{"id":10389,"date":"2021-06-10T00:54:37","date_gmt":"2021-06-09T19:24:37","guid":{"rendered":"https:\/\/test-blog.unicreds.com\/blog\/?p=10389"},"modified":"2023-07-27T17:26:12","modified_gmt":"2023-07-27T11:56:12","slug":"student-line-of-credit","status":"publish","type":"post","link":"https:\/\/unicreds.com\/blog\/student-line-of-credit\/","title":{"rendered":"Student Line of Credit: All You Need To Know"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/unicreds.com\/blog\/student-line-of-credit\/#What_Is_A_Student_Line_of_Credit\" >What Is A Student Line of Credit?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/unicreds.com\/blog\/student-line-of-credit\/#How_Does_A_Student_Line_of_Credit_Work\" >How Does A Student Line of Credit Work?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/unicreds.com\/blog\/student-line-of-credit\/#Professional_Student_Line_of_Credit\" >Professional Student Line of Credit<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/unicreds.com\/blog\/student-line-of-credit\/#Applying_For_A_Student_Line_of_Credit\" >Applying For A Student Line of Credit<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/unicreds.com\/blog\/student-line-of-credit\/#Insurance_on_A_Student_Line_of_Credit\" >Insurance on A Student Line of Credit<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/unicreds.com\/blog\/student-line-of-credit\/#Accessing_Money_From_Your_Student_Line_of_Credit\" >Accessing Money From Your Student Line of Credit<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/unicreds.com\/blog\/student-line-of-credit\/#Paying_Back_Your_Student_Line_of_Credit\" >Paying Back Your Student Line of Credit<\/a><\/li><\/ul><\/nav><\/div>\n<div id=\"bsf_rt_marker\"><\/div>\n<p>Student loans are a great way to finance your education. However, the drawback here is the high-interest rates and the compulsion of borrowing the full amount of a loan. What if I said you could have a credit card feature in your student loan as well. Withdraw\/borrow only the amount you need. Sounds fascinating? This is truly possible in Canada with the help of a Student Line of Credit. Let\u2019s understand everything about this amazing finance option in this article.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-a-student-line-of-credit\"><span class=\"ez-toc-section\" id=\"What_Is_A_Student_Line_of_Credit\"><\/span><strong>What Is A Student Line of Credit?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>A Student Line of Credit is a type of loan provided by a financial institution to students pursuing post-secondary education. It lets you borrow money repeatedly up to a pre-set limit. You can borrow the desired sum from a line of credit, pay it back and then borrow again, up to your credit limit.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Do Read: <a href=\"https:\/\/unicreds.com\/blog\/right-and-responsibilities-of-a-student-as-a-borrower\" target=\"_blank\" rel=\"noreferrer noopener\">Right and Responsibilities of a Student As a Borrower<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>An education line of credit is a product designed by the Canadian government for students that helps them pay for complementary financial needs related to post-secondary education, such as tuition or books. It can also be used to cover everyday expenses, like food and transportation.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-does-a-student-line-of-credit-work\"><span class=\"ez-toc-section\" id=\"How_Does_A_Student_Line_of_Credit_Work\"><\/span><strong>How Does A Student Line of Credit Work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Now let\u2019s understand how the credit card feature is blended into this Student Line of Credit. With a line of credit, all you need to pay back is the money you originally borrowed. You also only have to pay interest on the money that you borrow. For example, suppose your line of credit has a $12,000 limit. You borrow only $4,000. This means you only have to pay back just the $4,000 and the interest accrued on this sum. Isn\u2019t this a great flexibility that you get? With a loan, you would mandatorily receive a set amount of money and you have to pay it all back. You also have to pay interest on the total amount that you receive.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>The student line of credit interest rate is typically lower than the rates offered on government student loans. However, the key difference is that here you\u2019ll have to start paying interest from the moment you borrow money. The government student loan would require you to start paying interest only once you finish your program or leave school.<\/p>\n\n\n\n<p>Read About&nbsp;<a href=\"https:\/\/unicreds.com\/abroad-education-loan\" target=\"_blank\" rel=\"noreferrer noopener\">Abroad Education Loan<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"professional-student-line-of-credit\"><span class=\"ez-toc-section\" id=\"Professional_Student_Line_of_Credit\"><\/span><strong>Professional Student Line of Credit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>When you\u2019ve taken your post-secondary education to a higher level, this line of credit helps cover costs, so you can focus on your studies.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>The eligibility criteria include:&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>You should be a Canadian Citizen or Permanent Resident<\/li><li>You should be enrolled in an accredited professional education program, for example:<ul><li>Accounting<\/li><li>Chiropractic<\/li><li>Law<\/li><li>MBA<\/li><li>Optometry<\/li><li>Pharmacy<\/li><li>Veterinary Medicine<\/li><\/ul><\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>Medical Student Line of Credit is a type of Professional Student Line of Credit where your profession is in the field of medicine.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"applying-for-a-student-line-of-credit\"><span class=\"ez-toc-section\" id=\"Applying_For_A_Student_Line_of_Credit\"><\/span><strong>Applying For A Student Line of Credit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Your financial institution will set the maximum amount of money you\u2019ll be able to borrow. This limit will depend on the program you\u2019re studying and the academic institution offering the program. It may also depend on your personal living expenses, credit history and ability to repay the money you borrow.