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Student Line Of Credit For Undergrad


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Hi canucks_14,

 

I didn't get one, but my brother and sister did because they didn't qualify for much from provincial student loans at the time.

 

My brother needed a cosigner (our parents) because he didn't have much of a credit history. My sister was able to get one on her own though. If you have a good credit history, then the bank may not require a cosigner.

 

The interest rate would be higher than what you'd get with a medical LOC obviously and the downside is that you have to pay the interest while you're in school. I'd go with provincial student loans first if you can get them and then look into getting a bank LOC only if you need to top it up.

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