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This line of credit is for you if you want:
- Access to funds while attending an accredited Canadian university, college or trade school to cover tuition, textbooks and other daily personal expenses
- Pay interest only on the amounts you actually use while you are in school, and for 12 months after graduation (or 6 months if you leave your program without graduating)
- $80,000 throughout the program as a full-time or part-time student
- A $20,000 yearly limit as a full-time undergraduate student
- A $10,000 yearly limit as a part-time undergraduate student, provided you complete your degree within 10 years
- No yearly limit as a graduate student, only the program recommended limit of $80,000
Note: Recommended limit guidelines are based on programs offered through Canadian post-secondary institutions.
Other line of credit details:
- View your monthly eStatement in CIBC Online Banking®. Set up text or email alerts to notify you when a new eStatement is available
- Access your money, transfer funds and make payments on your line of credit
- Withdraw money from your Education Line of Credit at any CIBC bank machine or anywhere you see the Interac symbol, using your CIBC debit card
- Set up automatic payments through CIBC Online Banking or at a CIBC Banking Centre
- Deposits made to your Education line of credit are considered payments and are applied to the principal
Repayment options upon graduation:
- One year after graduation (or 6 months without graduating) the ELC can be converted to a personal loan or remain a line of credit — the choice is yours
- You can spread your line of credit payments out (up to 20 years), making your monthly payments more manageable
- Pay off all or part of the loan at any time without penalty
You may also want to consider:
- A Home Power® line of creditcompared with an education line of credit if you own a home, you can use the equity in your home to secure a lower interest rate
CIBC Education Line of Credit FAQ
How can I finance my education with CIBC?
How can I access my student loan through CIBC Online Banking?