Student Lines of Credit

Use only the funds you need, when you need them, up to your approved credit limit to pay for tuition, books, living expenses, and other education-related expenses.

Student lines of credit are different from traditional loans because, once approved, you only take out what you need, when you need it, as many times as you want (up to your credit limit). And, you pay interest only on the funds that you use.

Learn more about:

• Student Line of Credit
• Professional or Medical Student Lines of Credit

Student Line of Credit

• Eligibility: Any full-time or part-time student that is a Canadian citizen or landed immigrant entering any year of post-secondary education at a Canadian or non-Canadian university, college or any other registered post-secondary institution such as a vocational school. The program you are enrolling in should:
  • Be at the post-secondary level.
  • Be a minimum of 12 weeks in length and be taught on a full time basis, with 20 hours of instruction a week.
  • Lead to a diploma or certificate.
  
  
• Application: Apply for up to the full amount required for program at the time of initial application to a maximum of $45,000.
  
  
• Credit limit: Borrow up to $15,000 in your first year and $10,000 in each remaining year to a maximum of $45,000.
  

• Low interest rates: Set at BMO Bank of Montreal Prime Rate plus 2%¹.

• Lower borrowing costs than a loan: Pay interest only on the funds that you use.

• Easy access to funds: Use any automated banking machine or a No-Fee Student Line of Credit MasterCard^®* access card, write a cheque or visit any BMO Bank of Montreal branch.

• Free Student Line of Credit MasterCard access card: Add the card to your Student Line of Credit and use it anywhere MasterCard is accepted. All transactions are billed directly to your Student Line of Credit.

• No ABM fees are applied when you use your Student Line of Credit.

• Itemized monthly statements to help with budgeting.

• Easy repayment plan: Pay only monthly interest payments on the money you actually use while in school and for up to one year after graduation. One year after you've graduated, monthly payments of principal and interest begin. These payments begin relatively low and gradually increase each year. You have a full seven years to repay the loan in full. You can also repay all of the outstanding balance whenever you want, without a penalty.

• Convenient ways to make monthly payments: Mail a cheque or make a payment through Online or Telephone Banking, at any BMO Bank of Montreal Instabank^® machine or through pre-authorized debit direct from your account.

• Pay down your balance to access more funds: If you keep paying off some or all of what you used (along with your monthly interest payments), you can keep borrowing up to your credit limit.

• Optional creditor life insurance: Premiums are charged to your Student Line of Credit account on a monthly basis and are based on the average daily outstanding balance to minimize your cost.

Apply Now online or by phone at 1 877 CALL BMO.

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Professional or Medical Student Lines of Credit
Need help as you pursue your professional designation? BMO Bank of Montreal offers Professional and Medical Student Lines of Credit designed to meet your specific needs.

• Eligibility: You must be a Canadian citizen or landed immigrant and enrolled in a Canadian or non-Canadian post-secondary school or university and meet BMO Bank of Montreal's usual credit criteria.

• Lower borrowing costs: Pay interest only on the funds that you use.

• Competitive interest rates: For more information simply visit your nearest BMO Bank of Montreal branch, or call 1 877 CALL BMO.

• Easy access to funds: Use any automated banking machine or a No-Fee Student Line of Credit MasterCard access card, write a cheque or visit any BMO Bank of Montreal branch.

• Free Student Line of Credit MasterCard access card: Add the card to your Student Line of Credit and use it anywhere MasterCard is accepted. All transactions are billed directly to your Student Line of Credit.

• No ABM fees are applied when you use your Student Line of Credit.

• Itemized monthly statements to help with budgeting.

• Easy repayment plan for Professional Student Line of Credit: Make only monthly interest payments while in school and for up to one year after graduation. Gradually escalating monthly payments of principal and interest will begin the following year. You have a full seven years to repay the line of credit in full. You can also pay all of the outstanding balance whenever you want, without a penalty. Note: Law students can extend their in-school status by one additional year to accommodate articling.

• Easy repayment plan for Dentistry Professional Student Line of Credit: Make only monthly interest payments while you're in school including up to 2 years of Specialty studies. After graduation, choose one of three repayment options:
  • Gradually escalating monthly payments of principal and interest.
  • An additional four years of interest-only payments followed by gradually escalating monthly payments of principal and interest.
  • Fixed monthly payments based on an amortization of up to 15 years.
  • Repay all of the outstanding balance whenever you want, without a penalty.
  
  
• Easy repayment plan for Medical Student Line of Credit: Make only monthly interest payments while you're in school and during your residency (to a maximum of 7 years of residency). Starting in your first year after residency, choose one of three repayment options:
  • Interest only payments during the first year of residency followed by gradually escalating monthly payments of principal and interest.
  • Gradually escalating monthly payments of principal and interest.
  • Fixed monthly payments of principal and interest based on an amortization of up to 15 years.
  • Repay all of the outstanding balance whenever you want, without a penalty.
  
  

• Convenient ways to make monthly payments: Mail a cheque or make a payment through Online or Telephone Banking, at any BMO Bank of Montreal Instabank machine or through pre-authorized debit direct from your account.

• Pay down your balance to access more funds: If you keep paying off some or all of what you used (along with your monthly interest payments), you can keep borrowing up to your credit limit.

• Optional creditor life insurance: Premiums are charged to your Student, Professional or Medical Lines of Credit account on a monthly basis and are based on the average daily outstanding balance to minimize your cost.

Apply Now online or by phone at 1 877 CALL BMO.

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¹SLOC rates are adjusted at or near the end of any month in which there is a Prime Rate change. Each such change in Student PLOC Rate will be effective as of the next monthly statement date whether or not a statement is actually issued for that date
²Medical students are eligible to borrow up to $30,000 per year plus $15,000 per year during each of the first two years of residency.
³Dentistry students are eligible to borrow up to $30,000 per year plus an additional $15,000 per year for up to two years of Specialty studies.
*A co-signer may be required for a Professional Student Line of Credit. Subject to credit availability and verification of identity.