Student Line of Credit
- Credit limits up to a maximum of $ 45,0001 for full-time or part-time students
- Low, competitive interest rate while you are in school
- Comfortable payments - Interest only monthly payments while in school and for 2 years after you graduate from school
- Lower borrowing costs — you are only charged interest on what you borrow, and there are no annual or monthly fees
- You only have to apply once, and the money is there for you to borrow as you need it
Most commonly used for
- Meal plans
- Textbooks and course materials
- Any other expenses you may have in college or university
- A student enrolled in a post-secondary school or university
- Enrolled in a program that is offered at least 12 weeks and is taught on a full-time basis (at least 20 hours of instruction per week) to full time or part- time students
- A Canadian citizen or landed immigrant
- In a program that will lead to a diploma or certificate
Repayment & how it works
- Provides affordable and flexible financing to students
- Easy access to funds: Write a cheque or visit a BMO® branch. And if you have a BMO Chequing Account, you can access your line of credit using your BMO Debit Card, though online, mobile, or telephone banking, or at an ATM
- Easy repayment: Make interest-only payments while you are still in school and for up to 2 years after graduation followed by a gradually escalating payment schedule
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.Learn more
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.
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.Learn more
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. This amount represents the maximum borrowing amount for the duration of a degree program, not per year. Back