CIBC Education Line of Credit

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:
 

Easy and convenient access to money

  • You can use your CIBC debit 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, you can spread out your personal loan payments (up to 20 years) to make your monthly payments more affordable.
 

Making payments is easy to do

  • 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
     

How to apply

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