Student Line of Credit
At TD Canada Trust , we understand that higher education doesn’t come cheap. Being a student, you already know that. To give you a hand with your expenses, we’ve customized our Student Lines of Credit so that you can get the help you need to cover the cost of such things as tuition, books and living expenses.
A customized solution designed with you in mind
With a TD Canada Trust Student Line of Credit, you can have access to the money you need, when you need it and use it for whatever you want. But you’ll also get much more:· Pay no monthly or annual fees.· Get a competitive interest rate, equal to TD Prime plus a variance rate. Good news: the variance rate doesn’t increase after you graduate!· Withdraw any amount (up to your approved credit limit).· Pay interest-only monthly payments for up to 12 months after your finish school.· Enjoy low monthly payments after the interest-only grace period, with up to 20 years to repay.·
Access your money through Green Machine ABMs, Interac Direct Payment, EasyWeb Internet banking, EasyLine telephone banking, cheques and at any TD Canada Trust branch.
Choose a Student Line of Credit designed specifically for you:·
Undergraduate (college or university)· Graduate· Professional · Chiropractic· Dental· Law· MBA· Medical· Optometry· Pharmacy· VeterinaryHave questions?
Read our Student Line of Credit FAQs or speak to a TD Canada Trust representative or call 1-866-222-3456 for more information or application on our Student Lines of Credit and other ways that we can help you achieve your goals — both now and after graduation.
Program: Full or part-time post-secondary students in an accredited Canadian university or collegeStudent Line of Credit details:·
Credit limit amount (full-time students) — Up to $10,000 per year to a maximum of $40,000 over four years of study· Credit limit amount (part-time students) — Up to $5,000 per year to a maximum of $40,000 over eight years of studyProgram: Masters or Ph.D.Student Line of Credit details: ·
Credit limit amount — $8,000 per year for two years to a maximum of $48,000 (including undergraduate TD Canada Trust debt)Enjoy all the benefits of a standard Student Line of Credit with higher credit limits that are tailored to the unique needs of tomorrow’s professionals.
ProgramAmount of Student Line of CreditChiropracticUp to $62,000 over four years of studyDentalUp to $250,000 with no annual re-application; access up to $85,000 in your first year of study; no co-signor (subject to approval)LawUp to $80,000 over three years of studyMBA
Note: Students of the Richard Ivey School of Business MBA, please click here.Up to $80,000 over your study periodMedicalUp to $250,000 with no annual re-application; access up to $85,000 in your first year of study; no co-signor (subject to approval)Optometry
Veterinary Up to $80,000 over four years of studyShould something happen to you, TD Canada Trust Line of Credit Life Insurance can help protect your family from outstanding debt. Since your premiums are calculated automatically based on your revolving credit balance, you pay for this valuable coverage only when you need it. And applying is easy.
Available when TD Canada Trust Student Line of Credit is programmed on your Access Card. Fees may apply.
General Questions1. What is a line of credit?
FAQs about the TD Canada Trust Student Line of Credit
6. What if I don't have sufficient income to qualify?What is it like to have a TD Canada Trust Student Line of Credit while I'm studying?
11. What if I want to pay off some of my outstanding balance?Interest Rates
13. Is the TD Canada Trust Student Line of Credit interest rate competitive?How much can I borrow?
15. What can I use the TD Canada Trust Student Line of Credit for?Additional Options
What happens to the TD Canada Trust Student Line of Credit after I graduate?
A line of credit is a loan from the Bank. Unlike a regular loan for a fixed amount, the Bank doesn't provide you with the full amount of the loan at once. Instead, the Bank establishes a "credit limit" for you as the maximum amount you can borrow. As you withdraw, the available credit reduces. However, as you pay the money back, the amount available for withdrawal increases. You control how much of your credit limit you want to withdraw and when.Top
Any Canadian Citizen or Landed Immigrant enrolled at a recognized college or university in Canada or out of country, provided the student is pursuing post-secondary school studies and earning credits towards a certificate program.Top
Yes, provided that your co-borrower resides in Canada.Top
For the purposes of the TD Canada Trust Student Line of Credit, full-time students are those enrolled in at least 60% of the normal community college / university course load, as defined by their educational institution. Part-time students must be enrolled in at least one full course per school year.
