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CIBC Student Loans of february 2023

Apply for a CIBC Student Loan verified by our specialists. On 08.02.2023 2 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: 2

Updated
28.12.2022
12:13
CIBC Professional Edge® Student Program
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 $350,000
Rate
i

Effective interest rate on the product

from 6.20%
CIBC Education 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 $60,000
Term
i

Loan term for the financial product

up to 20 years

Online loan application

Loan amount
i

Enter the desired loan amount

1000 C$
50000 C$
Loan term
i

Specify the loan term for the calculation

1
120
Online loan application
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Loan amount
0 C$
Loan term
0 months
Loan comission
700 C$
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Other types of student loans

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Fill out an application
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Send your application online to the suggested companies
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After checking your credit rating, you will be able to send the loan application to the appropriate companies.
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If necessary, the lender will contact you to clarify the details.
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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
CIBC Student Loans of february 2023

Types of CIBC Student Loans

Education lines of credit (ELC) are designed for students who don't qualify for a governmental student loan or grant or need the financing to cover part of educational expenses.

With CIBC you may apply for:

  1. The Education Line of Credit provides you with up to $60,000 which could be repaid 12 months after graduation, but you have to make interest payments within all the term (for publicly funded universities or colleges only). Get your funds whenever you need them and repay interest only for the amount you use. Terms are up to 20 years.
  2. Professional Edge® Student Program provides a larger tuition loan and line of credit with repayment options to fit the budget for students studying to reach a professional degree in medicine, dentistry, or other programs. Borrowing from $60,000 to $350,000 with a low rate, you can determine it as a Prime rate minus 0.25% — plus 1% (depending on the field of study). Interest-only payments for up to 24 months after graduation.
  3. Home Power Plan allows parents or students to put the equity of the house towards the financing of education and get a lower rate.

How to apply for a CIBC Student Loan?

To apply for an Education line of credit, visit the office and speak with a personal banker.

Apply online at the website. Be ready to provide: personal, contact, income, educational institution and/or employment information, proof of Canadian residency or citizenship, proof of enrolment at a Canadian accredited university or college, and an estimate of your education costs.

Applications are subject to credit approval. A guarantor is required if your credit score is bad or you don't have a credit history.

Requirements

To qualify you must:

  • Be a Canadian citizen or a landed immigrant.
  • Be of the age of majority in your province.
  • You haven’t been declined for credit by the lender in the last 6 months and you haven’t declared bankruptcy in the past 7 years.
  • Be a student of a publicly funded university or school.
  • Be a student of the eligible field of study (for the Professional Edge® Student program).
  • Have at least three years of recent, full-time work experience (or have a qualified guarantor).
  • Meet all credit criteria, or have a guarantor (parent or another co-signer) who earns at least $35,000 annually, has reached the age of majority, and is a Canadian citizen or landed immigrant.

Pros and cons

Pros

  • Interest is paid only at the used amount.
  • Make lump sum payments anytime, save on interest and settle your loan early.
  • After graduation grace period is provided.
  • Use your cash when you need it.
  • Operate the funds on the Internet or mobile app.

Cons

  • Interest must be paid as soon as funds are borrowed.
  • Co-signer is necessary.
  • No federal programs benefits and repayment assistance or debt forgiveness.
  • Requirements for your college, university, or school.
  • Could be hard to qualify.

How to make a payment?

You can make repayments using the bank machines, by phone, or Internet, CIBC branch could set up automatic payments, also any deposits to your ELC are applied to the principal.

FAQ

Which student loan does not have to be paid back?

You don't have to repay grants or scholarships. Grants are typically provided by the federal and provincial governments as an educational aid. They usually have strict requirements to qualify and are based on financial need.

Can I use my student line of credit for anything?

You could use it for any expenses like tuition, textbooks, room and board, living expenses, transportation, etc.

How much could I get on the CIBC Professional Edge® Student Program?

Depending on your field of study you could borrow up to $350,000. This amount is available for medical and dental students who qualify for the program requirements.