TD Canada Trust Student Line of Credit
DESCRIPTION:
The TDCT Student Line of Credit is a line of credit designed specifically to meet the financial needs of students. It offers a lower interest rate and flexible repayment terms.
DEVELOPED FOR:
Designed primarily for students who are or will be pursuing credits towards a post-secondary degree or certificate program at a Canadian university or college.
Student Eligibility:
Full-time, part-time, professional and graduate students attending an accredited Canadian university or college. The university or college must be a member of either the Association of Universities and Colleges (AUCC) or the Association of Canadian Community Colleges (ACCC). For a list of eligible universities, refer to
www.aucc.ca. For a list of eligible community colleges, please refer to
www.accc.ca.
Lending limits depend on the program the student is in. Refer to
Student Line of Credit for complete details.
Note: Applications for students who are attending an educational institution which is not a member of either the AUCC or ACCC will only be considered for full TD Canada Trust customers (TD Canada Trust is their primary Bank), or where a full family or commercial relationship exists with the Bank. (Private vocational or technical schools are typically not members of either the AUCC or ACCC)
Applicants attending
foreign schools will only be considered where a full TD Canada Trust relationship exists (including family or commercial) with a Canadian resident/citizen co-signor.
Special Programs:
Richard Ivey School of Business MBA (University of Western Ontario)
Credit Approval:
Applicants must qualify under normal TD Canada Trust Line of Credit approval criteria (most students will require a co-signor).
KEY FEATURES:
Interest Rate:
- <LI type=disc>Undergraduate students: TD Prime + 1.50% <LI type=disc>Graduate students (PhD's, Masters programs): TD Prime + 1.00%
- Graduate Professional students:
- Medical & Dental: TD Prime + 0.00%
- MBA: TD Prime + 0.50%
- Optometry, Pharmacy, Veterinary, Law, & Chiropractic: TD Prime + 1.00%
Student Line Increases
When processing an increase on a student line, the rate that is entered on the CAP FDET screen will apply to the entire facility upon release. To offer the same rate as the existing facility, the branch must ensure that the correct variance is entered on this screen.
Lending Limits:
Click
here to view complete details.
Interest Only Payment Period:
- <LI type=disc>While the customer is a student and for 12 months thereafter, the customer has to make interest only payments on a monthly basis.
- Interest is calculated on the daily balance.
At Graduation:
- One year interest only grace period.
- Line of credit is frozen after completion of studies or when student leaves school. At this point, no more advances are permitted.
Repayment:
- Once the interest only period has ended following the 12 month grace period, the student is required to start making principal and interest payments.
- At this point, the minimum monthly repayment requirement will change from interest only to the greater of $50 or 1% of the outstanding monthly balance.
Graduate Professional Students:
TDCT considers students who are pursuing the following professional designations at an accredited Canadian University as Graduate Professional Students:
- Medical, Dental, Veterinary, Chiropractic, Optometry, Pharmacy, MBA and Law
