The C-Y-S Account Student Line of Credit

The C-Y-S Account Student Line of Credit is especially designed to help students financially while earning a post-secondary diploma or degree.

Students can apply for up to $7,500 annually at a preferred variable interest rate of prime plus 1.00%, plus, enjoy all of the other benefits that the C-Y-S Account has to offer.

Subject to credit approval, there is even a special Student MasterCard to help with emergency situations. This helps to build and maintain a good credit rating when charges are paid off in full right away.

Although it can be repaid at any time, the interest only payment option that recognizes that student income fluctuates throughout the year - income is produced during summers or job placements and little or no income is earned during the academic year.

How do interest only payments help?

Firstly, by reducing debt upon graduation – when monthly interest payments are made, delaying the total debt repayment until after graduation is avoided.

Secondly, making interest-only payments minimizes financial obligations while in school attendance.

Following graduation, principal repayment of the line of credit can be delayed for up to three months. This allows time to find a job, or, to take a trip before a formal repayment program is arranged.

A C-Y-S Account Student Line of Credit can be accessed through special Line of Credit cheques, or, in-branch withdrawals. Plus, funds can be transferred anytime through Internet or Telephone Banking from the Line of Credit to the savings account, and then, accessed by ATM anywhere.