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:

  • Access your money, or transfer money and make payments on your line of credit from online banking or mobile banking, CIBC Banking Centres, bank machines, telephone banking, or by writing a cheque on the line of credit
  • Withdraw money from your ELC at any CIBC bank machine or anywhere you see the INTERAC* symbol, using your CIBC debit card
  • Set up automatic payments via online banking or at your CIBC Banking Centre
  • Deposits made to your Education line of credit are considered payments and are applied to the principal
  • Receive monthly statements for simplified record keeping

* 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

How to enter:

Step 1

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

You have until December 31, 2018.

Graduation cap, credit card, and debit card

Step 2

Join Student Life Network

Already a member? Just remember to open your new CIBC bank account, credit card, or line of credit before December 31, 2018 to enter the contest.

 

Student Life Network logo

You’ll be automatically entered for a chance to win $35,000. On January 10, 2019, a winner will be picked from active SLN members.

No purchase necessary. Review the full Contest Rules (PDF, 340 KB)