Island Savings

Islander Education Loan

This loan is for you if:

  • you are a student at a post-secondary school
  • you're in need of money to cover your school expenses.
  • you're not eligible for BC or Federal government student loans.

Overview

Key Features & Benefits

  • Loan amount: $10,000 per year of study
  • Loan term: up to 4 years of funding
  • Eligible for part-time or full-time studies (minimum of 15 hours of class time per week)
  • Make interest-only payments (to a maximum of 4 years) during the time you're attending post-secondary school
  • Flexible payment options
  • No prepayment penalties
  • Quick approval

Please note: This loan program does not qualify or any provincial or federal grants as it is not a student loan program recognized by the government.

Here's how it works

  1. Contact us using our secure online contact form or call any of our branch locations
  2. Your application will be sent to your local Island Savings branch
  3. One of our account managers will contact you to discuss the details
  4. You'll need to come in and sign some paperwork
  5. You'll receive your money—quick and simple!

Protection

Types of Protection

Loan life insurance

  • Pays the outstanding insured balance of your loan(s), up to $90,000, 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 70), regardless of the type of employment
  • No health questions asked and no medical examination is required
  • Covers short and long-term loans of up to 15 years
  • Protects other insurance policies (private and employee benefits) to provide income for your family

Loan disability insurance

  • Covers up to $1,000 a month in regular insured loan 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
  • Premiums are included in your monthly payments for your convenience
  • Available to anyone regardless of the type of employment
  • No health questions asked and no medical examination is required
  • Covers short and long-term loans of up to 10 years
  • Protects other insurance policies (private and employee benefits) to provide income for your family

Critical illness

If you are diagnosed with life-threatening cancer, or suffer a heart attack or stroke, critical illness insurance will pay off your loan balance in full.

  • Pays the outstanding insured balanced of your loan(s), up to $90,000.
  • 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 personal loan with us. It's that simple!

Ready to apply? Applying for a loan with us is easy!

Online

Applying for a loan online just takes a few minutes and just four easy steps!

In Person

If you'd rather visit us in person, 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 phone numbers.