Get the education you deserve!
Apply for your education loan today!
Frequently Asked Questions
Am I eligible for an education loan?
Let's see!
- You must be age 17 or older
- You must be a post-secondary student attending university, college, tech, or trade school
- You must be an Innovation member. Opening a No-Fee Bank Account is free and fast!
- You must have a guarantor, for example, a parent, guardian, or grandparent. (If you're a mature or professional student, you may qualify without a guarantor.)
What if I'm a part-time student?
That’s okay! There’s no distinction between full-time and part-time students.
How much can I borrow?
You can borrow:
- $20,000/year
- $80,000/student*, or for professional studies, $120,000/student*
* Amounts exceeding the maximum total/student are considered on a case-by-case basis.
For a $120,000 student loan, what professions qualify?
You’ll need to be pursuing one of the following careers:
- Accountant
- Chiropractor
- Dentist
- Engineer
- Lawyer
- Medical Doctor
- Optometrist
- Pharmacist
- Veterinarian
How does revolving credit work?
Your approved loan amount is ready for you to access anytime you need it. You can simply transfer funds from the loan to your No-Fee Bank Account in online banking or your mobile banking app.
- Choose Payments & Transfers > Transfers > Transfer Money
- Choose the To Own Account
- Follow the prompts and you're set!
Want to pay down your student loan? Simply transfer from your No-Fee Bank Account to your student loan.
You will always have the total approved loan amount at your disposal. So, if you pay some of your loan down but need that money again, you can simply make another transfer back to your No-Fee Account and you're set!
What can I use my student loan for?
You can use it for tuition, books, and living costs.
How long do I have to pay it back?
| Loan Amount | Length of Time to Repay |
|---|---|
| Up to $30,000 | 7 Years |
| $30,001 to $60,000 | 10 Years |
| Over $60,000 | 12 Years |
Additional Information
Education Loan
- Available for personal use only, for post-secondary education
- Must attend university, college, technical or trade school
- For students age 17 and older
- Interest compounded annually
- Maximum advance per school year - $20,000
- Maximum total advance per student - $80,000 (amounts exceeding approved maximum total advance are considered on a case by case basis)
- Professional students may be eligible for up to $120,000
- Interest only payments monthly while in school
- Repayment terms and amortization:
- Minimum monthly principal and interest repayment frequency schedule
- 7 years – up to $30,000
- 10 years - $30,001 to $60,000
- 12 years – over $60,000
- An Innovation account is required for payment of education loans. The payment cannot come from another financial institution.
- Guarantors required
- Primary guarantors shall be parent, guardian &/or grandparent
- Mature students/professional students may qualify with no guarantor upon approval
- Application fees are not applicable
Learn more about our accounts and services. Review our Account and Fee Information (pdf).
Identify the interest rates applicable to your account(s) and how they're calculated. Review our About Our Interest Calculations (pdf) document.
Loans and mortgages can be approved in one business day if you have submitted all required paperwork OR, you will be able to book an appointment in one business day and be approved in two businesses days if you have submitted all required paperwork.
* Amounts exceeding the maximum total/student are considered on a case-by-case basis.