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Making good use of financing products

Financial institutions provide students with financing tools especially designed for them. Find out all you can about them so you can make the most of their use.

Your first credit card

Using credit doesn't necessarily mean living beyond your means. To allow young people to build a good credit rating, financial institutions offer products designed with them in mind, such as credit cards with no annual fee and a low credit limit.

Taking control of your credit proves that you're responsible enough to manage your limits. You're better off going slowly to be sure that you're comfortable with the tool.

A second credit limit on your card?

This credit limit allows you to carry out projects by obtaining financing at a separate interest rate. This loan might be interest-free and have a longer grace period1. Reimbursement periods are flexible and you can make payments in equal monthly instalments over a period of up to 60 months. It is strongly recommended that you pay off the balance due by the end of the grace period so you avoid paying interest. This type of financing can also be useful if you need to borrow money temporarily before receiving your student loan. In that case, you must enter into an agreement with your caisse and repay your loan as if it's a personal loan with equal monthly instalments.

A line of credit gives you room to breathe

A credit line is another flexible financing tool that students can use under certain conditions.

When you're studying, you have a lot of expenses and not much income. It could be a useful tool to help you make ends meet when your summer savings, part-time job, loans and scholarships or the financial help you get from your parents just isn't enough.

A line of credit may be used to:

  • buy a computer or software
  • pay tuition fees, internship costs
  • pay transportation expenses

You should meet with your advisor to determine the proper amount of credit for your needs.

How does it work?

  • You receive the money as you need it.
  • While you're still a student, you only pay the monthly interest on the amount of money you have actually used. So, if you were granted a $3,000 line of credit but you only used $2,000, the interest will be calculated on the lower amount.
  • Once your studies are completed, the line of credit is converted into a personal loan at the interest rate in effect at that time for that type of loan. The first repayment on the capital may be postponed 6 months following your graduation.

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  1. Certain conditions and restrictions apply.

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