FINANCIAL INSTITUTIONAL LENDING

Government is not the only source of loans; some banks and credit unions offer direct loans, credit cards or lines of credit especially for students. Talk to your financial institution to find out what's available. Here are three examples of financial institutions and their services for students.

RBC Royal Bank:
Getting a higher education is one of the most important things you can do to qualify for a satisfying and rewarding career. But tuition fees are high, there are many other expenses involved and government student loans are becoming increasingly difficult to obtain.

RBC Royal Bank can help ensure you have funds available when you need them. It features one of the most attractive interest rates and best of all, it costs nothing to talk to a credit specialist and set one up. Here are some samples of the types of lending at RBC Royal Bank.

Royal Credit Line for Students:
A credit limit of up to $10,000 per year (assigned based on your expense requirements).

Royal Credit Line for Students-Professional Designation:
A credit limit that recognizes both the additional costs of your educatin and your earnings potential upon qualification

RBC Royal Bank Student Visa Cards:
All the convenience of an RBC Royal Bank Visa credit card, plus the opportunity to enjoy instant discounts and special offers from popular national retailers.  

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CIBC Canadian Imperial Bank of Commerce:
If you're preparing for or already attending college or university, you know that post secondary education can be expensive. Even with savings, you may still need to borrow to cover costs like tuition, textbooks and day-to-day expenses. Here are some samples of the types of lending at CIBC.

Advantage for Students:
This program offers special benefits and discounts for qualifying students attending a full-time post-secondary program including free transactions and no monthly fees on a CIBC Everyday Chequing Account.

CIBC Classic Card for Students:
This great everyday VISA card for students offers a wide range of convenient features, including purchase protection, common carrier travel accident insurance, car rental discounts and much more.

CIBC Education Line of Credit:
If you're a student, this line of credit is designed to help you manage the cost of your post-secondary education. The CIBC Education Line of Credit (ELC) will provide you with up to $40,000 and you don't need to start paying back the principal as long as you're still in school. You'll pay only the interest while attending a college or university and then for 12 months after graduation (or 6 months if you leave the program without graduating). 

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BMO Bank of Montreal:
Whether you already bank with them or intend to it is easy to switch all of your banking to BMO Bank of Montreal.

Student Lines of Credit:
Use only the funds you need, when you need them, up to your approved credit limit to pay for tuition, books, living expenses, and other education-related expenses. Student lines of credit are different from traditional loans because, once approved, you only take out what you need, when you need it, as many times as you want (up to your credit limit). And, you pay interest only on the funds that you use.

Plus Plan:
If you do an average of about one transaction a day, the Plus Plan may be the best fit for you. It offers 30 transactions per month online, by telephone, at any branch and at BMO ABMs as well as useful features like Overdraft Transfer Service and a Personal Credit Reserve. If you’re under 21 or you’re a student 21 or over, you receive this Banking Plan for FREE. You can simplify your banking by putting all your accounts including chequing, savings and joint accounts under your Plus Plan, all for just one monthly fee. BMO is the only bank to offer this money-saving feature. The monthly Plus Plan fee is waived if a minimum monthly balance of $1,500 is maintained in a Primary Chequing account (when it has been designated as the main account for your Banking Plan). Monthly Plan Fee: $8.50

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