What is a Student Loan?
Navigating the cost of post-secondary education can be challenging. Our StudentChoice® Education Loan is designed to help students cover the costs of tuition, books, housing and other expenses while attending a recognized college or university, allowing you to focus on your studies.
Benefits
Borrow up to $300,000
Borrow from $15,000 to $300,000, depending on your program.
The amount you can borrow is determined by your specific education path. University degree or technical/trade schools: $15,000 per year, up to $60,000 for a four-year program. Professional designation (Chiropractic, Optometry, Pharmacy, Law, etc.): $30,000 per year, up to $150,000. Professional medical and dental (Medical Doctors, Doctors of Dentistry): $50,000 per year, up to $300,000.
Interest-only while studying
Make interest-only payments while studying — focus on school, not principal.
During your time in school, you will only make interest-only payments on your student loan, allowing you to focus on your studies without worrying about principal repayment. Once you graduate and complete your one-year grace period, your loan converts to fixed monthly payments that include both principal and interest.
Competitive interest rates
Enjoy competitive interest rates, making education more affordable.
Conexus offers competitive interest rates on the StudentChoice® Education Loan, helping keep the overall cost of financing your education more manageable. Speak with an Advisor to find the rate that fits your program and situation.
One-year grace period
Take advantage of a one-year grace period after graduation before repaying.
After graduation, you have a full year before you need to begin repaying the principal on your StudentChoice® loan. This gives you time to find employment and get settled before fixed monthly payments begin.
Borrow, repay, borrow again
Access funds on a revolving basis throughout your studies.
Funds are made available to you on a revolving basis while you’re still in school, allowing you to borrow, repay, and borrow again as needed — covering tuition, books and other costs across every semester of your program.
Build your credit history
Timely payments help establish a strong credit history for the future.
Making your loan payments on time — even interest-only payments while you study — helps you build a strong credit history from the very start of your financial life, setting you up for future borrowing needs like a car or a home.
How does it work?
To qualify, you must be enrolled full-time or part-time at a recognized post-secondary institution and provide proof of enrollment. A guarantor or co-signer may also be required.
The amount you can borrow depends on your program:
- University degree or technical/trade school: Up to $15,000 per year, to a maximum of $60,000 for a four-year program.
- Professional designation: Up to $30,000 per year, to a maximum of $150,000. This includes programs such as chiropractic, optometry, pharmacy and law.
- Medical or dental: Up to $50,000 per year, to a maximum of $300,000 for medical and dental programs.
Once approved, the loan funds can be accessed quickly and used for tuition, books, and other educational expenses.
Funds are made available to you on a revolving basis while you're still in school, allowing you to borrow, repay, and borrow again. During your time in school, you will only make interest-only payments on your student loan.
After graduation and complete a one-year grace period, your loan switches to fixed payments, and you can manage your repayments through automatic transfers with flexible payment frequencies.
Is this right for you?
Right for you if you:
- Are looking for funding that will help cover education costs and provide cash flow while attending school. Our StudentChoice® education loan is designed to help cover tuition, books, housing and other education-related expenses, making it easier to focus on your studies without worrying about finances.
- Need flexible repayment terms. With interest-only payments while you're in school and a grace period after graduation, you can manage your finances more effectively until you’re ready to start repaying the principal.
- Want lower-interest rates helping reduce the overall cost of your education financing.
May not be right for you if you:
- Are unsure about your future financial situation. While a student loan provides funds for education, you’ll need to start repaying the loan after the grace period. Other products with more immediate repayment flexibility might be more suitable, like a Personal Loan.
- Don’t have someone you could use as a co-signer or guarantor for the loan, it’s often required for many student loans. If you don’t have a co-signor or guarantor, talk to an Advisor about our Personal Loan or Line of Credit.
- Need funds for other big purchases that aren’t related to education. For example, if you're looking to purchase a vehicle while in school.
See what you can afford, before you commit.
Common questions.
Here’s what people ask us the most.
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The amount you can borrow depends on your program. University and technical or trade programs can qualify for up to $15,000 per year, professional programs up to $30,000 per year and medical or dental programs up to $50,000 per year, subject to program maximums.
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After you graduate, you have a one-year grace period before you begin making payments toward the principal and interest on your loan.
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A guarantor or co-signer may be required. If you don’t have someone who can co-sign or guarantee your loan, a Conexus Advisor can help you explore other borrowing options.
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A Student Loan is designed for education-related expenses. If you need to borrow for another major purchase or personal expense, a Personal Loan or line of credit may be a better fit.
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No. The Conexus StudentChoice® Education Loan is a private credit union loan, separate from the federal Canada Student Loan Program. Before borrowing privately, it’s worth applying for federal and provincial student aid first — Canada Student Loans are permanently interest-free and Canada Student Grants never need to be repaid. Many students use a mix: government aid first, then a StudentChoice® loan to cover any remaining gap. A Conexus Advisor can help you figure out what makes sense for your situation.
We’re here to help.
Have questions about our loan options, rates, payments or the application process? Fill out our quick form and a member of our team will be happy to help.
