Student Line of Credit
UCU Student Line of Credit features
Credit based on your program of study
Your eligible credit limit is determined by your program type and considers the specific costs associated with your chosen field.
University and college students
UCU’s Student Line of Credit is open to students enrolled in a certificate, apprenticeship, degree or diploma program at accredited universities and colleges.
Competitive interest rates
Eligible medical and dentistry students will be charged the UCU Prime interest rate. Eligible students enrolled in all other programs may qualify for an interest rate as low as UCU Prime interest rate + 1%.
Rolling available credit
Borrow what you need and the amount you withdraw will be added back to your student line of credit as you make principal repayments.
Interest only payments while in school
Make monthly interest-only payments while enrolled in school.
12-month repayment grace period
Scheduled monthly repayments of the principal amount borrowed will start 12 months after your full-time studies end.
UCU Student Line of Credit Program
PROGRAM | UP TO MAXIMUM LIMIT | INTEREST RATE |
|---|---|---|
| Masters or PhD | $48,000 | UCU Prime + 1.00% |
| Chiropractic | $140,000 | UCU Prime + 1.00% |
| Optometry | $125,000 | UCU Prime + 1.00% |
| Pharmacy | $125,000 | UCU Prime + 1.00% |
| Law | $80,000 | UCU Prime + 1.00% |
| Business Studies (MBA/Executive MBA, Accounting) | $125,000 | UCU Prime + 1.00% |
| Dentistry | $275,000 | UCU Prime |
| Medicine | $275,000 | UCU Prime |
| Veterinary Medicine | $140,000 | UCU Prime + 1.00% |
| Occupational Therapy | $80,000 | UCU Prime + 1.00% |
| Physiotherapy | $80,000 | UCU Prime + 1.00% |
| Naturopathic Medicine | $80,000 | UCU Prime + 1.00% |
| Nursing | $55,000 | UCU Prime + 1.00% |
| Podiatry | $55,000 | UCU Prime + 1.00% |
| Engineering | $55,000 | UCU Prime + 1.00% |
| Other Undergraduate Programs | $40,000 | UCU Prime + 2.00% |
Conditions may apply1
Student Line of Credit: FAQs
A student line of credit is a revolving line of credit specifically designed to help students cover the costs of post-secondary education. You can borrow only what you need, up to your approved limit, and only pay interest on the amount used.
You may be eligible if you are a Canadian citizen or permanent resident enrolled full-time or part-time in a certificate, apprenticeship, degree or diploma program at an accredited Canadian university or college in Canada.
You can use the funds for any educational expenses, including tuition, fees, textbooks, living costs, and other education-related costs.
UCU offers competitive interest rates on our Student Line of Credit. Eligible medical and dentistry students will be charged the UCU prime interest rate. Students enrolled in all other programs will have an interest rate of UCU prime interest rate + 1%.
UCU offers a 12-month grace period on principal repayments after you leave school (graduate or withdraw). This means you only need to make interest payments during this grace period.
After the grace period, you will need to start making regular monthly payments that include both principal and interest. We will provide you with a detailed repayment schedule upon approval.
It’s important to make your payments on time to avoid late fees and impacts on your credit score. If you are facing difficulty making payments, please contact UCU as soon as possible to discuss your options.
Visit your local UCU branch and bring with you the following:
- proof of enrollment in an accredited post-secondary school
- proof of income if applicable
- monthly expenses
- you may need a co-signer
UCU strives to provide a fast and efficient application process. Approval times can vary depending on your individual circumstances.
If your application is denied, we will provide you with a notification and the reason for the denial. You may be able to re-apply with a co-signer or after improving your credit score.
Yes, your eligible credit limit will be determined by your program type (undergraduate, graduate, or professional), considerations about the specific costs associated with your chosen field of study, your credit worthiness, and UCU credit granting criteria.
Yes, you can use the UCU Student Line of Credit in conjunction with other student loans to help cover any remaining educational expenses.
You can visit our website, contact your local branch, or refer to the information brochure for more details.
01Note:
- Proof of enrolment at an eligible post-secondary education institution is required.
- You may need a co-signor.
- All applications subject to credit approval.
