Features and Benefits
Features and Benefits of the Royal Credit Line® for Students
- Flexible credit limits that meet your borrowing needs.
- Lower interest rates. Competitive interest rates as low as Prime Rate minus .25%(1)disclaimer based on program of study, budget and qualifications.
- More time to repay. After you’ve finished school, you have up to 2 years before you have to start repaying the principal amount with full access to your credit line
- 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 loved ones
What You Need to Apply
To apply for the Royal Credit Line for Students you will need to provide:
Confirmation that you are enrolled at a Canadian post-secondary educational institution
- Invoice or receipt of payment for tuition
- Proof of enrolment letter from the Registrar’s Office
- Registered Education Savings Plan Verification of Enrolment Form
- Course schedule
- An estimate of your education costs (including tuition, supplies, fees, accommodations, food, travel, etc.) Get started with our Student Budget Calculator.
- A list of your financial resources (including RESPs, scholarships/bursaries, government funding, summer employment, etc.)
- Proof that you are a Canadian citizen or landed immigrant
Note: Applications are subject to credit approval. If your credit history is limited, or you are studying at an educational institution outside of Canada, a co-signor may be required.
Talk to a Credit Specialist Today
Your Credit Specialist can sit down with you one-on-one to help you create a secure financial future.