Types of TD Student Loans
To cover a variety of school expenses, students can get the advantage of a TD student line of credit.
- Line of credit for undergraduate students. Full or part-time post-secondary students enrolled in accredited Canadian colleges and universities can borrow up to $20,000 per year. Throughout the entire period of study, the maximum amount of funding can be $80,000.
The interest rate for students enrolled in the Undergraduate - Honors Business Administration (University of Western Ontario) program will equal TD Prime Rate. For students enrolled in Undergraduate programs, the rate will equal TD Prime Rate plus 1%. For Post-Secondary Certificate Program students, the rate will equal TD Prime Rate plus 1.5%.
- Line of credit for graduates and professionals. Depending on the chosen specialization, credit limits for graduate students during the entire period of study range from $80,000 to $175,000.
Credit limits for professional students are higher. Medical and dental students can count on the financing of up to $350,000 and $100,000 in their first year. Veterinary students can get funding of up to $200,000 and up to $50,000 in their first year of study.
How to apply for a TD Student Loan?
To apply for a student line of credit, you will need to schedule a visit to your local branch of TD Bank. You can do this by filling in the form on the website. Or, you can make an appointment by phone: +1-855-882-6918.
Requirements
If you are an undergraduate student looking for a line of credit, you will need to have a co-signor most likely.
When applying for a student line of credit, be ready to provide the following information:
- Your previous and current address.
- Your annual income.
- Your monthly expenses, such as a mortgage, rent, loan, credit card, or line of credit payments.
- Your household expenses — utility, property tax, and so on.
- Proof of enrolment.
- Social Insurance Number.
Pros and cons
Here are the key benefits of TD student lines of credit:
- Affordable interest rates.
- Paying only interest while studying and for 24 months after graduating.
- No need to re-apply for a credit to use it again after you pay off the outstanding debt.
- Managing your credit is easy and convenient through EasyWeb or the TD app.
As for disadvantages, the requirement to have a co-signor can sometimes put a young borrower in a tough situation.
How to make a payment?
Just like with loans and personal lines of credit, there are several ways to pay off a student line of credit:
- Paying from your other TD Bank account online.
- Transferring the sum of credit payment from your TD checking or savings account to your credit line.
- Making a payment by phone through an automated system.
- Visiting a local TD branch to make a payment.
- Using a TD Bank ATM.
