The TD Canada Trust Student Line of Credit helps students cover the costs of tuition, books, living expenses, computers, etc. while studying at a university or community college.
- Full-time students can borrow up to $10,000 a year for four years to a maximum of $40,000, and part-time students are eligible for half that amount.
- Graduate students can qualify for an additional two years of funding to a maximum of $48,000.
- Students may qualify for additional funding in special programs such as:
- Interest rates are set monthly.
- Unlike a loan, you pay interest each month only on what you use and as you pay off the principal it becomes available again (no need to re-apply).
- After finishing or leaving school, TD Canada Trust Student Line of Credit offers a 12-month grace period, during which you pay interest only.
- After the grace period, pay the greater of $50 or 1% of the outstanding monthly balance. Each month, the
TD Canada Trust Student Line of Credit is accessible in conjunction with TD Canada Trust Value Plus Account (a 50% discount for students) — withdraw funds at Green Machine ABMs, in-branch or with no-charge Student Line cheques.
To qualify for a TD Canada Trust Student Line of Credit, you must be enrolled full-time or part-time at a recognized university or college and have either Canadian citizenship or landed immigrant status. You must also meet TD Canada Trust's normal credit criteria. (If under the age of majority in your province of residence or if the application does not meet TD Canada Trust's normal credit criteria, a co-signor will be required).
Sleep easier knowing your Line of Credit is protected with Line of Credit Life Insurance. With Line of Credit Life Insurance, you pay for this valuable coverage only when you need it - when you carry a balance on your Line of Credit.
1 Due to Quebec legislation, applications from Quebec residents cannot be accepted online or over the phone. Please visit any branch to apply.
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