollment, an estimate of your education expenses and a list of your financial resources to apply.

Eligibility

• Enrolled at an eligible Canadian post-secondary educational institution or Canadian Medical or Dental educational institution.
• If you have limited credit history or are studying outside of Canada, a cosigner may be required.

• Competitive rates
• Flexible repayment schedules
• Big Five bank

• You can't apply online
• Maximum credit limit not listed online

Loan Amount	$5,000 – $350,000
APR Range	Starting at 4.45%
Loan Term	N/A

RBC Royal Credit Line for Students in Professional Studies

Up to $200,000

Loan Amount

Starting at 4.45%

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

Designed for students in health sciences and professional graduate programs, this RBC student line of credit provides access to a credit amount that varies based on what you're studying. You can apply without a cosigner, and you pay interest only on what you borrow. Optional loan insurance is also available.

Eligibility

• Enrolled at an eligible Canadian post-secondary educational institution or Canadian Medical or Dental educational institution.
• If you have limited credit history or are studying outside of Canada, a cosigner may be required.

• Flexible repayment terms
• Competitive variable rate
• Other student banking offers available

• Not available for all students
• Credit limit varies based on your program of study
• You can't apply online

Loan Amount	Up to $200,000
APR Range	Starting at 4.45%
Loan Term	N/A

RBC Royal Credit Line for Medical and Dental Students

Up to $425,000

Loan Amount

Starting at 4.2%

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

This RBC student line of credit provides revolving credit of up to $425,000 for medical and dental students. You can get a preferred interest rate of the RBC prime rate minus 0.25% as part of the RBC Healthcare Advantage package. You can also retain access to your line of credit after you graduate without needing to reapply.

Eligibility

• Enrolled at an eligible Canadian Medical or Dental educational institution

• Preferred interest rate
• No setup or annual fees
• Other banking perks available with RBC Healthcare Advantage

• You can't apply online
• For medical and dental students only

Loan Amount	Up to $425,000
APR Range	Starting at 4.2%
Loan Term	N/A

ATB Financial Students First Line of Credit

$15,000 – $60,000

Loan Amount

Starting at 5.45%

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

The ATB Financial Students First Line of Credit provides access to funding of up to $15,000 each year for up to four years or $60,000 all at once when you apply with a co-borrower. Interest-only payments apply while you're studying and for 12 months after you graduate, while you have up to 20 years to repay the money you borrow. The line of credit interest rate is ATB's prime rate + 1%.

Eligibility

• Enrolled in a full-time program at a Canadian or American not-for-profit university, college, or technical school

• Get your money through online or mobile banking or an ATB ABM
• Access a large lump sum if you apply with a co-borrower
• Up to 20 years to repay what you borrow

• Lower maximum limit than some other student lines of credit
• You can't apply online

Loan Amount	$15,000 – $60,000
APR Range	Starting at 5.45%
Loan Term	N/A

ATB Financial Apprenticeship Line of Credit

$5,000 – $50,000

Loan Amount

Undisclosed

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

ATB Financial's Apprenticeship Line of Credit offers revolving access to a credit limit ranging from $5,000 to $50,000. Make the minimum interest payment each month or pay more if you wish. Once you graduate, the interest rate on your line of credit will stay the same.

Eligibility

• Minimum FICO score of 620
• Enrolled as an apprentice in a regulated trade or optional certification trade.
• Any technical school or college located in Alberta that is listed on the Government of Canada's List of Designated Institutions.

• Access funds through online or mobile banking or an ATB ABM
• Flexible repayment schedule
• Repay the entire balance at any time

• Lower maximum limit than some other student lines of credit
• You'll need to phone ATB Financial or book an appointment to apply
• Lowest interest rate without loan protection is ATB prime plus 2.5%

Loan Amount	$5,000 – $50,000
APR Range	Undisclosed
Loan Term	N/A

ATB Financial Professional Students Line of Credit

Up to $350,000

Loan Amount

Undisclosed

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

The ATB Financial Professional Students Line of Credit provides up to $350,000 ($87,500 each year over four years) for medical and dental students and up to $125,000 ($31,250 each year over four years) for students studying degrees like law, accounting and masters of business administration. It offers a preferred interest rate based on ATB's prime rate, and you can pay back what you borrow in full at any time without penalty.

