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Student Line of Credit

Key benefits

  • Low, competitive interest rate while you are in school
  • Lower borrowing costs — 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 up to a four-year maximum of $45,000 for full-time or part-time students1


  • You only have to apply once, and the money is there for you to borrow as you need it
  • Get a line of credit based on your program

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Most commonly used for


Repayment & how it works

BMO Protection Plan for Mortgage and Line of Credit

BMO Protection Plans provide you with optional insurance coverage offering balance or payment protection for your BMO Mortgage or Line of Credit. With a plan in place, you’ll help protect your family lifestyle and assets in the event of death, critical illness, disability and involuntary job loss.

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Balance Protection (Life Insurance and Critical Illness Insurance)

  • Reduces or pays off your line of credit balance up to the Maximum Insurable Limit in the event of your death or if you are diagnosed with a covered Illness including cancer, heart attack, coronary artery bypass surgery, or a stroke
  • Note: Critical Illness is only available with Life Insurance.
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Payment Protection (Disability and Job Loss Insurance)

  • Fully or partially covers your regular line of credit payments if you become disabled or involuntarily lose your job, up to the Maximum Insurable Limit.
  • Note: Job Loss is only available with Disability Insurance.

Disability or Disabled means any medical condition that prevents you from performing substantially all of the essential duties of the job.

Job Loss means that you are collecting Employment Insurance benefits because of layoff, dismissal without cause, unionized labour dispute, legal strike, or lock out.

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Have Questions?

1 Approval and credit limit are subject to meeting BMO's usual 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. Back