Canada Student Loans and Grants
We are a designated institution and our students are eligible to receive Canadian Federal & Provincial funding, at the provinces listed below. Funding is subject to meeting the eligibility criteria. For further details on the application process, please contact your funding office at your respective province of residence.
To qualify for financial aid, you must:
- Be a Canadian citizen, a permanent resident of Canada or designated as a protected person.
- Demonstrate financial need.
- Be enrolled in at least 60% of a full course load if you are a full-time student or be enrolled in 20–59% of a full course load if you are a part-time student.
How to Apply
- Go to the province or territory website for where you live (linked in the chart above).
- Log in or register with your social insurance number.
- Choose the appropriate academic year and application (full-time or part-time student).
- Fill out the application and then submit online.
Royal Credit Line
The Royal Credit Line for Students is different than other student loans. It's a revolving line of credit, which means that instead of taking all the money up-front, you can arrange the amount of money available each year—that’s your credit limit.
For more information, please visit the RBC Royal Bank Online Loan Application.
Depending on your degree program, you can qualify for a credit limit of anywhere from $10,000–$150,000 CAN.
There’s no cost to set up your Royal Credit Line for Students, and you only pay interest on the amount you actually borrow. There is an interest rate of Prime Rate + 1% once you start repaying your loan.
Repayment and Deferment
As long as you are enrolled full or part time, you will only pay the interest you owe each month. If you haven't used any of your credit, then you have nothing to pay.
After you graduate, you will have 12 months before you will be required to repay any of the principal you’ve borrowed. Royal Bank of Canada can set up a fixed payment schedule to help you repay your loan as quickly and conveniently as possible.
To apply for your Royal Credit Line, you will need:
- Confirmation that you are enrolled at a Canadian post-secondary or an accepted educational institution outside of Canada and pursuing one of the qualifying degrees
- An estimate of your education costs (including tuition, supplies, fees, accommodations, food, travel, etc.)
- A list of your financial resources (including savings, bursaries, summer employment, etc.)