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This line of credit is for you if you want:
- Access to funds while attending an accredited Canadian university, college or trade school 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 24 months after graduation (or 6 months if you leave your program without graduating)
- $80,000 throughout the program as a full-time or part-time student
- A $20,000 yearly limit as a full-time undergraduate student
- A $10,000 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 $80,000
Note: Recommended limit guidelines are based on programs offered through Canadian post-secondary institutions.
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
Repayment options upon graduation:
- Two years 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
You may also want to consider:
- A Home Power® line of creditcompared with an education line of credit if you own a home, you can use the equity in your home to secure a lower interest rate
CIBC Education Line of Credit FAQ
How can I finance my education with CIBC?
How can I access my student loan through CIBC Online Banking?
How to enter:
Get a new CIBC student bank account, credit card or line of credit
You have until December 31, 2023.
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.
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..