Student Line of Credit

A Line of Credit is an ongoing loan that lets you borrow any amount of money up to a pre-arranged limit.  You pay interest on only the amount that you actually borrow and can easily access the funds with a cheque or debit card.

A Student Line of Credit with New Ross Credit Union is an affordable way to make continuing education possible. Our Student LOC is designed for students who are not eligible for funding under the Canada Student Loan Program.  Please visit the Canada Student Loan website for more information at:

http://studentloans.ednet.ns.ca

Students can borrow (co-signor may be required) to assist with the costs associated with post-secondary education; including, tuition, course fees, books, and living expenses while away from home.  Students enrolling in full-time or part-time studies at a recognized post-secondary educational insitition are eligible, including university, college or technical school. 

Benefits and Features:

  • Competitve interest rate (prime + 1%)
  • Pay only the interest while attending school
  • Repayment of the LOC (blended payment of principal and interest) will begin after a six month grace period after the completion of your education; should you be unemployed at this time, an additional 6 months will be granted to a maximum of a 12 month grace period 
  • Repayment amortizations range from 5 to 12 years, depending on the loan balance
  • Annually renewed
  • Credit Life and Disability insurance is available

* Rate may be subject to change without notice.  Certain conditions apply. 

 

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