A student line of credit allows students to borrow money for post-secondary education, with the freedom to borrow and repay funds as needed with deferred principal payments. The calculators and content on this page are for general information only. A student line of credit can also increase your credit score as long as payments are made on time. Feel free to contact us at info SchoolFinder. Student Line of Credit Alternatives.
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Read MoreMake interest-only payments while in school and for two years after graduation. No, you cannot claim student line of credit interest on your taxes as it is not tax deductible. With most banks, after you graduate, your student line of credit will be converted into a personal loan. If so, BMO also has student line of credit options for you! There you have it!