Line of Credit for Students

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INSURANCE PROTECTION

Line of Credit for Students

Line of Credit

Right For You If:

♥ You want more control over your borrowing by leveraging the equity in your home
♥ You want to take advantage of various product options

Deferred principal payments:
Make interest-only payments while you’re still in school.

 

 

Control how much you use:
No interest if there is no balance on your line of credit.

 

Eligibility:
You must be enrolled in a certificate, apprenticeship, degree or diploma program. International students enrolled in a Graduate program can apply with a co-borrower who is a citizen/permanent Canadian resident.

 


 

PLUS:

Enjoy a 12-month grace period after graduation on repayment of the principal amount borrowed.

Good way to establish a credit record – remember to make regular payments on time.

Norvalden can mean providing the financial support that you may need during a difficult time.

 


 

Fees & Options

Control how much you use

Certificate or
Apprenticeship Programs
less than one year
$1,000$20,000$20,000
Certificate or
Apprenticeship Programs
more than one year
$1,000Approved credit
limit divided by the
# of years of program
$20,000
Undergraduate/Diploma$1000$15,000$40,000

 

 

Certificate or
Apprenticeship Program
$1000Approved credit
limit divided by the
# of years of program
$10,000
Undergraduate/Diploma$1000$7,500$20,000

 

 

Full/Part-time Program less than
18 months
$1000$100,000$100,000
Full/Part-time Program greater
than 18 months
$1000Approved credit limit divided by
the # of years of the program
$100,000
 
 
 

Subject to credit approval, your credit limit will be increased in each year of your program by as much as the “Maximum credit limit per year” amount. However, your total credit limit can never exceed the “Maximum credit limit” amount for your program.

 

Take control of your money

Now that you’ve decided on your school and program, you’re probably a little intimidated by tuition, fees and living expenses. Knowing what your expenses are is the first step to creating a plan to finance your education.

Determine exactly what your education is going to cost you with our Student Budget Calculator so you can make informed financial decisions.

Disclaimer

The maximum coverage amount for Critical Illness coverage is $500,000 per Mortgage or for all Mortgages combined. For Life coverage, the maximum coverage amount is $750,000 per Mortgage or $750,000 for all Mortgages combined. The maximum monthly benefit amount for Disability coverage is $3,500 plus your Mortgage Disability premium (including applicable taxes), for up to a maximum of 24 months.

Norvalden are not insurers. All insurance plans are underwritten by independent licensed insurers.