TD Canada TrustStudent Line of Credit?Yes, if you qualify. The TD Canada Trust Student Line of Credit is an excellent alternative to Government Student Loans.
Many TD Canada Trust Student Line of Credit applicants find that they are in this situation. The solution is to apply with a co-borrower. A co-borrower is a person who agrees to pay back your TD Canada Trust Student Line of Credit if you are unable to do so yourself.
While you are in school and for up to 12 months after graduation, you will be paying interest only.
A monthly statement will be issued to you summarizing your account activity each month, and you have the convenience of accessing your account activity through EasyWeb Internet banking or EasyLine telephone banking
No! There are no withdrawal or set-up fees for a TD Canada Trust Student Line of Credit.
There are many convenient ways to have access to your money 24/7 through cash withdrawals at The Green Machine ABMs, Interac Direct Payment, EasyWeb Internet banking, EasyLine telephone banking, at any TD Canada Trust branch or by writing a Line of Credit cheque.Pay it off any time — there are no penalties! This is an excellent way to immediately feel the benefits of a summer or part-time job!
Interest is money charged by a lender to a borrower for the use of the lender's money.
Yes! The TD Canada Trust Student Line of Credit offers you a very competitive interest rate compared to other forms of credit such as credit cards or personal loans.
You can borrow up to certain maximum amounts. The amount varies based on your full-time or part-time status and your program of study. For example, full-time undergrads are eligible to apply for $10,000 per year for a maximum of 4 years. Part-time undergrads are eligible for half that amount each year to a maximum of 8 years. Certain programs may be eligible for additional funds.
Tuition, books, living expenses, a computer, transportation... whatever you need to learn.
The TD Canada Trust Student Line of Credit is part of a comprehensive package that includes the Line of Credit along with a no fee Student Discount and Overdraft Protection (subject to credit approval).
Overdraft Protection is a convenient, affordable and reliable way to ensure that funds are always available to cover cheques, automated banking machine (ABM) transactions, pre-authorized payments and Interac Direct Payment purchases. If you run short of funds, Overdraft Protection will be there to cover you up to your approved limit.
Yes. There is a monthly fee. Plus, there is interest charged on any outstanding balances. You also have the option of selecting our Pay-As-You-Go Overdraft Protection with no monthly fee and only pay when you use it.
Yes, TD Canada Trust Student Line of Credit accounts are eligible for Line of Credit Life Insurance.
You are given a grace period of 12 months from your graduation date during which you continue to make monthly interest only payments. After that, each month you will pay the greater of $50 or 1% of the outstanding balance so that you are repaying part of the principal (amount borrowed).
The maximum amortization (amount of time you have to pay it back) is approximately 20 years. This time is allowed provided that you are repaying 1% of the outstanding balance or a minimum of $50 monthly.
Whether you work for extra cash or to help cover tuition, here are ways to stretch your part-time paycheque.
1. Bank your money automatically. Why wait for a paycheque if you can ask an employer to put your money right in the bank? See how to request a Direct Deposit into a dedicated savings account. One way to better manage your income is to set up an automatic transfer from your savings account into a chequing account with only the spending money you’ve budgeted for each week. This can make it less tempting to splurge and easier to start saving. You can also take advantage of our Simply Save Program that helps you automatically put money aside whenever you use your TD Access Card for debit purchases or ATM withdrawals.Read more about Simply Save. And for your chequing account needs, our Value Plus Account with Student Discount has no monthly fee and no minimum balance requirements.
2. Stash the cash. If your job pays cash or tips, make a habit of depositing at least a portion into your savings account. Take advantage of the TD Access Card to deposit cash or cheques to your TD Canada Trust account at any branch or ATM.
3. Stay on top of taxes. Even if you’re not making enough to have to shell out on income taxes, filing an annual tax return can bring benefits later on. For one, you can carry over education tax credits – on university and college tuition costs and eligible expenses – to apply to later years and get a bigger tax refund when you make more money. Also, filing income tax kick-starts contribution room toward a Registered Retirement Savings Plan (RRSP), which you can use to reduce a tax bill down the line once you’re earning bigger bucks.
4. Chip away at debts. While you may have a long-term plan to pay off loans or credit line for your student higher education, it’s a good idea to apply at least some of what you earn toward short-term debts. These may include credit card balances or student loans that can be expensive to carry over from month to month.
