Student Advantage Line of Credit

Quick facts

Main feature: line of credit for students
Credit limit: contact an advisor at a branch
Interest rate: attractive rate during your studies
Payment schedule: pay only the interest during your studies

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Who should get this loan?

Students who want to meet their financial needs during their studies, if they do not qualify for government financial aid or if it is not enough to cover their educational costs. This line of credit is reserved for full-time and part-time¹ vocational, college, CEGEP and university students, of any age.

Features


Interest rate	During your studies: variable rate. After graduation: fixed rate, lower than the rate for a personal loan.

Amount available	Credit limit based on your situation and your level of study. If you are studying part-time, the maximum amount granted is equivalent to 50% of the maximum limit for full-time students. See How much can I afford?

Repayment	While you are still a full-time secondary vocational, vocational, CEGEP or university student, you pay only interest on the borrowed amount. Option to pay interest only on your loan for the first 6 months following your graduation. Loan payment frequency: monthly. No prepayment penalties: Pay off your loan at any time during your studies without being charged extra fees.

Loan term	Up to 5 years for vocational school, college and CEGEP students. Up to 10 years of university students.

Possible uses	Tuition, entrance fees and expenses. Work study program charges. Books, school supplies, computer² or special training equipment. Living (food, housing) and transportation expenses.

Other	Additional financing can be granted for certain programs of study that require major expenses (books, equipment, etc.). Line of Credit Insurance (life and disability) available. See Line of Credit Insurance. Life insurance is required to get a Student Advantage Line of Credit. If you do not have life insurance, you can take out Desjardins Line of Credit Insurance. Find out more about Line of Credit Insurance.

How much can I afford?

A branch financial advisor will work with you to determine the amount of the line of credit you can borrow.

Level of study	Maximum limit
	Annual	Overall
Vocational training (1 year of college in Ontario)	$5,000	$5,000
College (2 or 3 years of study)	$5,000	$15,000
Undergraduate university studies (4 years)	$10,000	$40,000
Graduate university studies (master's or doctorate)(2 years)	$10,000	$20,000

Did you know?

Desjardins can help you make the most of school and finances by allowing you to combine a Student Advantage Line of Credit with a VISA Desjardins FOR STUDENTS ONLY card.




	By phone	Call 1-888-283-8333


	At the branch	Make an appointment with an advisor at a branch.

Subject to approval by the credit department. A principal and interest payment is due for part-time students. Certain conditions apply.
A one-time amount of $3,000 may be added for the purchase of a computer. Undergraduates in Ontario must have a guarantor.