142 South Algoma Street
Thunder Bay, ON P7B 3B8

Phone: (807) 345-7612
Email: info@baycreditunion.com

baycreditunion.com/

Student Line of Credit

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A Student Line of Credit makes it easier to manage your finances during schooling. Students can make interest-only payments on the amount drawn for up to 6 months after you graduate.  After that, your Student Line of Credit becomes a loan with flexible repayment options and no penalties for lump-sum payments.

Money bag.jpgHow much can you borrow?

Borrow just what you need, when you need it.

  • Up to $15,000 in the first year
  • Up to a maximum of $60,000 in four years

money circle.jpgLower borrowing costs

  • We offer low, competitive variable interest rates with only interest payments on what you borrow, no fees or strings attached
  • Interest only payments while you are in school and 6 months after graduation; after that the repayment of principle starts

student loan.jpegEligibility

  • Full or part-time student enrolled in a post-secondary school
  • Enrollment in diploma or certificate program
  • Program is offered at least 12 weeks and taught on a f/t basis (20+ hours of instruction per week)
  • Canadian citizen Permanent Resident
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Find a co-signer (usually a parent or close relative). A Co-signer agrees to take over your payments in the event you cannot keep up with payments

Book an appointment!

Come in with your cosigner and speak with one of our lending experts. 

We will review your situation and come up with a line of credit that works for you!

Access your money in branch, online, or using the MyBayCU mobile banking app!

AdobeStock_92800829.jpegWhat do I need before I apply?

  • Your government issued ID
  • Your proof of enrollment at an eligible post-secondary school
  • Co-signers government issued ID
  • Co-signers proof of employment (i.e. letter from employer or recent pay stub)
  • Cosigners recent T4 slips and tax return with corresponding Notice of Assesment

Start your Application