A student line of credit is private bank credit for school costs. You draw what you need, and interest usually starts as soon as you take the money. It does not come with the interest-free study period or forgiveness rules that can apply to government student loans. Use grants, family savings such as an RESP, and government aid first. This is the expensive gap-filler. In the United States the closest product is a private student loan.

Click Here for our lesson on Paying for Post-Secondary Education in Canada