5. Get experience that pays dividends. Good jobs aren’t just about dollars. Consider the potential career value of job experience or an internship in a field related to your studies, assisting a professor or mentor, or even foregoing a paycheque to volunteer.
Progressive employers may view community service as important as grades. For instance, TD Scholarships for Community Leadership rewards students who show leadership in areas like environmental clean up, the promotion of social justice, and the fight against child poverty.
How you make use of credit as a student will be a big part of your life later on, since your credit history will follow you through school and into the working world. When it’s time to apply for a loan or mortgage, for instance, your credit rating will be one indicator lenders will use to decide on your ability to carry and pay back debt.
Start to use credit wisely and you’ll reap rewards later, keeping your student debts under control as well as building a good credit rating. Here are some suggestions on how to do so:
· Always pay at least the minimum monthly payment shown on your credit card statement; it’s ideal to always pay the balance in full, if possible, or at least more than the minimum amount shown on the statement.
· Always pay your credit card, loan and bill payments on time by the specified payment due date — set a recurring due date a few days in advance of the payment due date in your calendar for a reminder.
· Keep your credit cards protected at all times (know where they are) and keep your passwords and PINs separate and safe to reduce the risk of their unauthorized use or tampering with your personal information.
· Prioritize payments to quickly repay loans or credit cards that charge the highest interest rate, always remembering to make ALL payments on time by their specified due dates.
· Always know your deposit account balance to avoid NSF fees for having insufficient funds in your account. Consider obtaining overdraft protection for your deposit account to help cover those occasional times when your deposit account might be low on funds.4 tips for using a TD Canada Trust Student Line of Credit
1. Easy access. Add your TD Canada Trust Student Line of Credit to your TD Access Card, to be able to withdraw cash whenever you need it.
2. Build your credit rating. Always make your payments by the due date on your TD Canada Trust Student Line of Credit. This will help you graduate with a stronger credit rating — a big help when you apply for a mortgage or loan in the future.
3. Use a pre-authorized payment plan. Ensure you never miss a payment on your TD Canada Trust Student Line of Credit by having the money transferred automatically from your chequing account to your TD Canada Trust Student Line of Credit.
4. Pay it down when you can. If you have the money, put it toward paying down the balance on your TD Canada Trust Student Line of Credit —without charge — and save on interest.Manage your accounts
Keep track of your money
Bank anywhere online
Call into telephone banking
Find a credit card that fits
Avoid NSF fees
Save while you spend
· Creating a student budget is a simple exercise that comes with a huge payoff — namely, having more cash in hand. Spend a few minutes over your next cup of tea or coffee (home brewed, if you’re trying to save money) and take note of these three steps to budget for school.· Step 1: Count your money coming in
· Make a list of all the sources of money you have coming in to pay for school, and how much you expect to get each month or through the school year:
Source of money How much $ each month How much $ each school year Full- or part-time work Student loans Scholarship money Bursaries Home/your parents Interest from a savings account or investments Other:· Step 2: Estimate expenses
· Now that you have a rough idea of your income, note all your costs for a typical month to compare against. If you’re not sure, just take your best guess then keep receipts to track what you spend for a month or two. The goal is to get a clearer picture of where your cash is going and your student finances.
Your expenses How much $ each month How much $ each school year Tuition, books and supplies Rent or room and board Groceries Utilities (cable, water, electricity, heating costs) Cellphone, text plan, Internet fees Entertainment/going out Insurance (health, medical, tenant and condo, travel or car insurance) Personal products (clothing, shampoo, soap) Other:· Step 3: Refresh and repeat
· Revisit your student budget each term, and start this list from scratch. Without doubt, you can expect lots of change in your life as a student. Your financial situation will probably change as well, as you make decisions like taking on part-time work, applying for scholarship funding, or adding expenses like a car or a bigger apartment.
Whatever the state of your budget, remember you can talk to a TD Canada Trust representative for advice on options that will help you make the most of your money. Locate a branch or book an appointment.
Stop unexpected expenses from adding up when travelling out-of-province on a student budget by avoiding hefty ATM or transaction fees, practising smart cash habits, and protecting yourself on the road.
