If you need an easy and flexible way to borrow money, the Royal Credit Line® for Students can help.
Unlike a traditional student loan, where you have to borrow all the money up-front, the Royal Credit Line® for Students gives you access to a specific amount of money each year1. You can borrow all or any of it, at any time—and you can reuse any of it as soon as you repay it.
|Royal Credit Line for Students|
|Credit Limits||Undergraduate: Starting at $5,000 per year
Postgraduate: Starting at $10,000 per year
Professional degree: $40,000 to $150,000, depending on the degree
|Interest Rate||Prime Rate + 1% (subject to change)|
|Benefits||No charge unless you use it
You only pay interest on the amount outstanding, while you are a student.
Easy to access
Make withdrawals from any RBC Royal Bank ATM machine, write a cheque or use online, mobile or telephone banking to transfer money.
Easy to repay
As long as you're a full– or part–time student, you only have to pay the interest owing each month. If you haven't used your credit, there's nothing to pay.
After graduating, you have up to 12 months before you are required to repay any of the principal you've borrowed. We will set up a fixed payment schedule to help you repay your loan.
You can apply online today or talk to a credit specialist first. If your credit history is limited, or your income is not enough for you to make regular payments, a co-signor will be required.
1) Subject to credit approval.