Topic: Personal finance How to make a budget: A step-by-step guide
Student line of credit
Quickly access funds to help you cover costs related to your studies.
To apply or learn more, contact our Youth Advisory Department.
What is a student line of credit?
A student line of credit is geared toward vocational, college/CEGEP and university students.
The student line of credit can be used on its own or in addition to the student loan offered by Quebec’s Student Financial Assistance (AFE).
Benefits of the student line of credit
Support
We’re here to answer your questions and ensure that your financing meets your needs throughout your studies.
Quick access to funds
If you’re a member, you’ll have quick access to your money once you get credit approval. It’s just a phone call away.
Financing based on your field of study
Get a competitive variable rate and credit limit based on your needs and your field of study.
Flexible payments
While you’re a student, you can repay just the monthly interest on the principal used on your line of credit.
Eligibility
To be eligible, you must:
- Be a full- or part-time student
- Be 18 years or older or have an adult co-signer
- Be a Canadian citizen or permanent resident and live in Quebec or Ontario
- Be enrolled in an educational institution recognized by the Government of Quebec External link. or by the Government of Ontario External link.
Not eligible for the student line of credit?
We have other options. You can apply for a Personal Line of Credit or a personal loan to help you pursue your studies.
Rates and limits by field of study
The amount and interest rate on your student line of credit depend on your level and field of study. If you need more funds, you can apply to increase the amount, up to the annual and maximum credit limit set for your studies. The rate on the line of credit ranges from 4.7% to 5.95%. Contact us to see which rate applies to your situation.
Healthcare
| Field of study | Maximum credit limit |
|---|---|
| Audiology | $80,000 |
| Chiropractic care | $100,000 |
| Dentistry | $350,000 |
| Medicine | $350,000 |
| Midwifery | $80,000 |
| Nursing (undergraduate only) | $80,000 |
| Occupational therapy | $80,000 |
| Optometry | $150,000 |
| Pharmaceutical studies | $150,000 |
| Pharmacology | $100,000 |
| Physiotherapy | $80,000 |
| Podiatry | $150,000 |
| Psychology | $80,000 |
| Speech therapy | $80,000 |
| Veterinary medicine | $150,000 |
Law and administration
| Field of study | Maximum credit limit |
|---|---|
| Accounting (CPA) | $100,000 |
| Actuarial science | $100,000 |
| Administration (BA) | $60,000 |
| Administration and management (MSc) | $100,000 |
| Business administration (MBA) | $100,000 |
| Law | $100,000 |
Science
| Field of study | Maximum credit limit |
|---|---|
| Architecture (undergraduate and graduate) | $100,000 |
| Engineering | $100,000 |
| Information technology | $60,000 |
Other fields and levels of study
| Field or level of study | Maximum credit limit |
|---|---|
| Airline or helicopter pilot training (ACS) | $80,000 |
| Airline or helicopter pilot training (DCS) | $120,000 |
| College/CEGEP (1 year) | $7,500 |
| College/CEGEP (2 years) | $15,000 |
| College/CEGEP (3 years) | $22,500 |
| Professional (1 year) | $5,000 |
| Professional (2 years) | $10,000 |
| University (certificate, 1 year) | $15,000 |
| University (master and PhD, 2 years) | $30,000 |
| University (undergraduate, 4 years) | $60,000 |
How does a student line of credit work?
While you’re in school
- Once a month, we withdraw only the interest on the principal you’ve used. This amount is taken from your everyday account. If you don’t have enough at the time of withdrawal, we’ll debit the amount from your line of credit. Make sure you have enough funds each month to avoid default.
- If you’re able to start repaying your principal, you’ll pay less interest in the long run. In addition, the amount you’ve repaid becomes available again on your line of credit if you need it.
- If you feel like you need to change your line of credit amount during your studies, you can always ask for a reassessment.
Once you’ve finished school
- Once you’ve finished your studies, you have up to 2 years to start paying back the principal on your student line of credit.
- After these 2 years, the balance is converted into a personal loan or personal line of credit, subject to credit approval.
- You then pay back your loan or line of credit under the terms of the new contract.
Applying for a student line of credit
Step 1 You’ll need proof of enrollment that has your name, field of study and student status (full or part time). This could be a transcript, schedule or progress report.
Step 3 Tell us your needs and consider getting Line of Credit Insurance to protect your loan.
Tools to guide you
Find your borrowing solution
Have a project that'll cost at least $1,000? Use our tool on AccèsD to help you choose the financing that's right for you.
Student profile
Keep your Student profile up to date on AccèsD to get product and service offers based on your field of study.
Your budget
Get a clear picture of your income and expenses with the Your budget tool. It can help you set your priorities and plan for unexpected expenses so you can reach your financial goals.
A helping hand for your studies
Youth offer
Get our everyday account with a free monthly plan if you’re 18 to 24, or if you’re 25 to 30 and studying full time.
Scholarships
Apply for a Desjardins Foundation scholarship.
FAQ
What is the difference between a student line of credit and a personal line of credit?
Our personal line of credit gives you a set amount based on your needs, financial situation and ability to repay. It has a variable interest rate based on the prime rate, the set amount and other criteria.
Our student line of credit gives you access to a set amount if you pursue vocational, college/CEGEP or university studies at an eligible institution. It also has a variable interest rate, but it’s lower than that on a personal line of credit. The rate and set amount depend on your needs and field of study.
I want to study abroad. Can I get a student line of credit?
Yes, you can get a student line of credit to study abroad if the institution is recognized by the government.
I’m an international student. Can I get a student line of credit?
No, you must have Canadian citizenship or permanent residence and live in Quebec or Ontario to get a student line of credit. Contact an advisor to see what options are available.
Am I eligible for the student line of credit regardless of what school I go to?
No, certain schools are not eligible for the student line of credit. Non-eligible schools are usually private schools, like beauty or massage schools. Contact an advisor to see if your school is eligible.
Apply for a student line of credit
By phone
Monday to Thursday: 8:30 AM to 7 PM
Friday: 8:30 AM to 5 PM
We can also call you when it’s convenient.
Tips for managing your finances
- Topic: Loans and borrowing Juggle your credit, savings and education like a boss
Step 2 Contact our Youth Advisory Department.