Scotia Professional Student Plan (SPSP) Line of Credit

A line of credit allows you to access a pre-determined amount of funds on a revolving basis. This means you can borrow some or all of the funds up to your line of credit facility limit (this amount may be less than the total authorized credit limit mentioned on the credit agreement if we have applied annual limits, pay some or all of it back and then borrow up to the line of credit facility limit again.

A regular student line of credit is available to full-time and part-time students studying at recognized colleges and universities. Interest only payments are required monthly throughout the length of their programs and for 12 months after graduation. An SPSP line of credit is available to students pursuing a professional designation in eligible professional study programs. While in school, interest payments are deferred provided the balance on the SPSP Line of Credit remains within the total authorized credit limit, otherwise any amount over that authorized credit limit (or an annual credit limit if that has been applied to your SPSP Line of Credit) will be required to be paid.

An SPSP line of credit could help you pay for things like books, tuition, and everyday expenses while you are pursuing your studies. It allows you to borrow only as much as you need (up to your total authorized credit limit or annually up to the annual credit limit), and it is unlike student loans where you have a pre-set amount of funds at the start of your studies. These types of lines of credit can offer the flexibility of only using what you need. It can also help with emergencies instead of using a credit card — which usually carries a much higher interest rate. It can also help you build your credit history so long as you ensure you make any required payments on time.

Yes, you can apply for and receive both. If you have significant amounts of Government student  loans, it could affect the credit limit of your line of credit.

Minimum credit score requirement will apply. Your Advisor will review your individual situation and provide more information. In some cases, you will require a co-signor. 

No, the Scotia Professional Student Plan line of credit currently has no monthly or annual fees. Other financial institutions and credit unions may charge monthly maintenance fees. Check your agreement for your line of credit carefully before signing up.

Yes, the optional Scotia Line of Credit Protection insurance is available for Scotia Professional Student Plan Line of Credit. 

Note: some of the coverage benefits require employment eligibility (e.g. Disability and Job Loss) at time of application. To learn more, visit scotiabank.com/lineofcreditprotection.

The amount that each borrower will be approved for varies depending on their program. Through the application process, you will find out what your maximum credit limit will be.

Accessing your line of credit can be done through your online banking at Scotiabank via ScotiaOnline or your Mobile Banking app. Funds can be transferred from your line of credit to your chequing account.

Once you graduate, depending on the program, you have a 12-month or 24-month grace period where you're not required to make payments, but interest will continue to accrue on the amount you have borrowed.

You can start repaying your line of credit at anytime. After the 12-month or 24-month grace period depending on your program, any outstanding amount owing on your line of credit will be converted to a term loan and follow a monthly repayment schedule.

Your variable annual interest rate will depend on your program, and it is tied to Scotiabank’s Prime Rate (which is subject to change) plus an adjustment factor that we assign to you. The total of Scotiabank’s Prime Rate + your adjustment factor equals your variable annual interest rate.

A co-signor (or sometimes called a co-borrower) depends on your personal financial situation including credit score and other factors. We may require a co-signor (or co-borrower) for your application.

We encourage you to apply to see if you qualify without one. Your advisor will work with you to determine your needs and offer any available alternative options if needed.

You can use your Scotia Professional Student Plan line of credit for your education and related expenses, from tuition to everyday living expenses like rent or groceries. Use your credit wisely, as you will eventually have to pay it back.

The Scotia Professional Student Plan line of credit is designed for students in select specialty programs who require funding to complete their studies beyond an undergraduate degree.
Speak with a specialist to see if your program qualifies.

To be eligible, you will need to provide proof of acceptance and enrollment for any one of the eligible programs in Canada. Also, you must be a Canadian citizen or permanent resident of Canada.

To apply, find your local Scotia Professional Student Plan representative related to your program and contact them for more details.

Once we receive your application and all relevant documents are submitted, the application is reviewed by our team and a decision is typically made within 5 business days.

No. We accept applications at any time. We recommend applying early to ensure you have the funds you need to pursue your studies.