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HomePersonal BankingWealth ManagementSmall BusinessCommercialCorporate & InstitutionalAbout BMO

Student Line of Credit

Between studying and living the life of a student, your expenses can add up. A BMO Student Line of Credit can help with anything you need from cash shortages to unexpected expenses and is a great complement to our student banking products.


What is a BMO Student Line of Credit? A Student Line of Credit gives you access to funds that you can use to pay for school and other expenses. You only have to apply once, and the money is there for you to borrow as you need it. And, there are no annual or monthly fees- you pay interest only on what you borrow.

With a Student Line of Credit. You get:

  • Low, competitive interest rate that does not increase after graduation.
  • Lower borrowing costs than a student loan - you are only charged interest on what you borrow, and there are no annual or monthly fees.
  • Credit limits up to $15,000 in your first year and $10,000 in each remaining year to a 4 year maximum of $45,000 for full-time students.**
  • Easy access to funds - write a cheque or visit a BMO branch. And with a BMO Everyday Banking account, you can access your line of credit using your debit card, online banking, telephone banking or any ATM.
  • Easy repayment – interest-only payment option while you are a student and for one year after graduation. Or, if you want, you can pay back all or part of your Student Line of Credit at any time with no penalty fees.
  • Optional creditor life insurance

Are you eligible? You must be:

  • A full-time student enrolled in a post-secondary school or university.
  • A Canadian citizen or landed immigrant.
  • Enrolled in a program that is offered at least 12 weeks and be taught on a full time basis (at least 20 hours of instruction per week).
  • In a program that will lead to a diploma or certificate.

Apply for a BMO Student Line of Credit:

  • Call 1-877-CALL-BMO (1-877-225-5266)
  • Visit a BMO branch

* Rates subject to change
**Approval and credit limit are subject to BMO Bank of Montreal's normal credit requirements. Must be a Canadian citizen or landed immigrant enrolled in a Canadian or non-Canadian post-secondary school or university. Co-signer may be required. Subject to credit availability and verification of identity.

Pursuing a professional designation demands focus. Whether you're studying chiropractics, optometry, law, accounting, pharmacy, veterinary medicine or working towards your Master of Business Administration (MBA), BMO Professional Student Lines of Credit let you stay focused on your studies.

Interest rate
Prime + 1%*

A BMO Professional Student Line of Credit provides:

  • Low interest rate of Prime + 1%* and your interest rate does not increase after graduation.
  • Lower borrowing costs than a student loan - you are only charged interest on what you borrow - and there are no annual or monthly fees
  • Customized credit limits** – borrowing limits designed for your specific program in mind. For most programs, you can borrow up to $20,000 in your first year and $20,000 in each remaining year to a 4 year maximum of $80,000 for full-time students. MBA students can borrow $10,000 per year to a maximum of $50,000.
  • Easy access to funds - write a cheque or visit a BMO branch. And, with a BMO Everyday Banking account, you can access your line of credit using your debit card, online banking, telephone banking or any ATM.
  • Easy repayment – You can make interest-only payments while you are still in school, and up to one year after graduation followed by a gradually escalating repayment schedule***.
  • Optional creditor life insurance

Are you eligible? You must be:

  • A full-time student enrolled in an accredited professional education program
  • A Canadian citizen or landed immigrant
  • Able to meet BMO's usual credit criteria.

Apply for a BMO Professional Student Line of Credit:

  • Call 1-877-CALL-BMO (1-877-225-5266)
  • Visit a BMO branch

Starting your professional practice? BMO can help. We understand that your new practice is more than just a business to you, it's your passion. So we've developed banking products and services that are customized to suit the unique demands of your chosen career path. Visit Banking for Professionals for more information on how BMO can help you get started.

* Rates subject to change.
** Approval and credit limit are subject to BMO Bank of Montreal's normal credit requirements.
*** Note: Law students can extend their in-school status by one additional year to accommodate articling.

Pursuing a medical or dental degree requires personal dedication and a significant investment in time and money. BMO Medical Student Lines of Credit and Dental Professional Lines of Credits provide a low interest option to help you through unexpected expenses such as cash shortages or bill payments so you can stay focussed on your studies.

Interest rate
Prime*

A BMO Medical Student Line of Credit and a BMO Dental Professional Line of Credit offers:

  • Low interest rate of Prime* and your interest rate does not increase after graduation.
  • Enhanced credit limits – borrowing limits designed with a medical or dental program in mind. You can borrow up to $75,000 per year up to a total maximum of $250,000**.
  • Lower borrowing costs than a student loan - you are only charged interest on what you borrow- and there are no annual or monthly fees.
  • Easy access to funds - write a cheque or visit a BMO branch. And, if you have a BMO Everyday Banking account, you can access your funds through your debit card, ATM, online banking or telephone banking.
  • Easy repayment – make interest-only payments while you are still in school and for up to one year after graduation***. BMO offers flexible and affordable repayment plans.
  • Optional creditor life insurance

Are you eligible? You must be:

  • A full-time student enrolled in an accredited medical program leading to an MD degree, or
  • A full-time student enrolled in an accredited dental program.
  • A Canadian citizen or landed immigrant.
  • Able to meet BMO's usual standard credit criteria.

Apply for a BMO Medical or Dental Professional Student Line of Credit:

  • Call 1-877-CALL-BMO (1-877-225-5266)
  • Visit a BMO branch

Starting your professional practice? BMO can help. We understand that your new practice is more than just a business to you, it's your passion. So we've developed banking products and services that are customized to suit the unique demands of your chosen career path. Visit Banking for Professionals or more information on how BMO can help you get started.

* Rates subject to change.
** Approval and credit limit are subject to BMO Bank of Montreal's normal credit requirements. Subject to credit availability and verification of identity.
*** Interest only payments include up to 2 years of Speciality studies for a BMO Dental Professional Student Line of Credit and a maximum of 7 years of residency for a BMO Medical Student Line of Credit.
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