You can usually access your credit line by using your debit card, through banking machines, telephone or internet banking or by writing a cheque. And you can repay it anytime, say if you have a part-time job or a great summer job. The advantage of repaying it is that you will save money on the interest costs. We suggest that you develop a plan outlining how much you will need for tuition, books, school fees, living expenses, and transportation as well as how much money you have coming in through employment, parental assistance, savings, etc. and present it to the bank. This will show the bank that you are serious and have given great thought about financing your education.
Many financial institutions give students a break on the interest rate they charge.
And as mentioned earlier, you only pay the interest on that amount that is outstanding each month. Since many students do not have a credit rating or the income to qualify for a bank loan or credit line, a co-signor such as a parent or guardian will be required to support your application. In many cases, financial institutions allow a grace period whereby you can expect to pay the monthly interest only for approximately 6 to 12 months. After that, you will need to meet with your financial institution to make arrangements to begin repaying back the loan or credit line. Many financial institutions are generous and permit you take as much as 10 years to repay the loan or credit line.