Professional Student Line of Credit
When you’ve taken your post-secondary education to the next level, this line of credit helps cover costs, so you can focus on your studies.
Know what you want?Apply online now.
About the Professional Student Line of Credit
How much you can borrow footnote 2
Apply once and you’re covered for the length of your program. footnote 3 Borrow just what you need, when you need it. footnote dagger
- Credit limits range from $1,000 up to $175,000 depending on your program and borrowing needs
Lower borrowing costs
Enjoy a variable low-interest rate based on BMO’s Prime Rate plus 1% footnote 1 while you’re in school.
Pay interest only on what you borrow, with no annual or monthly fees. Plus, you can take advantage of interest-only payments while at school and for two years after graduation and after that repayment of principal starts.
Eligibility footnote 2
- Enrolled in an accredited professional education program, for example:
- Accounting
- Chiropractic
- Clinical Psychology
- Computer Science
- Engineering
- Law
- MBA
- Occupational Therapy
- Optometry
- Pharmacy
- Veterinary Medicine
- Canadian citizen or Permanent Resident
Tip: With a line of credit, you’re only charged interest on the amount you borrow. So, in your first year, if you have a $20,000 line of credit and borrow $10,000, you’re only charged interest on the $10,000.
How to apply for a Professional Student Line of Credit
Book an appointment at a BMO branch to talk with a lending expert.
Come in, bring the documents below and let’s talk about what can work for you.
We’ll review your situation and come up with a line of credit plan for you.
Access your money at a BMO branch or with line of credit cheques. footnote 4 If you have a BMO chequing account, use your line of credit via online or mobile banking.
Let’s do this! What do I need before I apply?
Government-issued photo ID- Proof of enrolment at an eligible post-secondary school
- Your proposed budget showing that you’ll need financing
For full details on what to bring, check out What to bring to a borrowing appointment.
Professional Student Line of Credit F A Qs
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.
This will depend on whether you’re still in school or you’ve graduated. While in school and for two years after graduation, you’ll make interest-only payments on the amount you borrow. After that, a set repayment schedule will take effect.
Take a look at our full repayment schedule for how it works.
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. 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 BMO's Prime Rate. After graduation, your interest rate may change in accordance with the terms of the Agreement.
- Footnote 2 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 3 details. Subject to the terms of your Professional Student Line of Credit Agreement.
- Footnote 4 details. Convenient access to funds, anytime, up to your credit limit through a branch or Line of Credit cheques. Applications and the amount you can borrow are subject to meeting BMO’s usual credit criteria.