If you break even or come out on the plus side, know that you are lucky and can cover your expenses.
If you get a negative number, that's the amount of money you'll need to borrow.
What is the difference between a government student loan and a student line of credit?
With a government student loan, your interest payments are deferred until some time after you graduate (so long as you remain a qualifying student.) Eligibility requirements and more information on government student loans can be found online at www.canlearn.ca.
Unlike a government student loan, which you can get from the federal or provincial government, a student line of credit is available from financial institutions. With a student line of credit, you are required to pay interest on the amount you borrow while in school.
If approved for a student line of credit, undergraduate students can receive from around $5,000 to $15,000 a year (depending on the field of study).
Most banks will ask you for the following:
- Proof of Canadian residency (such as Social Insurance Number, birth certificate, passport or landed immigrant certificate)
- Proof of student status (such as university/college acceptance letter, tuition receipt, or proof of enrolment)
- Proof of ability to make monthly interest payments on the amount you spend throughout the year (part-time job pay stub showing earnings to date, letter of employment)
Depending on your financial circumstances, you might need a guarantor, usually a parent or guardian, who is legally responsible for paying your loan if you do not make your payments.
For details about how to secure a student line of credit, check out the CIBC Products for Students section below or set up an appointment at your branch.