A line of credit is a loan from the Bank. Unlike a regular loan for a fixed amount, the Bank doesn't provide you with the full amount of the loan at once. Instead, the Bank establishes a "credit limit" for you as the maximum amount you can borrow. As you withdraw, the available credit reduces. However, as you pay the money back, the amount available for withdrawal increases. You control how much of your credit limit you want to withdraw and when.
You may have both a Government Student Loan and a Student Line of Credit if you qualify.
The banks allow students to defer payment of principal for up to one year after graduation. Although you must make interest payments on the borrowed amount during this period, you have time to complete your studies and find employment before starting to repay the principal.
Visit the following financial institutions for specific details:
No comments:
Post a Comment