Student line of credit

To be eligible for a student line of credit, you typically need to be enrolled in a post-secondary institution and meet certain financial and credit requirements. A co-signer, like a parent or guardian, may be required if you have limited credit history. Other factors, such as your program of study and future earning potential, may also be considered.

The amount you can borrow with a student line of credit depends on factors like your program of study, financial situation, and whether you have a co-signer. BCU Financial allows to borrow up to a maximum of $5,000 per year to cover the cost of tuition, books or living expenses. Typically, credit limits are set based on annual education costs and may increase each year as you progress in your studies. It’s best to speak with our Financial Services Officers to assess specific borrowing limits and eligibility for you.

While you’re in school, you may only need to make interest payments on your student line of credit. After graduation, there’s usually a grace period before you start repaying the principal, and then you’ll have fixed payments over a set period. You can also make extra payments anytime to reduce your balance faster.

At this point, BCU doesn’t offer student lines of credit to part-time students.

Yes, interest is charged on a student line of credit, but you only pay interest on the amount you use, not the full credit limit. While you’re in school, you may only need to make interest payments, with full repayment starting after graduation. Interest rates are usually lower than regular credit lines, but it’s good to check the specific terms before applying.

While you’re in school, you typically only need to make interest payments on your student line of credit. After graduation, there’s usually a grace period before you start repaying the principal. It’s good to check your agreement for your agreed terms.

You can typically keep your student line of credit open while you’re in school and during a grace period after graduation. After that, it may be converted into a regular line of credit or a loan with a structured repayment plan. The exact timeline depends on your specific agreed terms.