Types of Scotiabank Student Loans
Scotiabank has designed ScotiaLine® Personal Line of Credit for Students — a banking solution tailored to students’ needs. With this program, you can get financing for your education or other essential needs. Student lines of credit from Scotiabank feature deferred principal payments during your study and a 12-month grace period after graduation on repayment of the principal amount borrowed.
Along with lines of credit, students who are about to graduate or have graduated recently can take advantage of the Grad auto loans from Scotiabank. Having applied for it, you can purchase a car up to 90 days before starting a full-time job. The program allows you to get 100% financing for a new or a used car (no older than 3 years). For up to 90 days, you can make no loan payments.
How to apply for a Scotiabank Student Loan?
You can apply for ScotiaLine® Personal Line of Credit for Students in person at your local Scotiabank branch. You can schedule an appointment with a Scotiabank finance specialist online.
As for the Grad auto loan, you can apply for it right at a dealership — just ask them about Scotiabank financing.
Requirements
To qualify for the ScotiaLine® Personal Line of Credit for Students, you must meet the following eligibility requirements:
- Being a Canadian citizen or permanent resident.
- Being enrolled in a certificate, apprenticeship, degree, or diploma program at a Canadian or American post-secondary school.
If you are an International student enrolled in a Canadian Graduate program, you can still apply for a student line of credit from Scotiabank. In this case, you will need to find a co-borrower who is a Canadian citizen or a permanent Canadian resident.
To qualify for the Grad auto financing, you need to provide a college diploma, a university degree, or any proof that you are graduating in 90 days or less.
Pros and cons
Here are the advantages of Scotiabank student loans and lines of credit:
- Flexible payment schedules.
- Deferred principal payments for student credit lines while studying.
The significant disadvantage, though, is the lack of information about the interest rates on the website.
How to make a payment?
Just like with other loans from Scotiabank, you can make payments right from your bank account — online or through the mobile app.