Eligibility

• Enrolled in a full-time program at a not-for-profit Canadian or US university
• Good credit history

• Borrow up to $350,000
• Interest-only payments for up to 24 months after you graduate
• Preferred interest rate
• Repay over up to 25 years

• Lower limit of $125,000 if you're not studying medicine or dentistry
• Not available for all fields of study

Loan Amount	Up to $350,000
APR Range	Undisclosed
Loan Term	N/A

FirstOntario Credit Union Student Line of Credit

Undisclosed

Loan Amount

Starting at 5.5%

APR

Undisclosed

Term

• Info
• Pros/cons
• Details

How it works

This student line of credit provides access to a preapproved credit limit whenever you need it. You'll make monthly interest payments on the money you use, and you can repay the balance at any time.

Eligibility

• Ontario resident
• Full-time or part-time student at an eligible institution

• Easy to apply online
• Pay off the balance any time without penalty

• Lower rates available elsewhere
• Must be an Ontario resident
• Need to become a FirstOntario member

Loan Amount	Undisclosed
APR Range	Starting at 5.5%
Loan Term

Desjardins Student Advantage Line of Credit

Undisclosed

Loan Amount

Starting at 5.45%

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

The Student Advantage Line of Credit provides access to a customized credit amount that varies based on your field of study. While you're a full-time student, you'll pay interest only on the money you use. You also have up to 10 years after graduation to repay what you borrow.

Eligibility

• Canadian citizen or permanent resident of Quebec or Ontario
• Full-time or part-time student at CEGEP, university or vocational school

• Easy access to funds through your Everyday Transaction Account
• Option to defer the first repayment for up to 24 months after you finish studying
• Pay back what you owe at any time without penalty while studying

• Interest rate changes after you graduate
• Maximum credit limit not specified online
• You'll need to phone Desjardins or book an appointment to apply

Loan Amount	Undisclosed
APR Range	Starting at 5.45%
Loan Term	N/A

Desjardins Student Strategic Line of Credit

Undisclosed

Loan Amount

4.2% – 5.45%

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

The Desjardins Student Strategic Line of Credit is designed for students in specific fields of study, including accounting, dentistry, law, medicine and veterinary medicine. It offers an interest rate ranging from 4.20% to 5.45% while you're a student. Your credit limit varies depending on your field of study.

Eligibility

• Canadian citizen or permanent resident of Quebec or Ontario
• Enrolled at an academic institution in Quebec or Ontario in an eligible field of study

• Lower interest rate than Desjardin's standard student line of credit
• Interest-only payments while you study
• Option to defer the first repayment for up to 24 months after you finish studying

• Only available for specific courses
• Maximum credit limit not listed online
• You'll need to phone Desjardins or book an appointment to apply

Loan Amount	Undisclosed
APR Range	4.2% – 5.45%
Loan Term	N/A

SCU StudentFLEX Line of Credit

Starting at $5,000

Loan Amount

Undisclosed

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

The SCU StudentFLEX Line of Credit provides access to a revolving line of credit of $5,000 or more. Access the funds online or via mobile banking, at an ATM, using cheques or at a branch. You'll make monthly interest-only payments on the funds you use while at school and for 12 months after you finish studying.

Eligibility

• Canadian citizen or permanent resident
• Full-time or part-time student at an eligible institution

• Use the money as you need, when you need
• Flexible ways to access funds
• Interest-only payments for up to 12 months after you finish studying

• Rates vary
• You'll need to become an SCU member
• Mixed reviews for the mobile app

Loan Amount	Starting at $5,000
APR Range	Undisclosed
Loan Term	N/A

Coast Capital Student Line of Credit

Up to $40,000

Loan Amount

Starting at 6.45%

APR

N/A

Term

• Info
• Pros/cons
• Details

How it works

The Coast Capital Student Line of Credit provides access to a flexible credit limit of up to $40,000 with a $10,000 limit per year of study. The variable interest rate is Coast Capital's prime rate plus 2%, and you get an interest-only grace period of 12 months after graduating before you have to start repaying the principal amount.

Eligibility

• Age of majority
• Canadian citizen or permanent resident
• Enrolled in an eligible post-secondary program

• Grace period of 12 months after you graduate
• You can apply online
• Only pay interest on the money you use

• Other lenders offer higher credit limits
• You might get a better rate elsewhere

Loan Amount	Up to $40,000
APR Range	Starting at 6.45%
Loan Term	N/A

What is a student line of credit?

A student line of credit lets you borrow money to cover the cost of post-secondary education. But unlike a regular student loan, it’s a revolving line of credit. This means you can withdraw funds up to a predetermined limit whenever you need, pay them back and then borrow more money again if needed.

