Need something more flexible than a student loan? Consider the Royal Credit Line® for Students.
If you're a student—or the parent of a student—and need an easy and flexible way to borrow money for tuition, books and more, the Royal Credit Line for Students can help.
Unlike a traditional student loan, where you borrow all the money up-front, the Royal Credit Line for Students lets you access a specific amount of money each year. You can use all or a portion of the funds in the credit line at any time—and you can reuse it as soon as you repay what you've borrowed. This makes it easier to manage your debt and can even help reduce your interest costs. Plus, it costs nothing to set it up!
You are on: Features and Benefits
Features and Benefits of the Royal Credit Line for Students
- Flexible limits. Credit lines+ start at $5,000 for undergraduates and $10,000 for postgraduates. If you are pursuing a professional degree , you can apply for the Royal Credit Line for Students – Professional Designation, which offers $40,000 to $150,000, based on the degree.
- Lower interest rate. Competitive interest rate of Prime Rate +1%(1).
- No annual fee. There is no annual service fee or cost to set up your line of credit. Plus, there's nothing to repay if you don’t use the credit line.
- Easy to access. Make withdrawals at any RBC® ATM or branch; write a cheque; or use online, mobile or telephone banking to transfer money.*
- Easy to repay. As long as you're in school part–time, you only have to pay the interest owing each month. After graduating, you have up to 12 months before you have to start repaying the principal you've borrowed. We will set up a fixed payment schedule to help you repay your loan.
- Use your credit again and again. The Royal Credit Line for Students is different than other student loans. 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. Once you apply, you never have to apply again. You can borrow all or any of it, at any time—and you can reuse any of it as soon as you repay it as long as your account is in good standing.
- Optional LoanProtector® Insurance. Designed to provide financial backup during difficult times, LoanProtector Life and Disability Insurance provides low-cost, valuable protection to you and your family.
You are on: Which Student Line of Credit is Right for You?
Which student line of credit is right for you?
While many of the features and benefits of the Royal Credit Line for Students and the Royal Credit Line for Students - Professional Designation are the same, there are some differences. Compare your options below to see what’s right for you:
- The Royal Credit Line for Students is for undergraduate or postgraduate students attending an accredited college or university. Credit lines start at $5,000 per year for undergraduates and $10,000 per year for postgraduates. A prior credit history or co-signor will be required.
- The Royal Credit Line for Students – Professional Designation is for students pursuing select professional degree . Depending on the degree, you're likely to have costlier tuition fees and course materials than other students. When you graduate, your skills will be sought after—and your earnings potential will reflect that fact. In recognition of both your needs and potential, this credit line offers you a much higher credit limit—$40,000 to $150,000, depending on your degree. Due to the nature of your studies, a co-signor is generally not required.
- The RBC Plan for Medical & Dental Students is a special banking and credit package designed exclusively for students who are accepted into an accredited medicine or dentistry faculty at a Canadian university. It includes up to a $250,000 student line of credit at prime(2), with no restrictions on how much you can borrow annually.
Apply for a Student Line of Credit
+ Subject to credit approval. Some conditions apply.
* Account fees may apply. Transaction fees for bill payments and fund transfers may apply. Online, mobile and telephone banking are provided by Royal Bank of Canada.
1) Subject to change.
2) Subject to credit approval.