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Student Banking Products and Financing Solutions

When you are a student, your wallet is never quite as full as you’d like it to be. Let’s face it: things are usually a little tight.

To bulk it up a bit, check out our Student Advantage, a banking program designed for full‑time students aged 16 to 25, offering financing products tailored to student life and exclusive financial privileges.

Student Advantage Program

Eligibility criteria

  • Be between the ages of 16 and 25, inclusively
  • Be enrolled full-time in a recognized establishment (proof required)

Specifics

  • Gives access to financial privileges for students only
  • Offers up to an $8 monthly rebate on the regular monthly fee of one of the following plans:

Plan

Transact a Lot

Transact Without Limit

Gold Service

Reduced monthly fee1

Free

$5.75

$21.00

Maximum number of free transactions per month2

20

Unlimited

Unlimited

Acceptable transactions and other privileges2

Details
Privileges in attrition to those listed under the Transact a lot plan:
  • Paper bank statement: free
  • "Cheques to send monthly" option available upon request at no charge

Details

Details

Financial privileges2

  • Student line of credit 3 (financing starting at $1,500, and only the interest must be paid back while studying)
  • Visa*4 Black credit card for students (no annual fee; more flexible eligibility criteria; ideal for building credit history; practical for online purchases; advances of available funds; the Reward Me option free when making more than $300 in net purchases during the month5, or at only $1.66 per month—perfect for collecting points that can be exchanged for gift cheques at over 80 retailers).

 

Credit: To Be Used in Moderation

When you decide to use your credit, always keep in mind that, like alcohol, moderation is key.
If you start living beyond your means when you’re young, you are entering a vicious circle that only leads to debt. The hole will only get deeper and deeper. Not to mention that you are making quite a mess of your credit score. To be avoided at all costs!

Our My Credit section explains all this in detail.

Another Solution: Parental Savings

If you have parents with foresight or the financial means, they may have tucked savings into an RESP (Registered Education Savings Plan), a tax-sheltered account in which savings for education grow for a beneficiary.

If so, to access your funds and receive your Educational Assistance Payments (EAPs), you must satisfy the following three conditions.

  • Be enrolled full-time in a qualifying6 educational program in a post-secondary teaching establishment, namely a CEGEP, university or another accredited teaching establishment;
  • Respect the EAP limit of $5,000 for the first thirteen consecutive weeks of study (after which you can withdraw any amount you want to keep up with your school-related expenses)7; and
  • Add the EAP to your taxable income during the year you receive it, if you are the RESP beneficiary.


Draw up a savings plan >>>
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* Trademark of Visa International Service Association and used under license.

Legal notice

1. Pricing in effect as of November 1, 2016. Subject to change.
2. Current fees apply to transactions exceeding the limit included in the banking plan. To learn the current fees, consult our My Money guide or ask an advisor at your branch. Financial privileges available only to clients aged 18 and over.
3. Subject to credit approval. Co-signer's signature required.
4. Subject to credit approval. For more information on Laurentian Bank Visa cards, including all information on credit rates, when interest goes into effect or the grace period and the amount of fees unrelated to interest, call 514-252-1846 (Montréal and area) or 1-800-252-1846 (toll free).
5. $350 in net purchases per billing cycle required to obtain reimbursement of the monthly fee. Cash advances, Visa cheques, fees (including monthly fees, non‑sufficient funds (NSF) cheque charges, etc.), balance transfers and transactions at automated banking machines are not deemed eligible purchases.
6. A qualifying educational program is an educational program that lasts at least three consecutive weeks, with at least 10 hours of instruction or work each week. For the complete list of qualifying educational programs and to find out the conditions for part-time studies, contact the Canada Revenue Agency at 1-800-959-8281 (toll free).
7. In some cases, Human Resources and Skills Development Canada may accept that the EAP amount exceeds the above-mentioned limit (for example, when the tuition and expenses for a given program are higher than average).

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