A line of credit is a type of loan that lets you borrow money as needed to a pre-set limit. You can borrow money from a line of credit, pay it back and then borrow again, up to your credit limit.
While studies through CPAWSB do not qualify for the government student loans, getting a bank line of credit might be an option. The interest rates on lines of credit may be lower than the rates offered on government student loans. But the difference is that you’ll have to start paying interest as soon as you borrow money from a line of credit. With a government student loan, you’ll only start paying interest once you finish your program or leave school.
Contact your financial institution for more details about getting a line of credit or consider the following Canadian major banks:
- RBC (Royal Bank of Canada)
- CIBC (Canadian Imperial Bank of Commerce)
- BMO (Bank of Montreal)
- TD (Toronto Dominion)
- Scotiabank (Bank of Nova Scotia)
Some additional tips on getting a student loan can be found here.
An employer applies on behalf of their employee(s) for eligible training costs. You must discuss your eligibility with your employer. For more details, please visit the grant websites of your province.