Student loans / Lines of Credit

Education Loans

We recognize that the cost of post-secondary education is very expensive. We further recognize that in many cases, students do not qualify for Canada Student Loans, or if they do qualify, the amount of assistance provided is insufficient to finance their education. With this in mind we are pleased to introduce our Student Loan/Line of Credit for students who are either not eligible for Canada Student Loans or who need additional funding.

Community Credit Union offers lines of credit to qualifying full time or part time students at any recognized post secondary educational institution, community college, university or technical school. The course of study will lead to a degree, diploma or certification in a particular area. The maximum amount to any one student shall be $20,000

Each year the student must provide confirmation of enrolment to continue to be eligible for the program. No additional advances will be made if the interest payments are in arrears.
During the course of studies, the borrower and co-maker(s) / guarantor(s) will be responsible for the payments of interest on a monthly basis. When the borrower ceases to be enrolled as a student (graduates or leaves) repayment will commence in the form of blended payments of principal and interest after a six month grace period has elapsed. Loans up to $20,000 may be amortized up to a maximum of ten years.

Life Insurance available to qualifying members.