Student borrowing
A student line of credit is a flexible, affordable way to pay for school. Here’s how:
Easily access cash to help cover tuition, rent, books, etc.- Get a competitive interest rate with no annual or monthly fees
- Make interest-only payments while you’re in school, plus two years after graduation
Browse your line of credit options
Complete your post-graduate degree (e.g. law, pharmacy, MBA) with the help of flexible financing and customized credit limits.
The details:
- A range of credit limits available based on your program of study to help you meet your borrowing needs
- Low interest rate based on BMO’s Prime Rate plus 1% while you’re in school2
Designed with medical and dental programs in mind, these lines of credit feature enhanced credit limits.
The details:
- Borrow up to $350,0001 depending on your program
- Low interest rate based on BMO’s Prime Rate minus 0.25% while you’re in school2
Access your line of credit anytime, anywhere
With our mobile banking app, you can quickly check your balance, plus transfer money whenever you need to.
Student line of credit Frequently asked questions
Student loans are only offered by the federal or provincial governments. A bank can also offer you a personal loan to use for school expenses. With a loan, you pay interest on the full amount you are given.
A student line of credit from a bank gives you access to a set amount of money you can borrow as needed – and you’re only charged interest on what you borrow. For example, if you have a $15,000 line of credit and only borrow $5,000, you’re only charged interest on the $5,000.
Interest is calculated on your daily balance and charged monthly to your account.
Yes, they can – and it’s good to keep this in mind. For lines of credit, your interest rate is a variable interest rate and will change without advance notice whenever BMO's Prime Rate changes or otherwise with notice in accordance with the terms of your Student Line of Credit agreement.
The BMO Prime Rate – also known as the prime lending rate – is the annual rate we use to set variable interest rates for our loans, lines of credit and mortgages. The actual rate you’ll get on your loan or line of credit is based on many factors in addition to the Prime Rate. These include how much you’re borrowing, your credit history and if you’re using collateral. You can see our current Prime Rate here.
If you stay in school beyond your expected graduation date, we may ask you to provide proof of continued enrolment to keep your Student Line of Credit active. Just book an appointment and bring along a supporting document that shows you’re currently enrolled in a full-time post-secondary program. Have questions? Feel free to contact us and we can help.
Helpful lending tips and advice
Your must-have guide to applying for a loan
Thinking of getting a loan or line of credit? Here’s what you need to know before you apply.
How to improve your credit score
It may not always feel like you have the power to improve your credit score, but you can do it with the help of these tips.
How to get approved for a personal loan or line of credit
Looking to make a large purchase or consolidate debt? Increase your chances of getting approved.
Have more questions?
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Footnote dagger details Contingent upon the account being in good standing and the customer abiding by all applicable policies and procedures as per the product agreement
Footnote 1 details Approval and credit limit are subject to meeting BMO's usual credit requirements. Must be a Canadian citizen or Permanent Resident enrolled in a Canadian or non-Canadian post-secondary school or university. Co-signer may be required. Subject to credit availability and verification of identity. Borrowing limits and repayment time are determined by the type of program.
Footnote 2 details While you are attending the academic program identified in connection with your Student Line of Credit Agreement (the “Agreement”), your interest rate will only change with a change to the Prime Rate. After graduation, your interest rate may change in accordance with the terms of the Agreement.