What is a BMO Student Line of Credit? A Student Line of Credit gives you access to funds that you can use to pay for school and other expenses. You only have to apply once, and the money is there for you to borrow as you need it. And, there are no annual or monthly fees- you pay interest only on what you borrow.

 

With a Student Line of Credit. You get:

 

• Low, competitive interest rate that does not increase after graduation.

• Lower borrowing costs than a student loan - you are only charged interest on what you borrow, and there are no annual or monthly fees.

• Credit limits up to $15,000 in your first year and $10,000 in each remaining year to a 4 year maximum of $45,000 for full-time students.**

• Easy access to funds - write a cheque or visit a BMO branch. And with a BMO Everyday Banking account, you can access your line of credit using your debit card, online banking, telephone banking or any ATM.

• Easy repayment – interest-only payment option while you are a student and for one year after graduation. Or, if you want, you can pay back all or part of your Student Line of Credit at any time with no penalty fees.

• Optional creditor life insurance

 

Are you eligible? You must be:

 

• A full-time student enrolled in a post-secondary school or university.

• A Canadian citizen or landed immigrant.

• Enrolled in a program that is offered at least 12 weeks and be taught on a full time basis (at least 20 hours of instruction per week).

• In a program that will lead to a diploma or certificate.

 

Apply for a BMO Student Line of Credit:

 

• Call 1-877-CALL-BMO (1-877-225-5266)

• Visit a BMO branch