Student Line of Credit
If you are unable to secure a student load from the government, you may want to consider a student line of credit. Most of the major banks offer a student line of credit as an alternative to a government loan.
A student line of credit works in much the same way as government student loan, except:
- a co-signer is generally required;
- monthly interest-only payments must be made, and;
- in most cases, there is a 12-month grace period instead of 6 months (as with government loans).
It is important that you contact the lending institution of your choice as soon as possible to determine whether or not you are eligible for a student line of credit.