Best for Students:
- In a university undergraduate program
- Attending college or trade school
- Graduate Programs
(Not covered as part of Professional Studies)
Features and Benefits
Here’s what comes with the Royal Credit Line for Students:
- A range of credit limits. Based on program of study, to help you meet your borrowing needs. Limits start at $5,000.
- Lower interest rates. Competitive interest rates as low as Prime Rate plus 1%Legal Disclaimer 4 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 need to start repaying the principal amount. In the meantime, you have 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 for you and your loved ones.Legal Disclaimer 6
- Co-signor is required.
- Study Abroad Program. Planning on an exciting studying experience in another country? We can help! Learn more here.
What You Need to Apply
Here’s what you need to provide when you apply for a Royal Credit Line for Students
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.
Student Banking Offers
RBC ION+ Visa
- Earn 3X Avion points for every $1 spent on groceries, food delivery, rides, gas, streaming, subscriptions, digital gaming and more.Legal Disclaimer1
- Enjoy 12,000 Avion pointsLegal Disclaimer 2 upon approval. Apply by November 30, 2022.
- No annual fee with an RBC Advantage Banking for students account.Legal Disclaimer 3
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.
(i) “Grocery Stores and Supermarkets” (MCC 5411), “Eating Places and Restaurants” (MCC 5812), “Drinking Places (Alcoholic Beverages) – Bars, Taverns, Nightclubs, Cocktail Lounges, and Discotheques” (MCC 5813), “Fast Food Restaurants” (MCC 5814), “are “Grocery, Dining, and Food Delivery Purchases”. Government liquor agencies and package stores that sell beer, wine, and liquor do not qualify as part of the “Drinking Places (Alcoholic Beverages) – Bars, Taverns, Nightclubs, Cocktail Lounges, and Discotheques” MCC;
(ii) “Service Stations (With or without Ancillary Services)” (MCC 5541), “Automated Fuel Dispensers” (MCC 5542), “Taxicabs and Limousines” (MCC 4121), “Local and Suburban Commuter Passenger Transportation, Including Ferries” (MCC 4111), “Electric Vehicle Charging” (MCC 5552) are “Rides, Gas & Electric Vehicle Charging Purchases”. Non-commuter passenger railway purchases and non-commuter bus line purchases do not qualify as part of “Rides, Gas & Electric Vehicle Charging Purchases”.
(iii) “Digital Goods Media – Books, Movies, Music” (MCC 5815), “Digital Goods – Games” (MCC 5816), “Digital Goods – Applications (Excludes Games)” (MCC 5817), “Digital Goods – Large Digital Goods Merchants” (MCC 5818), “Cable, Satellite and Other Pay Television/Radio/Streaming Services” (MCC 4899) are “Streaming, Digital Gaming & Subscriptions Purchases”. The “Digital Goods – Games” MCC does not include games of chance and gambling.
You will earn 1 Avion point for every $1.00 on all other purchases (including pre-authorized bill payments) you make on your RBC ION+ Visa credit card.
Even though some merchants may sell Grocery, Dining, Food Delivery, Rides, Gas, Electric Vehicle Charging, Streaming, Digital Gaming & Subscriptions merchandise, purchases made at these locations may not necessarily qualify as Eligible MCCs if the merchant is not classified as such by Visa. Also, you may make a purchase at a merchant that is not classified as an Eligible MCC but is located on the premises of a merchant that is classified as an Eligible MCC, in which case your purchase would not qualify as an Eligible MCC. We cannot guarantee that any merchant, operating in whole or in part as a Grocery, Dining, Food Delivery, Rides, Gas, Electric Vehicle Charging, Streaming, and Digital Gaming & Subscriptions merchant is classified as an Eligible MCC and in no event will we be liable or responsible for any claims with respect to a Grocery, Dining, Food Delivery, Rides, Gas, Electric Vehicle Charging, Streaming, and Digital Gaming & Subscriptions Purchase made at a merchant that is not classified as an Eligible MCC. Avion points are earned on net purchases only; they are not earned on cash advances (balance transfers, cash-like transactions and bill payments that are not pre-authorized charges that you set up with a merchant), interest charges or fees, and credits for returns and adjustments will reduce or cancel the points earned by the amounts originally charged.
To benefit from a rebate towards the annual fee of an Eligible Student Credit Card, you must: i) be approved for an eligible RBC Student Credit Card, ii) Open or Activate an Eligible Student Credit Card, and iii) be an Account owner of an Eligible Student Bank Account.
|Eligible Credit Cards||Annual Fee Rebate|
|RBC ION+TM Visa‡||$4 a month ($48 annually)|
|Signature® RBC Rewards® Visa||$39|
|Visa Cash Back Card||$19|
|WestJet RBC® MasterCard‡||$39|
Additional cardholders (co-applicants and authorized users) are not eligible for this offer. Only one credit card annual fee rebate per Eligible Student Bank Account is allowed. This means that if this is a jointly held Eligible Student Bank Account, and each co-owner is also the primary cardholder of an Eligible Student Credit Card, only the Primary Owner of the Eligible Student Bank Account will be entitled to the credit card annual fee rebate.
As a sole or joint owner of an RBC Signature No Limit Banking (SNL) account and the primary RBC ION+ Visa cardholder, the $4 monthly fee ($48 annually) of your RBC ION+ Visa card will be fully rebated, every month, as long as your eligible credit card remains in good standing and you remain an SNL account owner. Additional cardholders (co-applicants and authorized users) do not qualify for the annual fee rebate, even if they are also owners of an SNL account. Only one credit card annual fee rebate per SNL account is allowed. Other conditions and restrictions apply. Royal Bank of Canada reserves the right to withdraw this offer at any time, even after acceptance by you.
Two Student Royal Credit line cheques may be written during each monthly cycle without charge. A $2.00 Royal Credit Line Cheque Fee applies to each cheque thereafter. Refer to your Student Royal Credit Line Agreement for details.