Even if you've saved for your post-secondary education, you may still need to borrow to make ends meet - either before you begin or along the way. Here are some options for students and parents to make the process simpler and keep you focused on your future.
CIBC Education Line of Credit
As the cost of post-secondary education rises, it's becoming harder to finance your schooling. The CIBC Education Line of Credit can help parents and students meet these high costs.
A line of credit differs from a loan because the amount you borrow is flexible (to your approved credit limit) and interest is calculated only on the amount you use. The CIBC Education Line of Credit gives you access to up to a total of $40,000.
While you're in school, and for a grace period of 12 months after graduation (6 months if you leave the program without graduating), you'll pay only the interest on the amount you've borrowed. And when you pay down the amount you've borrowed, it's yours to use again.
After you've graduated, we have a generous program for the repayment of your loan that helps to keep your monthly payments low and manageable - and makes starting your new life that much easier.
Personal loans and personal lines of credit
If you need $5,000 or more, why not consider a CIBC Personal Loan or Personal Line of Credit?
A CIBC Personal Loan gives you fixed payments and allows you to choose the repayment schedule that works for you: weekly, biweekly, semi-monthly or monthly.
A CIBC Personal Line of Credit lets you access money that you can use whenever you need it for your education. You need to apply only once and you'll pay interest only on the amount you use.
CIBC Home Power™ line of credit
Home Power line of credit lets you or your parents use the value of your home to get a larger borrowing amount (minimum of $10,000) than with a regular loan or line of credit. (except in Nunavut)
What's more, as you pay down the Home Power line of credit, the approved amount is yours to use again! And with a Home Power line of credit, you pay interest only on the amount you use.