Education Loan

Finance your or your child’s future with an Education Loan. If you or your child are entering post-secondary studies your tuition fees, textbooks, laptop, living expenses and transportation costs can all be covered with this one loan.  Education Loans are a great option for those who do not qualify for Canada Student Loans or need to top up the amounts available from that program. 

Who Might Use this Product?

Individuals who are enrolled in post-secondary programs of at least 60% full time studies and require financial assistance with the costs of education.

Cost Savings and Member Benefit Expand/Collapse

  • Decisions are made  locally, to ensure you get a response as quickly as possible
  • Make interest only payment while attending school  
  • No age limit
  • No Application Fee
  • No penalties to repay early
  • Access funds from your education loan with our No Fee Student Choice Account
  • Members are eligible for cash rebates through our Patronage Program

Convenient and Flexible Expand/Collapse

  • Re-advanceable (funds can be re-borrowed once principle is paid back)
  • Funds can be advanced by phone, email or in person
  • Variety of payment options available
    • Payment frequency of weekly, bi-weekly, semi-monthly or monthly
    • Term up to 10 years on balances less than $20,000
    • Term up to 20 years on balances greater than $20,000
    • Automatic payment transfers available

Peace of mind Expand/Collapse

  • Peace of Mind knowing you have funds available for your education
    • Aggregate maximum of $10,000 per year of classes
    • Education loan can be used to supplement a government student loan, if additional funds are needed
  • Loan Insurance available (life and disability)

Information about your Loan Expand/Collapse

You have many different ways to access your account information or history

  • In branch assistance
  • Immediate access via online banking, telephone banking or mobile services
  • Monthly detailed statements including e-statements

Good to Know Expand/Collapse

  • Must meet certain approval conditions
  • Confirmation of student enrolment from your post secondary educational institution is required annually 
  • Maximum of $40,000 unsecured for individual student
  • Additional security may be requested depending on the limit requested 
  • Full repayment starts 6 months after finishing school 
  • Life insurance on the student is a requirement for full amortization period of the loan
  • Student Choice account with Unity CU must be maintained as primary account for duration of loan if member qualifies for graduate account.
 

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