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Supplementing Education Savings
With post-secondary education costs continually growing,
you may find you don’t have enough to support your child through their
post-secondary years – even if you spend several years saving for your child's
education.
There are several solutions that can help, including:
Student Line of Credit
Students enrolled in a post-secondary
education program can apply for a BMO Bank of Montreal Student Line of Credit to
pay for their education and other education-related expenses.
Benefits include:
- Savings on interest costs with a low interest rate
- Lower borrowing costs by using only what you need,
when you need it and by repaying part or all of the outstanding balance
whenever you want
- Easy access to funds through automated banking
machines, a no-fee Student Line of Credit MasterCard®* access card, writing a
cheque or visiting a BMO Bank of Montreal branch
- Affordable monthly payments beginning with minimum
interest-only payments up to 12 months after graduation, and then gradually
increasing principal and interest payments over six years
- Helps students establish a credit history and a sense
of financial responsibility
- Optional creditor life insurance
- Itemized monthly statements to help with budgeting
More
information on Student Line of Credit
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Homeowner's Line of Credit
If you have built up equity in your
home, you may want to consider taking out a Homeowner's Line of Credit to help
finance your child's post-secondary education.
Benefits include:
- Savings on interest costs, with the lowest possible
interest rate on a variable line of credit
- One application establishes a lifelong credit line
that can be used whenever required
- Once approved, funds can be accessed by writing a
cheque, using your FirstBank® Card at any automated banking machine or using
your BMO Bank of Montreal Personal Line of Credit MasterCard®* access card
- The credit limit starts at $5,000 and can go to a
maximum of 75% of the value of your home less the outstanding balance of any
existing mortgage
- Minimum monthly payments are 2% of the outstanding
balance or $50, whichever is greater. Interest-only payments are available in
certain circumstances
- Earn valuable AIR MILES®† reward miles
More
information on Homeowner’s Line of Credit
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BMO Mosaik MasterCard
Apply for a Mosaik® MasterCard®* with a
supplemental card for your child, whether they go away to school or live at
home.
Benefits include:
- A transactional line of credit with a minimum of 19
grace days (interest free) on all purchases
- Low interest rate option if you need to borrow longer
term
- Helps you manage and track your child's spending as Mosaik MasterCard statements lists charges by credit card number
Learn
more about Mosaik MasterCard
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Scholarships, Grants and Bursaries
A student may qualify for
scholarships, grants or bursaries based on criteria that may include a
contribution to the community, grades, and/or financial standing.
Learn more about the scholarships, grants and bursaries offered in Canada:
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Government Student Loan Programs
Federal and provincial government student loans are available to full and part-time students. Essentially, the government pays the interest on the loan while the student is in school. Six months after completing his or her studies, the student is expected to begin to repay the student loan.
For more information on government financial assistance,
eligibility and application requirements, visit www.canlearn.ca .
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