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CIBC Student Loans of march 2024

Apply for a CIBC Student Loan verified by our specialists. On 19.03.2024 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
Canadian Imperial Bank Of Commerce (CIBC)
CIBC Professional Edge® Student Program
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
Rate
i

Effective interest rate on the product

from 6.20%
Canadian Imperial Bank Of Commerce (CIBC)
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 of March 2024
Loan amount
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Enter the desired loan amount

1000 C$
10000 C$
Loan term
i

Specify the loan term for the calculation

1
60

You are able to pick a loan with discount. You can receive money in: 15m

Online Loan Application of March 2024
Your data is securely protected
Loan amount
0 C$
Loan term
0 months
Loan comission
i

Here is the average overpayment on a loan based on data from lenders in Canada.

2 050 C$
More
Royal Bank of Canada
4.4
RBC provided me with a loan at a very low interest rate, helping me save on loan payments.
Review
MDG
1
Removed money from my bank account, to apparently verify my bank account. Then denied my application because I live in a unorganized township that does not have a physical address...
Review
Money Mart
1
Bad customer service they can never fix your problems...
Review
GoDay
1.6
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

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.