A student line of credit gives you flexible access to funds to help cover the cost of post-secondary education.
Instead of receiving a lump-sum loan, you can borrow what you need throughout the school year and manage repayments over time.
Flexible financing for your education
Flexible borrowing to help cover education costs
while you focus on your future.
Student Lines of Credit
A Mainstreet student line of credit helps cover tuition, books, and living expenses while you focus on your studies, with flexible repayment options and guidance from a local advisor.
The benefits of a student line of credit
Flexible access to funds
Borrow up to your approved limit and use the funds when you need them during the school year.
Interest only on what you use
Interest is charged only on the amount you borrow, not your full credit limit.
Pay at your own pace
Make payments that fit your budget while you're studying, with the flexibility to repay faster if you choose.
Convenient and reusable
As you repay your balance, your available credit is restored and ready for future expenses.
A student line of credit gives you flexible access to funds to help cover the cost of post-secondary education.
Instead of receiving a lump-sum loan, you can borrow what you need throughout the school year and manage repayments over time.
Explore our student and youth banking options
Explore our student and youth banking options, including chequing accounts, credit cards, savings, and tools designed to help you manage your money with confidence.
Choosing the right line of credit
Mainstreet offers personal and student lines of credit. Both offer a flexible way to access credit, so you can move forward with confidence.
|
Student Line of Credit |
Personal Line of Credit |
|
|---|---|---|
|
Purpose |
Tuition, books, and living expenses while attending post-secondary education |
Everyday expenses, short-term cash flow needs, or smaller projects |
|
Credit limit |
Up to $15,000 per year for full-time studies and $7,500 per year for part-time studies, with a maximum of $60,000 per student |
$5,000–$40,000 depending on qualifications |
|
Availability of funds |
Transfer funds from your line of credit to your bank account as needed |
Transfer funds from your line of credit to your bank account as needed |
|
Required payments |
Interest-only while studying. Principal and interest repayments begin within 12 months after leaving school |
Interest-only minimum payments based on your outstanding balance. No fixed repayment term while the line of credit remains active. |
|
Security |
Unsecured |
Unsecured - Approval is based on your credit profile |
|
Student Line of Credit |
Personal Line of Credit |
|---|---|
|
Purpose |
|
|
Tuition, books, and living expenses while attending post-secondary education Everyday expenses, short-term cash flow needs, or smaller projects |
|
|
Credit limit |
|
|
Up to $15,000 per year for full-time studies and $7,500 per year for part-time studies, with a maximum of $60,000 per student $5,000–$40,000 depending on qualifications |
|
|
Availability of funds |
|
|
Transfer funds from your line of credit to your bank account as needed Transfer funds from your line of credit to your bank account as needed |
|
|
Required payments |
|
|
Interest-only while studying. Principal and interest repayments begin within 12 months after leaving school Interest-only minimum payments based on your outstanding balance. No fixed repayment term while the line of credit remains active. |
|
|
Security |
|
|
Unsecured Unsecured - Approval is based on your credit profile |
|
Open a line of credit today
Get personalized guidance from a Mainstreet advisor to help you choose the right line of credit.
