Financing Your Education

The Royal Credit Line^® for Students features one of the lowest interest rates available — just our Prime Rate + 1% (subject to change). Working with you, we'll establish the credit limit that's right for you:

• Limits starting at $5,000 per year for Undergraduate Students
• Limits starting at $10,000 per year for Postgraduate Students

Together with a personal banker, you'll look at your expected expenses while at college or university. Then we'll set a credit limit for each year, to make sure you have access to the funds you need.

You're in Charge

The Royal Credit Line for Students is a different type of student loan. It's a revolving line of credit, which means that instead of taking all the money up-front, you arrange to have an amount of money available to you each year. That's your credit limit. You can borrow all or any of it, at any time — and you can reuse any of it as soon as you repay it.

There's No Charge Unless You Use It

There's no cost when we set up your Royal Credit Line for Students — and no cost until you use it. You only pay interest on the amount outstanding, while you are a student.

Easy to Access, Easy to Use

You don't have to visit the bank or reapply whenever you need money. Simply make a withdrawal from any RBC Royal Bank ATM machine, write a cheque or use Royal Direct Telephone or Internet Banking to transfer funds.

Easy to Repay

As long as you're a full or part-time student, the only requirement is that you pay the interest owing each month. Remember, if you haven't used any of your credit, there's nothing to pay.

After you graduate, you'll have up to 12 months before you are required to repay any of the principal you've borrowed. We will then set up a fixed payment schedule to help you repay your loan as quickly and conveniently as possible.

A Great Way to Establish a Credit Rating

Financial institutions and other companies that extend credit will check your personal credit rating before approving you for new credit. The Royal Credit Line for Students helps you establish yourself as an individual who uses credit responsibly.

It's Easy to Apply

Working with a personal banker, you'll decide on your credit limit, based on your needs, your ability to repay and whether or not you want to use personal assets to secure some or all of your credit line.

Keep in mind that if your credit history is limited, or your income is not enough for you to make regular payments, a co-signor will be required.

Note: applications are subject to credit approval.

Here's What You Need

• Confirmation that you are enrolled at a Canadian post-secondary educational institution
• An estimate of your education costs (including tuition, supplies, fees, accommodations, food, travel, etc.)
• A list of your financial resources (including savings, bursaries, summer employment, etc.)

If you're pursuing one of a select range of degrees, you're likely to require more credit as you work towards your professional designation. Find out about the Royal Credit Line for Students — Professional Designation

Protect Your Dreams

Whether your dream is a new car, vacation or home renovation, it's important to protect it from the unexpected. LoanProtector^® Life and Disability Insurance offers just the solution. Designed to provide financial back up during difficult times, it provides low-cost, valuable protection for you and your family.