Student Loans

Northern doesn’t participate in any government student loan programs (OSAP, Canada Student Loans, etc.) but we have a real focus on helping people get their education. That’s why we‘ve created this special variation of a line of credit.

Who’s eligible?

Our Student Loan is available to any student members, along with their parents. Students must be taking part in full-time, post-secondary education.

Maximum Amounts

The maximum total amount is $40,000, based on a $10,000 a year maximum. Plus, you can get an additional $20,000 ($10,000 per year for two years) for post graduate studies.

Rates and Costs

You’ll receive a variable interest rate that’s set at prime less a ¼ percent.

The only associated cost you have to worry about is the $40 application fee.

Payments

Payments are interest only for up to six months after you finish your studies. At this point, you can either pay off the balance of your loan, or refinance whatever’s left over a maximum 10-year amortization period.

You also have the freedom to make extra payments, or pay the balance owing at any time, without penalty.

Insurance

Our student loan offers the same insurance options available with NORTHERNLINE and MERITLINE. Both life and disability coverage is available.