Education Loans

You can get the ball rolling as soon as you receive your acceptance letter! The earlier you get started, the quicker you’ll have access to your loan. To finalize your loan application, you’ll need to submit one of the following documents

• Proof of Enrolment (POE) letter from the Registrar’s office of your post-secondary institution
• an invoice or receipt of tuition payment
• Registered Education Savings Plan (RESP) Verification of Enrolment form
• course schedule

If you don't need more money, you don't need to re-apply. However, you’ll need to prove your student status each year by submitting one of the following documents

• Proof of Enrolment (POE) letter from the Registrar’s office of your post-secondary institution
• an invoice or receipt of tuition payment
• Registered Education Savings Plan (RESP) Verification of Enrolment form
• course schedule

You’ll need to bring proof that you’ve been accepted into a post-secondary education program. This could be:

• Proof of Enrolment (POE) letter from the Registrar’s office of your post-secondary institution
• an invoice or receipt of tuition payment
• Registered Education Savings Plan (RESP) Verification of Enrolment form
• course schedule

You may also need to bring along the person who’ll act as guarantor for your loan.

Your guarantor will need to bring:

1. Two sources of income verification.
   • If you’re a salaried employee, this would be your last two paystubs or a letter from your employer and your T4 or Notice of Assessment (NOA).
   • If you’re self-employed or a business owner, you’ll need to supply copies of your T1 General (income tax returns and Notice or Assessment) and T2125 (Statement of Business or Professional Activities) for the past three years. We’ll also need to conduct a Corporate Registry Search, but we’ll do this for you. If your business is a corporation or partnership, you're also required to provide your financial statements for the last three years.
2. A full list of your assets – what you own
3. A full list of your liabilities – what you owe

A guarantor is very similar to a co-signer. They’re the person who guarantees us that you’ll pay back the loan. If you fail to make your loan payments, the guarantor agrees to take responsibility for the loan. There’s a good chance this will be your parent or guardian, but it doesn’t have to be.

Yes, this is called the Lifelong Learning Plan (LLP). You can use it to withdraw up to $10,000 per year from your RRSP – to a maximum of $20,000 over four years – to pay for full-time education or training lasting three consecutive months or more. The LLP is nice because you don’t have to pay tax on those withdrawals like you would when you make a regular withdrawal from an RRSP.

When your program is over – or after six years – you’ll need to start paying back the amount you’ve withdrawn. There’s no interest charged on your withdrawal and you’ll have up to 10 years to repay it.

If this sounds like a sweet deal, give us a call at 1.866.863.6237 to discuss it in more detail.

Payment protection is like an insurance policy for your loan. It keeps you covered if life throws you a curveball and you can’t make your loan payments. Coverage and payment options can be tailored to your specific situation, and you can learn a lot more about it by calling our Contact Centre at 1.866.863.6237.

Simply contact your post-secondary institution and request a proof of enrolment letter – this is a free service your school will provide you. This is accessible via most online student portals by logging on with your student credentials.