Financing an Education
Being a student is an exciting time in someone’s life, whether you’re continuing your studies as an adult, just heading off to post-secondary school, or saving for your child’s education. There are many financing and funding options available to pay for school-related costs, a Libro Coach can help.
Student Line of Credit
Libro offers a Student Line of Credit to help cover post-secondary education costs, allowing part-time students to borrow up to $6,000 per year and full-time students up to $12,500, subject to credit approval. Students can borrow as needed, must provide proof of enrollment, and may require a co-borrower. Interest is paid monthly, with principal repayment beginning one year after leaving school.
Investing
Education is one of the most important investments you’ll make throughout your life. From the Lifelong Learning Plan, using Registered Retirement Savings Plan (RRSP) funds, to Registered Education Savings Plans (RESPs), there are investment options to help you save and fund your education.
Financial Literacy
It’s never too early to start talking about money. Whether your child is opening their first bank account or saving for a car, Libro is here to grow with you, every step of the way.
Student Awards
Libro’s student award program supports youth who demonstrate outstanding commitment to their community while balancing academic success.
Talk to a Coach about Registered Education Savings Plans (RESPs)
Invest in RESPs and watch them grow along with your kids. RESPs are a tool useful to access education needed for a bright future. Talk to us about getting started.
- Save for post-secondary education for your children or grandchildren
- Money grows, tax-sheltered
- Government matching grants and learning bonds can increase savings
Frequently Asked Questions on Financing Education
Is there an age limit for a student loan?
At Libro, when applying for a student loan or line of credit, there is no age limit! Students can be of all ages and we encourage individuals to pursue higher education at any lifestage.
I have a student loan with Libro, how long do I have until it has to be paid back in full?
When you are approved for your loan and it is funded by your Libro Coach, at that time you will set up the payment amount and time period of your student loan. However, all student loans may take up to a maximum of 10 years to be paid in full.
Testimonial“My Libro Coach helped me establish good money management skills. They also taught me about the importance of a good credit score, which is especially valuable as a university student living away from home. I’m so thankful for my Libro Coach!”
– Libro Owner, Jessica
