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Types of RBC Student Loans
Student lines of credit from RBC provide access to the financing needed to pay for school. There are the following lending solutions for students:
- The Royal Credit Line for post-secondary school students
- Royal Credit Line for students in Professional Studies
- Medical/Dental Royal Credit Line for Medical and Dental Students.
How to apply for an RBC Student Loan?
You can apply for a student line of credit by phone from the comfort of your home, or in person at the RBC office.
Requirements
The eligible categories of borrowers for student lines of credit are Canadians and landed immigrants.
Before applying, be sure to prepare the following documents:
- Confirmation of your enrolment at an educational institution of a certain type.
- An estimate of your education costs.
- A list of earnings you have — RESPs, scholarships/bursaries, government funding, or summer employment.
Pros and cons
The key benefits of student lines of credit from RBC are competitive rates, credit limits to match your program costs and a flexible repayment timeline. With the RBC Student Budget Calculator, you can get an idea of how much money you'll need to get through the school year.
As for the disadvantages, applying for The Royal Credit Line requires having a co-signer.
How to make a payment?
To manage your student line of credit, you can use the RBC Mobile Student Edition App. With this app, you can pay your student expenses, make loan payments, and transfer money between your accounts.
