This line of credit is for you if you want:

  • Access to funds while attending an accredited Canadian university or college 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)
  • $60,000* throughout the program as a full-time or part-time student
  • A $15,000 yearly limit as a 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 recommended limit of $60,000*

Other line of credit details:

  • Access your money, or transfer money and make payments on your line of credit from online banking or mobile banking, CIBC Banking Centres, bank machines, telephone banking, or by writing a cheque on the line of credit
  • Withdraw money from your ELC at any CIBC bank machine or anywhere you see the INTERAC* symbol, using your CIBC debit card
  • Set up automatic payments via online banking or at your CIBC Banking Centre
  • Deposits made to your Education line of credit are considered payments and are applied to the principal
  • Receive monthly statements for simplified record keeping

* Recommended limit guidelines based on Programs offered through Canadian post-secondary institutions

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