CIBC Education Line of Credit®

CIBC Education Line of Credit

Get help with your post-secondary education costs with a line of credit of up to $40,000.


This line of credit is for you if you want:

  • Access to funds while attending an accredited Canadian university or college, and for 12 months after graduation (or 6 months if you leave your program without graduating)
  • To pay interest only on the amounts you actually use while you are in school, and the year following your graduation or residency
  • Up to $40,000 throughout the program as a full-time or part-time student
  • A $15,000 yearly limit as an full-time undergraduate student or a $7,500 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 cap of $40,000

Other line of credit details:

  • Your CIBC branch can set up automatic payments for you
  • Deposits made to your Education line of credit are considered payments and are applied to the principal
  • Withdraw money from your ELC at any CIBC bank machine or anywhere you see the INTERAC* symbol, using your CIBC debit card
  • Access your money, or transfer money and make payments on your line of credit from CIBC branches, bank machines, telephone banking, online banking and mobile banking

Repayment options upon graduation:

  • A 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:

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.

1 CIBC Prime is the variable rate of interest per year declared from time to time to be the prime rate for Canadian dollar loans made by CIBC in Canada. The interest rate on your CIBC Variable-Rate line of credit will change whenever CIBC Prime varies.

2 Underwritten by The Canada Life Assurance Company. A detailed summary of the terms, conditions, limitations, exclusions and other provisions are contained in your Certificate of Insurance, which you receive upon enrolment.

* Registered Trade-Mark of Interac Inc.; CIBC authorized user of the trade-mark.