The Education Assistance Loan Program has changed to the Student Line of Credit program, offered by Canadian Defence Community Banking, in partnership with Bank of Montreal. “We’re excited to promote this new program to the military community. The CDCB has tailored this program to meet the unique needs of members and their families,” said Luc Girard, CF Appreciation Program Manager, Director Strategic Outreach and Initiatives, Canadian Forces Morale & Welfare Services. The Student Line of Credit program is flexible and better placed to meet the financial needs of military families as they contemplate post-secondary education. “The guaranteed interest rate is 0.5% off their normal posted rate. This does exclude Student Professionals and Medical/Dental Students categories though.”
Designed specifically for the Canadian military, CDCB offers cost-effective banking plans with unique features tailored to the military lifestyle and needs. “The program can be trusted as the Chief of the Defence Staff authorized it. BMO is mandated to provide members of the Defence Community with enhanced services,” said Girard. CDCB is delivered in a non-public property framework through the Canadian Forces Morale and Welfare Services. “The CDCB program features discounted banking plans, mortgage rates that are competitive, and special benefits like the Integrated Relocation Program Mortgage Offer and the BMO Support Our Troops MasterCard which directly benefit Canadian Forces morale and welfare programs.”
The new Student Line of Credit program is available to all members of the Canadian Armed Forces community. “Students applying have to be enrolled in a part or full-time post-secondary school program at least 12 weeks long, leading to a degree, diploma or certificate,” said Girard. The maximum loan amounts available are $45,000 for full-time or part-time students, $80,000 for professional students, and $250,000 for medical and dental students. “It’s important for applicants to remember they must still qualify based on their individual credit scores.”
For more than 25 years, education loans have been available to the CF Community as part of the Canadian Forces Personnel Assistance Fund. The SLOC is far more flexible and better placed to meet the financial needs of modern military families as they contemplate post-secondary education.
For more information visit www.bmo.com/cdcb
Please visit Eligibility Criteria for further definitions.