If you're a student, this line of credit is designed to help you manage the cost of your post-secondary education. The CIBC Education Line of Credit (ELC) will provide you with up to $40,000 - and you don't need to start paying back the principal as long as you're still in school.

You'll pay only the interest while attending a publicly funded Canadian university or college, and then for 12 months after graduation (or 6 months if you leave the program without graduating).

CIBC Education Line of Credit could be for you if you:

are attending a publicly funded university or college
have reached the age of majority in the province where the ELC is opened
are a Canadian citizen or a landed immigrant
have at least three years of recent, full-time work experience (or have a qualified guarantor)
meet all credit criteria, or have a qualified guarantor (someone who will co-sign with you, such as a parent or guardian) who earns at least $35,000 per year, has reached the age of majority in the province where the ELC is opened and is a Canadian citizen or landed immigrant

CIBC Education Line of Credit Key Benefits:

Saves you money

If you want to pay down the principal, you can do it at any time with no penalty.
You pay interest only on the money you actually use, not on your total credit limit.
While you are in school and for 12 months following graduation (or for 6 months if you leave the program without graduating), you pay only the interest, not the principal.

Access to funds for full-time students

Full-time students can apply for up to $40,000.
Undergraduate students can use a maximum of $15,000 per year.
Graduate students do not have an annual maximum. Only the program maximum of $40,000 applies.

Access to funds for part-time students

Part-time students can apply for up to $40,000.
Undergraduate students can use a maximum of $7,500 per year, but they must complete their undergraduate degree within 10 years.
Graduate students do not have an annual maximum and can continue to access ELC funds as long as they are working on a graduate degree, with no time limit. Only the program maximum of $40,000 applies.

Easy and convenient access to money

You can use your CIBC Convenience Card® at any bank machine to withdraw money from your ELC.
You can access funds wherever you see the INTERAC* symbol.
You can also use your personalized cheques.
You'll receive a monthly statement to keep track of your ELC finances.

Payments designed with students in mind

While you're in school and for 12 months after graduation (or 6 months if you leave the program without graduating), you pay interest only - and only on the amounts you actually use.

After that, the CIBC Education Line of Credit is converted to a personal loan. You can spread out your personal loan payments (up to 20 years) to make your monthly payments more affordable.

Information you need to know:

Making payments

You can make payments by transferring funds to your ELC using CIBC bank machines, Telephone Banking or Online Banking.
Your CIBC branch can set up automatic payments for you.
Any deposits you make to your ELC are considered as payments and are applied to the principal.

Optional Features Available:

CIBC Creditor Life Insurance

Protect your family or dependents in case of your death.
Reduce or pay off the balance of your ELC if you pass away.
The cost of insurance is calculated only on the amount of your ELC that you actually use.

It's easy to apply

To apply for a CIBC Education Line of Credit, visit your CIBC branch and speak with a Personal Banker.

Trademarks and Disclaimers

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 1-800-465-2422. Product names are trademarks of CIBC, except for VISA, PLUS Network, INTERAC and Aerogold, of which CIBC is a licensed user. Insurance products and certain services are provided by various third-party companies.

® Registered trademark of CIBC.

Trademark of INTERAC Inc.; CIBC is a licensed user of the trademark.