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Student Line of Credit

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!


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 (opens new window) , you can apply for the Royal Credit Line for Students – Professional Designation, which offers $40,000 to $150,000, based on the degree. Additionally, the RBC Plan for Medical & Dental Students is a customized banking solution designed exclusively for Canadian Medical and Dental students, offering up to up to a $275,000 student line of credit at prime(2).
  • Lower interest rate. Competitive interest rate of Prime Rate (opens new window) +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 or critical illness insurance provides low-cost, valuable protection to you and your family.

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