Student Loan LOC

An affordable way to make continuing education possible. Sydney Credit Union's Student Loan LOC is designed for students who require post-educational funding. Proceeds are to be used for educational purposes only; i.e. tuition, books, fees and normal living expenses for those students. Students enrolling in full-time or part-time studies at a recognized post-secondary educational institution (university, community college or technical school) are eligible.

Benefits:

Lower interest rates mean lower payments when it is time to pay back your loan
You have one year after graduating to secure work before you have to start paying on the principal
Speak in person with local staff if you have questions or need help

Features:

Loans available to full or part-time students (a co-signer may be required) with an interest rate of Prime +1% while you are in school
Maximum loan amount of $80,000
While in school, you only pay the interest portion of the loan
Regular loan payments on the principal do not begin until one year after you've stopped being a student
Repayment amortizations range from five to fifteen years, depending on the balance of the loan
Credit Life and Disability insurance available

Professional Designations

The maximum loan amount to any one student will be $80,000, unless the student is pursuing a select professional designation, in which case the maximum loan amount will be $150,000
Select Professional Designations could include the following: medicine, dentistry, optometry, veterinary medicine, pharmacy, podiatry, chiropractor, law, engineering, occupational therapy, physiotherapy, MBA/EMBA and accountancy