A Student Line of Credit (Bank Loan)
Many financial institutions offer student lines of credit or bank loans. A student line of credit gives you access to an agreed-upon amount of money, which you can withdraw as you need it. Interest is paid only on the money you withdraw. Banks loans for students allow you to borrow an agreed-upon amount of money, but you pay interest on the entire amount.
Two drawbacks make these types of assistance less attractive to students:
- Bank loans and lines of credit require that you start paying interest right away. With government student loans, the interest is paid for you until you are finished school.
- Banks often require a co-signer before you can take out these loans. This person could be a parent or other guardian, who will ultimately be responsible for paying back the loan if you are unable to. This will also affect the co-signers ability to receive a loan should they require one—particularly if a payment is missed.
If you decide to take out a bank loan or line of credit, keep these things in mind:
- Shop around at different banks. Find the one that offers the best package for you.
- Ask your preferred bank to match your best offer from a competitor.
- Ask for a detailed explanation of the loan terms-make sure that you understand how your loan works and how you are expected to repay it.
- Negotiate the terms of your loan to receive the best interest rate available-often much lower than what the institution first offers.
Banks and Financial Institutions
- Bank of Montreal
- Royal Bank (RBC)
- Scotiabank (Bank of Nova Scotia)
- TD Canada Trust (Toronto Dominion Bank)
- Credit Unions in Manitoba
- Citizen Bank of Canada
- Hong Kong Shanghai Bank of Canada (HSBC)
Other Awards, Bursaries, Fellowships, Grants, Scholarships and Free Stuff
There are many scholarships, bursaries and awards that exist which can help you reduce your education costs. Below find some websites that can help you finance your education.
Find out what scholarships and awards you may be eligible for with this very helpful free search engine.
An excellent free scholarship search engine to help match you up with potential scholarships and awards.
- Canada Millennium Scholarships
A great source of non-repayable funding including the bursaries which make up 95% of the awards given out and excellence awards which make up the remaining 5%. Contact the Admissions Department for more information.
- International Student Identity Card (ISIC)
A great deal if you are travelling, the card gets you deals on anything from transportation to museums. This card is worth it if you plan to travel.
- Hostelling International Canada (HI-Canada)
If inexpensive travel is your goal, a hostelling membership is a great ticket to cheap accommodation in over 60 countries, as well as discounts on other attractions worldwide.
- Students and Credit Cards