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Bank Of Montreal Student Loans of february 2023

Apply for a BMO verified by our specialists. On 08.02.2023 3 Student Loans are available to you. Increase your chances of getting a loan — fill out an online application with a free credit rating check.

Offers: 3

Updated
29.12.2022
13:41
Medical or Dental Student Line of Credit
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $350,000
Professional Student Line of Credit
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $150,000
Student Line of Credit
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $80,000

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GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Bank Of Montreal Student Loans of february 2023

Types of BMO Student Loans

BMO provides three types of credit lines for students designed to help them pay their school expenses.

  1. Student line of credit. Student lines of credit are available to full-time or part-time students enrolled in an eligible post-secondary school or a diploma or certificate program. With this lending solution, you can borrow up to $20,000 per year, with a maximum credit limit of $80,000 throughout your study. There are no monthly or annual fees. For this type of line of credit, BMO offers a limited-time introductory cash bonus of $250.
  2. Professional student line of credit. Students enrolled in an accredited professional education program (such as accounting, engineering, or pharmacy) can apply for professional student lines of credit. The maximum credit limit can be up to $90,000 for most programs and up to $150,000 for MBA students. During your study and for two years after graduation, you can pay interest only on the borrowed amount at the rate based on BMO’s Prime Rate plus 1%.
  3. Medical or dental student line of credit. Medical or dental student lines of credit from BMO are available to the following borrower categories:
    • Students enrolled in an accredited medical program leading to an MD degree.
    • Students enrolled in an accredited dental program.

    For the length of your study, your credit limit can be up to $350,000. During the first year, you can borrow up to $95,000.

    Medical or dental student lines of credit feature a variable interest rate based on BMO’s Prime Rate minus 0.25% and zero monthly or annual fees. There is also an opportunity to get a $500 introductory cash bonus with this lending solution.

    How to apply for a BMO Student Loan?

    You can apply for a student line of credit either online or in person at your local BMO branch. If you prefer the latter, book an appointment with a BMO finance expert first.

    Requirements

    To apply for a student line of credit, you must be a Canadian citizen or permanent resident enrolled in an eligible educational program.

    Applying for student lines of credit requires providing a government-issued photo ID and proof of enrolment at an eligible post-secondary school. In addition, you will need to specify your proposed budget to prove that you need financing.

    Students enrolled in an eligible post-secondary school or a diploma or certificate program should apply for a credit line with a co-signer. A co-signer should also provide a government-issued photo ID and proof of employment — a letter from an employer or recent paystubs. Quebec-based co-signers should provide recent T4/T4A slips or RL1 or T1 income tax returns, or Revenue Quebec TP1 with corresponding notice of assessment.

    Pros and cons

    The pros of BMO student lines of credit are:

    • Convenient management of your line of credit through online and mobile banking.
    • High amounts to borrow throughout the years of study.
    • No monthly or annual fees.
    • Introductory cash bonuses.

    As for the cons, we can outline the following ones:

    • Lines of credit for students enrolled in an eligible post-secondary school or a diploma or certificate program require having a co-signer.
    • The actual interest rates are unclear without applying for a student line of credit.

    How to make a payment?

    You can pay for your student line of credit in any of the following ways:

    • Through online or mobile banking
    • By phone
    • In person at a BMO branch near you
    • At a BMO ATM.

    FAQ

    How does BMO calculate the interest rate on my line of credit?

    BMO calculates your interest rate based on your daily balance and charges it to your account monthly.

    I’m staying at school beyond the expected graduation days. What should I do?

    If this is the case, prepare the documents proving your continued enrolment.

    How do I pay off my line of credit if I have graduated already?

    For two years after graduation, you can make interest-only payments on the borrowed amount. In the third year after your graduation, you will have a set repayment schedule.