✅Full-time Certificate or Apprenticeship Programs (less than one year): Minimum credit limit of $1,000, with a maximum of $20,000.
✅Full-time Certificate or Apprenticeship Programs (more than one year): Minimum credit limit of $1,000, with the maximum credit limit up to $20,000.
✅Graduate Programs: up to $100,000.
✅Undergraduate/Diploma Programs: Minimum credit limit of $1,000, with a maximum of $15,000 per year, and a total maximum of $40,000.
✅Variable interest rates
✅12-month grace period after graduation before the repayment of the principal amount borrowed begins
Why does the Utua team recommend the ScotiaLine Personal Line of Credit for Students?
The ScotiaLine Personal Line of Credit for Students offers a tailored borrowing solution for those pursuing post-secondary education, providing flexible repayment options and competitive interest rates. This line of credit is suitable for Canadian citizens or permanent residents enrolled in certificate, apprenticeship, degree, or diploma programs at Canadian or American institutions. International students enrolled in Canadian graduate programs can also apply, provided they have a co-borrower who is a Canadian citizen or permanent resident.
Writers Opinion
With the ScotiaLine Personal Line of Credit for Graduate Programs, you can borrow up to $100,000 at a variable interest rate tied to Scotia Bank’s Prime Rate. For a full-time program longer than 18 months, let’s assume the Prime Rate is currently 3%. If you borrow $100,000, your monthly interest-only payments while in school would be approximately $250. After graduating, you benefit from a 12-month grace period before starting to repay the principal. Beginning in the 13th month post-graduation, you will start making principal plus interest payments, making this loan an effective way to manage your educational expenses and financial planning.
Tell me more about the ScotiaLine Personal Line of Credit for Students!
This line of credit allows students to finance their education and manage day-to-day expenses while keeping credit available for future needs. A significant advantage is the deferred principal payments, where students are only required to make interest-only payments while still in school. If you want to learn more about the application process, simply click on the button below!