Think ahead before you go, and consider these four ways to help make sure you have the financial resources you need wherever your travels take you:
1. Pack your TD Access Card
2. Carry some local currency in your pocket
3. Enjoy carefree travel with payment options
4. Get Travel Medical Insurance coverage1. Pack your TD Access Card for ultimate convenience
Carry your enhanced TD Access Card while you travel, so you can pay by Visa Debit in stores outside of Canada wherever Visa is accepted, or access international ATMs through the PLUS/Visa System networks.2. Have local currency in your pocket
Plus, your TD Access Card offers access to over 2,700 TD ATMs in Canada and to over 1,600 TD Bank ATMs in the U.S. at no additional charge, which is an easy way to avoid unnecessary ATM fees and save money when you travel.
Wherever you go, you’ll have the same options you have at home to withdraw and transfer funds and check account balances.
When you're travelling in the U.S. or abroad, you can still access your TD Canada Trust account for instant cash at close to one million international locations displaying the PLUS system logo.
PLUS fees are waived for TD Canada Trust customers making withdrawals at TD Bank ATMs from Maine to Florida and Presto! ATMs located at Publix Super Markets in Florida, Georgia, South Carolina, Tennessee and Alabama.
While you’re away, you can easily stay on top of payments and transfer money on the go from any destination via EasyWeb and our free TD mobile banking app.
No matter where you travel, taking local currency is a hassle-free way to pay for small purchases, incidentals and unexpected expenses. It’s always a good idea to purchase your foreign cash prior to travelling because last minute purchases at airports or hotels could mean less favourable exchange rates and potential service charges.
So, order your foreign currency from TD before you go and take advantage of:
· Competitive exchange rates in over 50 currencies.
· Convenient ordering options – online, by phone or in-branch.
· U.S. funds at all TD Canada Trust branches.
The PLUS Network is operated by Visa International which is responsible for ensuring all member banks are compliant with current standards to allow withdrawals by all PLUS Cardholders.
Certain states permit surcharging of international customers at independent ATMs. This surcharge will display electronically for the customer to accept before completing the transaction.
Want to know how far your loonie will take you on the road? To see how much the currency you need is worth in Canadian dollars, use our Foreign Exchange Calculator.3. Enjoy carefree travel with different ways to pay
Maximize your fun by preparing yourself with different payment methods. Safer alternatives to carrying large amounts of cash may include payment options such as the TD Access Card, TD Credit Cards and American Express Travellers Cheques.4. Get Travel Medical Insurance — your student travel companion
The enhanced TD Access Card is accepted internationally where merchants take Visa cards —in over 200 countries and at millions of places worldwide.So if you're travelling abroad and need to make a purchase, look for the Visa symbol. Payments come out of your TD Canada Trust bank account(s).
American Express Travellers Cheques are accepted at thousands of locations worldwide and if lost or stolen, can usually be refunded within 24 hours. Your TD Canada Trust branch can provide American Express Travellers Cheques in six currencies.
Enjoy the security that comes with Travel Medical Insurance. When you're on a trip, the last thing you want to be concerned about is your medical coverage. Going out of province or country, Travel Medical Insurance covers you for eligible medical expenses so you can enjoy your trip.
Annual or Per Trip plan options available depending on your needs:Annual Plan
Do you travel two or more times a year? Do you take several short trips outside your province or Canada? TD Insurance's Annual Plan may be right for you. In addition, the Annual Plan provides Trip Cancellation and Trip Interruption coverage benefits.Per Trip Plan
Do you travel once a year? Are you planning a trip for more than 17 days? TD Insurance's Per Trip Plan might be right for you.Get and share ideas in TD on Facebook
Complete this easy, quick quote and you could receive your travel insurance premium in minutes.
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Look for money-saving ideas on travel and other life events, share your thoughts or join the conversation with Facebook members in the TD on Facebook.
Whether you’re in business school or studying the arts, getting in the habit of paying your bills on time today can help you build a good credit rating for the future. Your credit history forms the basis of your credit score, a measure that reflects your current financial situation and your ability to repay a loan.
Follow these day-to-day practices to establish and maintain a good credit rating.
1. Pay your bills on time. This golden rule of a good credit history will also save you the expense of late-fees and other unnecessary charges. Online banking can help you stay organized.
