Island Savings

Student Line of Credit

This line of credit is for you if:

  • you are a student at a post-secondary school
  • you're not sure how much you'll need to cover your school expenses.
  • you want to borrow funds as you need them and reduce the interest you pay.

Overview

Key Features & Benefits

  • Line of Credit amount (LOC): up to $9,000 per year, up to a maximum of $45,000 for the life of the LOC
  • The LOC is simply an extension of your account at Island Savings, so it provides flexible access to funds for your ongoing needs
  • Interest is charged only on the funds you use
  • Quick approval
  • Flexible payment options
  • No prepayment penalties

Here's how it works

  1. Apply online today
  2. Your application will be sent to your Island Savings branch. If you're not a member with us, we'll create a new account for you as well
  3. One of our account managers will contact you to discuss the details
  4. Visit our branch to sign some paperwork
  5. You'll receive access to your credit—quick and simple

Protection

Types of Protection

All line of credit protection insurance is paid monthly and is based on the balance owing on your line(s) of credit at the end of each month. These are your insurance options:

Line of credit life insurance

  • Pays the outstanding insured balance of your line(s) of credit, up to $1,000,000, should you die
  • Benefits are paid directly to Island Savings, ensuring there are no tax implications for your family
  • Available to anyone (up to age 65), regardless of the type of employment
  • Protects other insurance policies (private and employee benefits) to provide income for your family

Line of credit disability insurance

  • Covers up to $3,000 a month in regular insured line of credit payments if you become sick or injured and are unable to earn an income
  • Benefits are paid directly to Island Savings, ensuring there are no tax implications for you or your family
  • Available to anyone regardless of the type of employment
  • Protects other insurance policies (private and employee benefits) to provide income for your family

Line of credit critical illness

If you are diagnosed with life-threatening cancer, or suffer a heart attack or stroke, critical illness insurance will pay off your line(s) of credit balance in full.

  • Available for purchase between the ages of 18 and 59. (Coverage ends at age 75.) Joint coverage is available at reduced costs.

Eligibility

What you'll need

You'll need to be at least 19 years of age to apply for a line of credit with us.

Ready to apply? Applying for a line of credit with us is easy!

Online

Contact us to let us know you're interested in a student line of credit—we'll do the rest.

In Person

If you're more comfortable coming in to see us, we'd be happy to go through the application process with you.

By Phone

If you’d like to call us, here is a complete list of our branch and insurance office numbers.