CIBC Education Line of Credit

This line of credit is designed to help you with post-secondary education costs by providing you up to $40,000. While attending an accredited Canadian university or college, and for 12 months after graduation (or 6 months if they leave the program without graduating), students pay interest only.

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Is it for you?

CIBC Education Line of Credit (ELC) could be for you if you attend an accredited Canadian university or college.

Key benefits

Access to funds	Full-time and part-time students can apply for an ELC of up to $40,000. Full-time undergraduate students can use a maximum $15,000 per year. Part-time undergraduate students can use a maximum $7,500 per year and must complete their undergraduate degree within 10 years. Graduate students do not have an annual maximum. Only the program maximum of $40,000 applies.
Convenient	Use your CIBC Convenience Card® to withdraw money from your ELC at any CIBC bank machine. Access funds wherever you see the INTERAC* symbol. Use your personalized cheques. Access your money through CIBC Telephone Banking and Online Banking.
Payments designed for students	While you are in school, and the year following graduation (or for 6 months if you leave the program without graduating), you pay interest only, and only on the amounts you actually use. Make payments by transferring funds to your CIBC Education Line of Credit through CIBC bank machines, Telephone Banking, and Online Banking. Your CIBC branch can also set up automatic payments for you. Deposits made to your CIBC Education Line of Credit are considered payments and are applied to the principal.

Useful information:

• A year after graduation (or 6 months without graduating) the ELC is converted to a personal loan.
• You can spread your personal loan payments out (up to 20 years), making your monthly payments more affordable.

Optional Features:

CIBC Personal Line of Credit Disability Insurance1 CIBC Personal Line of Credit Life Insurance1

Trademarks and Disclaimers

Applicants must meet all CIBC lending criteria. Certain conditions and restrictions apply. Credit limit determined by CIBC, in its sole discretion. Qualified guarantor may be required. Products and their features may change at any time. This is a general description only. For more information and product terms and conditions, consult product brochures or call 1-866-525-8622.

® Registered trademark of CIBC.

* Trademark of INTERAC Inc, used by CIBC under license.

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