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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:

  • View your monthly eStatement in CIBC Online Banking®. Set up text or email alerts to notify you when a new eStatement is available
  • Access your money, transfer funds and make payments on your line of credit
  • Withdraw money from your Education Line of Credit at any CIBC bank machine or anywhere you see the Interac symbol, using your CIBC debit card
  • Set up automatic payments through CIBC Online Banking or at a CIBC Banking Centre
  • Deposits made to your Education line of credit are considered payments and are applied to the principal

* 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

Student Life Network Full Ride Contest

You could win $35,000◊◊ for tuition

How to enter:

Step 1

Get a new CIBC student bank account, credit card or line of credit

You have until December 31, 2023.

Graduation cap, credit card, and debit card

Step 2

Join Student Life NetworkOpens a new window in your browser

Already a member? Just remember to open your new CIBC bank account, credit card, or line of credit before December 31, 2023 to enter the contest.


Student Life Network logo.

You’ll be automatically entered for a chance to win $35,000. On January 9, 2024, a winner will be picked from active SLN membersOpens a new window in your browser.

No purchase necessary. Review the full contest rules (PDF, 160 KB) Opens in a new window..