This line of credit is for you if you want:

• Access to funds while attending an accredited Canadian university or college, and for 12 months after graduation (or 6 months if you leave your program without graduating)

• To pay interest only on the amounts you actually use while you are in school, and the year following your graduation or residency

• Up to $40,000 throughout the program as a full-time or part-time student

• A $15,000 yearly limit as an full-time undergraduate student or a $7,500 yearly limit as a part-time undergraduate student, provided you complete your degree within 10 years

• No yearly limit as a graduate student, only the program cap of $40,000

 

Other line of credit details:

• Your CIBC branch can set up automatic payments for you

• Deposits made to your Education line of credit are considered payments and are applied to the principal

• Withdraw money from your ELC at any CIBC bank machine or anywhere you see the INTERAC* symbol, using your CIBC debit card

• Access your money, or transfer money and make payments on your line of credit from CIBC branches, bank machines, telephone banking, online banking and mobile banking.

 

Repayment options upon graduation:

• A year after graduation (or 6 months without graduating) the ELC can be converted to a personal loan or remain a line of credit - the choice is yours

• You can spread your line of credit payments out (up to 20 years), making your monthly payments more manageable

• Pay off all or part of the loan at any time without penalty