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ScotiaLine® Personal Line of Credit for Students
Financing your education, your way. With flexible repayment options and competitive interest rates, we have a borrowing solution tailored just for students.
Is this Line of Credit right for you?
Right for you if you:
- Are enrolled in a post secondary institution
- Want to finance your education or other day to day expenses while in school
- Want to keep credit available for future needs
May not be right for you if you:
- Are uncomfortable with a variable interest rate that can increase when Scotiabank’s Prime Rate increases
- You want a payment method for everyday purchases with an interest-free grace period on purchases
Understanding your student line of credit
A ScotiaLine® Personal Line of Credit for Students is a flexible borrowing option, that allows you to access funds (up to your available credit limit), make payments and then access the funds again as needed.
With a student line of credit, you can draw from the available credit limit during your studies. You pay only the interest on the balance owing. If there’s no balance owing, you won’t pay anything.
Deferred principal payment during your studies
While you're enrolled in your program, interest at a rate of Scotiabank prime plus 0.50%1 will continue to accrue on your balance and is payable monthly, but your principal payment will be deferred for 12 months after your studies end.2
After your studies end
After your studies end, you will have a 12-month grace period on repayment of the principal amount borrowed.2 This means you can continue to pay only the interest during these 12 months. After that, your payments will convert to monthly fixed payments, and you'll be responsible for repayment of the principal and interest.
Benefits of ScotiaLine® Personal Line of Credit for Students
Interest-only payments while in school2
Enjoy an additional 12-month interest-only repayment grace period after the end of your study period on the principal amount borrowed.
Establish a credit record
Making your required payments on time is a good way to establish a credit history and build a strong financial future.
Take advantage of a low interest rate
Cover expenses such as tuition, books, and student housing and save on interest with a lower rate than many credit cards.
Explore student credit limit options
Domestic students - You must be a Canadian citizen or permanent resident enrolled in a certificate, apprenticeship, degree or diploma program at a Canadian or American post-secondary school.3
Full-time studies
You're considered a full-time student if you regularly attend a college, university or other educational institution.
| Minimum credit limit per year | Maximum credit limit per year | Maximum total credit limit | |
|---|---|---|---|
| Certificate or Apprenticeship Programs less than one year | $1,000 | $20,000 | $20,000 |
| Certificate or Apprenticeship Programs more than one year | $1,000 | Approved total credit limit divided by the number of years of program | $40,000 |
| Undergraduate/Diploma | $1,000 | $20,000 | $80,000 |
Part-time studies
You’re considered a part-time student if you’re enrolled in an educational program and taking evening classes or, you’re taking courses by correspondence or distance learning. If you’re attending classes during the day but carrying a lighter course load while devoting most of your time to other activities like work, you’re also considered a part-time student.
| Minimum credit limit per year | Maximum credit limit per year | Maximum total credit limit | |
|---|---|---|---|
| Certificate or Apprenticeship Program | $1,000 | Approved total credit limit divided by the number of years of program | $20,000 |
| Undergraduate/Diploma | $1,000 | $20,000 | $80,000 |
Graduate Programs4
If you’re a university student working towards a master’s degree or PhD, you typically already have a three- or four-year undergraduate degree. Our student line of credit can support you through your advanced graduate degree.
| Minimum credit limit per year | Maximum credit limit per year | Maximum total credit limit | |
|---|---|---|---|
| Full/Part-time Program less than 18 months | $1,000 | $160,000 | $160,000 |
| Full/Part-time Program greater than 18 months | $1,000 | Approved total credit limit divided by the number of years of the program | $160,000 |
Subject to credit approval, your credit limit may be increased in each year of your program by up to the “Maximum credit limit per year” amount. However, your total credit limit can never exceed the “Maximum total credit limit” amount for your program. Some individual limits may vary based on credit approval or other conditions. All amounts are in Canadian dollars unless otherwise specified.
All limits are effective as of the date of publication and are subject to change.
How to apply?
Here are the documents you need to apply for a ScotiaLine® Personal Line of Credit for Students. You may need a co-borrower/co-signor6, please note that the co-borrower/ co-signor will also need to provide identification and proof of income.
Identification (one of the following valid pieces of government issued ID):
- Passport
- Driver's license
- Valid government issued identification card
Proof of employment:
- Employment letter
- Salary slips/letters
Proof of enrolment in a post-secondary institution
Verify your student status with one of the following documents:
- A copy of the student's course timetable from the institution for the current academic year.
- An unpaid tuition invoice from the institution for the current academic year stating that the fees are due.
- A receipt for paid tuition from the institution for the current academic year.
- A signed letter from the institution on school letterhead confirming that the student is registered for the current academic year.
Eligible proof of enrolment needs to include the student’s full name, school name, study end date, and duration of program enrolled in.
Need more information?
Download our companion information booklet or the revolving credit agreement.
Optional Scotia Line of Credit Protection Insurance7
Scotia Line of Credit Protection insurance can help pay the outstanding balance on your Scotiabank Line of Credit account if you are diagnosed with a covered critical illness or if you pass away. It can also pay a monthly benefit in the event that you become disabled or involuntarily lose your job.
Pursuing a professional degree?
We’ve got you covered for financial success in your professional field of study
Managing your money just got smarter
Scotia Smart Money by Advice+. A set of money management features in the Scotiabank mobile app8 that gives you personalized insights, advice, and more control over your money.
Learn where you are spending and saving
A great way to plan for your financial future is to understand where you are now. Use our calculator for a better picture of your finances and to help you budget for your goals.
Talk to an advisor
Talk to an advisor to make the right financial choice for your educational and future goals.
Canadian citizen or permanent resident enrolled in a certificate, apprenticeship, degree or diploma program at a Canadian or American post-secondary school can apply by providing a current proof of enrolment. A valid confirmation of proof of enrolment may be comprised of any one (or more) of the following:
- copy of the student's course timetable from the institution for the current academic year bearing the student's full name.
- unpaid tuition invoice from the institution for the current academic year bearing the student's full name and stating that the fees are due.
- receipt for paid tuition from the institution for the current academic year bearing the student's full name.
- a signed letter from the institution on school letterhead confirming that the student is registered for the current academic year.