Scotiabank offers helpful financial solutions for supporting the students in your life.
ScotiaLine® personal line of credit for students
Scotiabank offers a line of credit just for students. Through a single application, students can apply for a ScotiaLine® personal line of credit for students, plus an optional VISA card for incidental expenses and credit insurance. And, as a parent, you can instill a greater sense of fiscal responsibility in your child while still playing an active role in helping to fund your child’s education by co-signing their application.
Features:
- Total lifetime limit of up to $50,000 (maximum $10,000 limit per year)
- Available to students enrolled in a degree or diploma program at a public post-secondary institution
- Pricing available at Scotiabank’s Prime Rate +2.75% (subject to change without notice).
- Interest-only repayments while your son or daughter is in school
- Regular repayment commencing 8 months following graduation
Benefits:
- Students learn responsibility while establishing their own banking relationships and their own credit file;
- Your son or daughter enjoys independence with borrowing and managing their own debt; as a primary borrower, you know exactly how the funds are being managed.
- You have the choice and flexibility to borrow money only as needed;
- Flexible re-payment options and up to 15 years to repay the loan.
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