Student Line of Credit
At A1 Global College, we understand the importance of financial assistance in pursuing higher education. Our financial aid program, in collaboration with the Financial Consumer Agency of Canada, provides students with an opportunity to access a student line of credit.
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What is a Student Line of Credit?
A student line of credit is a flexible way to fund your education. Unlike traditional student loans where you get a lump sum, a line of credit allows you to borrow funds up to a pre-set limit, as and when you need them. This ensures you only pay interest on the amount you use. It can be used for tuition, books, and daily expenses such as food and transportation.
Application Process
Step 1.
Eligibility: Full-time or part-time students at recognized Canadian post-secondary institutions.
Step 2.
Documentation: Proof of enrollment and potentially other financial information.
Step 3.
Co-signer: You might need a parent or guardian to co-sign your application.
Step 4.
Application Modes: Online, over the phone, or in-person.
Step 5.
Credit Limit: Determined based on your program, school, living expenses, and credit history.
Consider opting in for Credit Insurance
Though not mandatory, students have the option to opt for credit insurance. This can cover payments in unforeseen circumstances such as illness, accident, or job loss.
Accessing Funds Once approved, funds from your student line of credit can be accessed through:
- Financial institution branches.
- ATMs
- Online, mobile, or telephone banking
- Cheques (where applicable)
Repayment Terms Interest payments are required during your study. Post-graduation, you get a grace period, typically 6-12 months, after which you start repaying the principal along with the interest.
Alternative Financial Aids Before considering a student line of credit, explore other funding options like savings, scholarships, grants, bursaries, or part-time jobs. The Government of Canada, as well as provincial or territorial governments, offer various scholarships and grants.
Know Your Rights A1 Global encourages students to fully understand their rights and responsibilities when securing a line of credit. Ensure that you’re aware of all terms and conditions before signing any agreements.
For further details, we recommend consulting our financial aid office or checking out the resources available through the Financial Consumer Agency of Canada.