Pursue your passion!
As a student pursuing a post-secondary education, trade, or professional designation, you have a lot of things to think about!
Where to live, what transportation you’ll use, and how to manage your course load. When it comes to financial matters, we can help to take a load off. A student line of credit or professional line of credit, selecting the right credit card for your pocket, or making sure you have a chequing and savings account to meet your needs, are products that can help.
Student Line of Credit
Applicant must be a Canadian citizen or a landed immigrant and enrolled in a post-secondary level course leading to a degree, diploma, or certificate, studying on a full-time or part-time basis.
To cover disbursements for education purposes, including tuition fees, books, school residence, food, lodging, public transportation, purchase of computer and related equipment and software.
- $1,000 to $10,000 per academic year.
- Variable rate at Prime plus 1%
- While attending school, the student/ co-signer must make payment of accrued interest monthly by pre-authorized transfer from an SVCU account.
- Upon graduation, the Student Line of Credit will be converted to a demand loan (of a maximum 10-year term) repayable by the student/co-signer in monthly installments, with payments commencing within 12 months.
At the time of application, we require:
- a budget of income and expenses to be used to finance each year of education; and
- in the final school year, a budget projecting income and expenses after graduation.
- Annually, Swan Valley Credit Union requires written confirmation of enrollment or acceptance from the institution where the student is enrolled.
- Confirmation is also required within 60 days of the official start date of the academic program each year, until graduation or termination of studies has been confirmed.
Students may need the financial backing of a co-signer in order to meet all standard credit requirements.
Professional Line of Credit
- Medical Line of Credit (Medical Doctor/Dentistry) Up to $50,000 annually with a maximum credit limit of $200,000.
- Professional Designation Line of Credit. Designations that qualify up to $20,000 Annually with a maximum credit limit of $80,000
- Accounting (CA, CGA, CMA)
- Masters of Business Administration (MBA)
- Veterinary Medicine
Approval of financing for these requests will be subject to approval, up to $15,000 annually to a maximum of $60,000.
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