Student Line of Credit
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Applicant must be a Canadian citizen or landed Immigrant, enrolled in a post-secondary level course leading to a degree, diploma or certificate, studying on a full-time or part-time basis.
Purpose of the loan
To cover disbursements for education purposes deemed suitable by the lender, including tuition, fees, books, school residence, food, lodging, public transportation, purchase of computer and related equipment and software.
- Receive approval for $1,000 to $10,000 per academic year.
- Variable rate at Prime plus 1 per cent.
- Most students will need the financial backing of a co-signer meeting all standard credit requirements.
- While attending school, the student/co-signer must make payment of accrued interest monthly by pre-authorized transfer from a SVCU account.
- Upon graduation, the Student Line of Credit will be converted to a demand loan (of a maximum 10-year term) repayable by the student/co-signer in monthly instalments, with payments commencing within 12 months.
The student must complete, at the time of application:
- a budget of income and expenses to be used to finance each year of education; and
- in the final school year, a budget projecting income and expenses after graduation.
- Annually, Swan Valley Credit Union requires written confirmation of enrollment or acceptance from the institution where the student is enrolled.
- Confirmation is also required within 60 days of the official start date of the academic program each year, until graduation or termination of studies has been confirmed.
Call us at 1-877-734-7828, or use our contact form to set up an appointment with our lending department today!