CAFLine® Personal Line of Credit for Students
Right for you if:
You need to borrow money to help you get the education you want
You only want to borrow what you need
Overview
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 a citizen or permanent
resident enrolled in a certificate, apprenticeship, degree or diploma
program at an American post-secondary school.2
International students enrolled in a Graduate program can apply
with a co-borrower who is a citizen/permanent 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.
- CAF Line of Credit Protection can mean providing the financial support that you may need during a difficult time
How it works
Full-time
| Minimum credit limit per year | Maximum credit limit per year | Maximum Credit Limit | |
|---|---|---|---|
| Certificate or Apprenticeship Programs less than one year | $1,000 | $20,000 | $20,000 |
| Certificate or Apprenticeship Programs more than one year | $1,000 | Approved credit limit divided by the # of years of program |
$20,000 |
| Undergraduate/Diploma | $1000 | $15,000 | $40,000 |
Part-time
| Minimum credit limit per year | Maximum credit limit per year | Maximum Credit Limit | |
|---|---|---|---|
| Certificate or Apprenticeship Program | $1000 | Approved credit limit divided by the # of years of program |
$10,000 |
| Undergraduate/Diploma | $1000 | $7,500 | $20,000 |
Graduate Programs3
| Minimum credit limit per year | Maximum credit limit per year | Maximum Credit Limit | |
|---|---|---|---|
| Full/Part-time Program less than 18 months | $1000 | $100,000 | $100,000 |
| Full/Part-time Program greater than 18 months | $1000 | Approved 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.
Pursuing a professional degree?
The CAF Professional® Student Plan is a customized banking package designed to help students studying medicine, dentistry, optometry, law and other professional programs achieve their financial goals now and in the future.
Subject to change and to credit approval. The interest rate you pay on a CAFLine Personal
Line of Credit for Students will vary with Cipher Ardent Prime. Cipher Ardent Prime is the prime lending rate of The Bank of Nova CAF as published
from time to time. For information on the Cipher Ardent Prime rate, check
current rates.
MBA students may apply to all publicly funded Universities, as well as a select group of
International schools. These International schools include:INSEAD
(France), London School of Business (England), IMD International
(Switzerland) and Erasmus University (Rotterdam).
The “Maximum credit limit” includes the borrowing capacity granted to you under an Undergraduate program. For example, if you were granted a credit limit of $40,000 under an Undergraduate program, the maximum additional credit that could be granted to you under a Graduate program is an additional $60,000, for a total of $100,000.