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>You can apply for a student line of credit at any time. You can apply either online, over the phone or in person. Usually, you are asked to provide proof that you\u2019re either a full-time or part-time student at a recognized Canadian post-secondary institution to be eligible for a student line of credit.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>If you do not qualify on your own, then you will need a co-signer (usually a parent or guardian) to sign your line of credit application. This co-signer becomes responsible for the outstanding balance if you cannot make the payments.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Must Read:<a href=\"https:\/\/unicreds.com\/blog\/the-important-details-you-should-know-before-applying-for-an-education-loan\" target=\"_blank\" rel=\"noreferrer noopener\"> The Important Details You Should Know Before Applying For an Education Loan<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"insurance-on-a-student-line-of-credit\"><span class=\"ez-toc-section\" id=\"Insurance_on_A_Student_Line_of_Credit\"><\/span><strong>Insurance on A Student Line of Credit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>You can choose to opt for optional credit protection insurance on your line of credit.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>You don\u2019t have to necessarily take loan insurance to be approved for a student line of credit. This type of insurance helps cover your loan payments if you can\u2019t make them due to serious illness, accident, death or loss of your job. Note that federally regulated lenders, such as banks, can not add optional loan insurance without your permission.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Recommended Reading: <a href=\"https:\/\/unicreds.com\/blog\/3-questions-to-help-you-with-your-student-loans\" target=\"_blank\" rel=\"noreferrer noopener\">3 Questions To Help You With Your Student Loans<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"accessing-money-from-your-student-line-of-credit\"><span class=\"ez-toc-section\" id=\"Accessing_Money_From_Your_Student_Line_of_Credit\"><\/span><strong>Accessing Money From Your Student Line of Credit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>You will be able to access the available credit in your student line of credit immediately after you have signed all of the necessary documents and your application is approved.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Places from where you can access the available credit include:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>a branch of your financial institution<\/li><li>an ATM<\/li><li>through online, mobile or telephone banking<\/li><li>by writing a cheque (rare).<\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>Make it a point to borrow only the genuine sum you need to cover your needs while studying. Also, check whether you\u2019ll be able to make at least the interest payments while you\u2019re studying. It is wise to think about whether you\u2019ll be able to repay the money that you borrow from a line of credit when you graduate.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"paying-back-your-student-line-of-credit\"><span class=\"ez-toc-section\" id=\"Paying_Back_Your_Student_Line_of_Credit\"><\/span><strong>Paying Back Your Student Line of Credit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>You have to pay at least the interest even while you&#8217;re studying. After you finish school, most financial institutions allow you to continue to pay only the interest on your line of credit for a grace period of 6 to 12 months. Once this grace period ends, you must start to pay back both the money you borrowed (the principal) and interest. You&#8217;ll continue to pay interest until you repay your balance. You can start paying back the money you owe at any time, even while you&#8217;re still studying. Talk to your financial institution to find out their student line of credit repayment terms and conditions.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Read More: <a href=\"https:\/\/unicreds.com\/blog\/pay-off-student-loans-fast\" target=\"_blank\" rel=\"noreferrer noopener\">How To Pay Off Student Loans Fast?<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Although a line of credit is a great option, the interest rates associated with it do not make it the best option. If you\u2019re taking out a private student loan, ensure to shop around for the best interest rate. In case you want to save this effort of hunting for the best interest rate then all you have to do is fill this form \u27a1\ufe0f A professional team from UniCreds will get in touch with you to ensure you get the best student loan for yourself.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Thank you for reading this blog on \u2018Student Line of Credit\u2019. If you enjoyed reading this blog and would like to continue reading more about student loans then do check out our following blogs.<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/unicreds.com\/blog\/student-loan-debt-to-income-ratios\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Student Loan Debt-To-Income Ratios<\/em><\/a><\/li><li><a href=\"https:\/\/unicreds.com\/blog\/student-aid-report\" target=\"_blank\" rel=\"noreferrer noopener\"><em>What Is The Student Aid Report (SAR)?<\/em><\/a><\/li><li><a href=\"https:\/\/unicreds.com\/blog\/unused-student-loan-money\" target=\"_blank\" rel=\"noreferrer noopener\"><em>What Happens To Unused Student Loan Money?<\/em><\/a><\/li><\/ul>\n\n\n\n\n","protected":false},"excerpt":{"rendered":"<p>Student loans are a great way to finance your education. However, the drawback here is the high-interest rates and the compulsion of borrowing the full amount of a loan. What if I said you could have a credit card feature in your student loan as well. Withdraw\/borrow only the amount you need. Sounds fascinating? This [&hellip;]<\/p>\n","protected":false},"author":91,"featured_media":26281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[2578],"tags":[],"class_list":["post-10389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-student-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Student Line of Credit: All You Need To Know - UniCreds Blog<\/title>\n<meta name=\"description\" content=\"A Student Line of Credit is a type of loan provided by a financial institution to students pursuing post-secondary education.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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