2. Make regular payments. Paying at least the minimum payment requirement due on all credit will show other lenders that you are a responsible borrower.
3. Know what you owe.Be aware of the amount of all your debts and set a repayment timeline and schedule as soon as you start earning money after graduation.
4. Do not spend beyond your personal limit. Just because the credit limit is there doesn’t mean you have to use it.
5. Close or cancel any credit card accounts you don't need.Having one credit card account makes it easier to keep track of bills.
6. Keep your account out of collections. Stay on top of bills, and don’t ignore calls or reminder letters. If missed payments on credit cause the lender to send the credit to a collection agency, it will stick with you on your credit history.
7. Don’t ignore debt issues. If you can’t make full payments or are feeling overwhelmed, talk to your creditors. Usually, you can make some kind of arrangement that doesn’t jeopardize your credit history.
8. Make sure your monthly statements are correct. Mistakes can happen, so be sure to review your monthly statements to quickly detect any errors or unauthorized use of your credit.
9. Learn more about your credit report and score. Find out more from the Financial Consumer Agency of Canada.</< ol>
In Canada, credit information is collected by two major credit-reporting agencies, Equifax Canada and TransUnion Canada. They record how you have used credit and whether you pay your loans and bills on time, as reported by your lenders.
Finding out what’s in your report is easy. You can obtain your credit report for free if you send a request by mail or fax, or pay a small fee to request a copy of your credit report and see your credit score online. It’s a good idea to check your report once a year to ensure that it's accurate
Whether you’re in need of cash or want to move money between accounts, there are lots of convenient ways to do it.Ways to save on banking
Enjoy banking with no monthly fee. If you’re enrolled in a full-time post-secondary program, you may be eligible for our Value Plus Account with Student Discount — a smart save, no-monthly-fee account that gives you loads of options when it comes to accessing your money.
Use cash or debit instead of credit. The enhanced TD Access Card is a debit card with even more benefits. You can use it to make debit purchases wherever Interac Debit is accepted in Canada. In addition, the Visa Debit symbol on the front means your Access Card can be used to make debit purchases at merchants outside of Canada whether online, by phone, or mail order, wherever Visa/Visa Debit is accepted. And because it is a debit card and not a credit card, you pay immediately rather than later as with credit cards, giving you more control over your finances and budgeting.
Beware of bank machine fees. ATMs offer easy 24/7 access to your money. But if you use one from a financial institution other than your own, you’ll likely pay a transaction fee-- which can really add up.Save time and stay on top of bills
The enhanced TD Access Card lets you take advantage of easy access to over 2,700 TD ATMs in Canada and at no additional charge to over 1,600 TD Bank ATMs in the U.S
You’ll have all the same options you have at home, including withdrawing and transferring funds, and checking account balances.
Go paperless online. Stay connected to your accounts the same way you stay connected with your friends — online. Banking online gives you secure 24/7 access to your money and saves you time with online bill payments, transferring funds and Interac e-Transfers. Sign up for Paperless Record Keeping or opt for EasyWeb's Online Statements and help protect the environment.
You can always call. When you’re on the road or can’t find an Internet hot spot, telephone banking will give the same 24/7 secure options as banking online. With TD Canada Trust EasyLine, you can speak to a representative if you have any questions or need help or advice.
Stroll into a branch. Sometimes, speaking to someone one-on-one is the best way to get the information you need. That way, your bank can get to know you, your unique situation and your goals. Now, with longer hours and Sunday banking across the country, it’s easy to drop in and get the service you need at the closest TD Canada Trust branch. Branch representatives can provide information and advice on everyday banking, investing and student loans.Cushion yourself with overdraft protection
Combine your TD Canada Trust Value Plus Account with overdraft protection — a good idea if you think you may have to pay extra on your cellphone bill or got carried away on downloads this month. With two options, you never need to worry about covering your bills between cheques:
· Pay-As-You-Go Overdraft Protection— no monthly fee, and you only pay a fee when you use your overdraft protection.
· Overdraft protection (monthly fee) — with one low fee per month, you’re always covered without even thinking about it.Practise good security habits to keep money safe
There are a lot of simple ways to keep your money safe, like never sharing your PIN, online or telephone banking password with anyone. If you bank online with TD Canada Trust, you enjoy the added safety of our Online Security Guarantee.