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|
|Plan||Transact a Lot||Transact Without Limit||Gold Service|
|Reduced monthly fee1||Free||$3||$21|
|Maximum number of free transactions per month2||15||Unlimited||Unlimited|
|Acceptable transactions and other privileges2||Détails||Détails||Détails|
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 REEE, (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.
* Trademark of Visa International Service Association and used under license.
1. Pricing in effect as of December 28, 2006. 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 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, the grace period or fees unrelated to interest, call 514-252-1846 (Montréal and surrounding area) or 1-800-252-1846 (toll free).
5. $200 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).