Depending on the lender, you may be able to access the funds in your student line of credit via online banking, mobile phone, ATM, bank branch or by writing a cheque.

You only pay interest on the money you borrow. You also have the option to put off repaying the principal loan amount until after graduation, with interest-only payments required while you’re still in school.

What expenses can I cover with a student line of credit?

You can cover a wide range of education-related costs and general living expenses with a student line of credit. These include:

• Tuition fees
• Textbooks and supplies
• Living expenses (such as food, rent and transportation)

How do student line of credit repayments work?

With a student loan of credit, you only pay interest on the money you actually use, not the full credit limit. So if you have a credit limit of $20,000 but you only withdraw $5,000 to cover education costs, you’ll only pay interest on $5,000.

You will typically be required to make interest-only payments while you’re studying. Once you graduate, most lenders will give you a grace period of 12 or 24 months when you can keep making interest-only payments. Once the grace period ends, you’ll have to start repaying the principal as well.

However, some lenders will require you to start making principal and interest payments straight away or once you get a full-time job.

Student line of credit interest rates

Student line of credit rates are variable and are determined based on the lender’s prime rate. You’ll often see interest rates listed as the lender’s prime rate plus or minus a specific percentage.

For example, the CIBC Education Line of Credit interest rate is listed as “CIBC Prime + 1%.” So if CIBC’s prime rate is 6.95%, you’ll get a 7.95% line of credit rate.

The rate you get also varies depending on the program you’re studying. Medical and dental students get the best rates, with line of credit rates that are often lower than the prime rate, while graduate and professional students can also expect lower rates than those offered to undergraduates.

Am I eligible for a student line of credit?

While eligibility requirements vary between lenders, you will generally need to:

• Be a Canadian citizen or permanent resident
• Be enrolled in a post-secondary education program in Canada

If you’re an undergraduate with limited credit history, you may need to apply with a co-signer.

During the application process you’ll need to provide:

• Proof of ID, such as a driver’s licence or passport
• Proof of enrollment, such as a proof of enrollment letter or an invoice for tuition fees
• Details of your estimated education costs
• Information about your financial resources, such as government student loans, part-time employment income, RESPs and scholarships or bursaries

Can I get a student line of credit if I have a government student loan?

Yes, you can apply for a student line of credit if you already receive government financial aid. This may be necessary if you need additional financial assistance beyond what is offered by federal and provincial government student loans. However, government student loans typically have lower interest rates than loans from private lenders and should be your first option before considering a student line of credit.

OSAP vs. student line of credit—What’s the difference?

The Ontario Student Assistance Program (OSAP) is provided by the Ontario provincial government and provides financial assistance to help you cover college or university costs. It offers grants (which don’t need to be repaid) and student loans (which do need to be repaid) to help students pay for things like tuition, books and living expenses.

Unlike this government student loan program, student lines of credit are offered by banks and credit unions. Rather than providing a lump sum that needs to be repaid in full, they provide access to a preapproved credit limit. You can withdraw money up to your limit whenever you need funds, and you only pay interest on the funds you use. Once you graduate, you’ll have to repay the money you borrowed.

If you’ve already qualified for OSAP financial assistance, you can also take out a student line of credit for additional financial support.

Bottom line

If you want a student line of credit to help pay for your studies, you’re spoiled for choice. The Big Five and several other financial institutions offer multiple options, so compare line of credit interest rates to find the best borrowing solution for your needs. Before you apply for a student line of credit, make sure you check out all the funding options available to you with government student loans.

Frequently asked questions

• What is the best student line of credit in Canada?

  There's no single best Canadian student line of credit that's the ideal choice for everyone. The interest rate you get will vary depending on the lender you choose, the program you're studying and your financial situation, so shop around to find the best rate. You'll also need to consider factors like how you can access your line of credit funds and how long the interest-only grace period lasts before you have to start repaying the principal amount you borrowed.

• Is there a Tangerine student line of credit?

  No. Tangerine offers a personal line of credit, but it does not offer a line of credit specifically for students.

• Is there a Vancity student line of credit?

  While Vancity doesn't offer a line of credit specifically designed for students, it does offer two personal lines of credit. A Vancity Creditline offers a credit limit of $5,000 or more along with a minimum interest-only monthly payment. A Vancity Personaline offers a credit limit ranging from $500 to $5,000, but you'll need to make a minimum monthly payment of 5% of the outstanding amount.

• Is interest on a student line of credit tax deductible?

  No, student line of credit interest is not tax deductible. The 15% tax credit for student loan interest only applies to government student loans.