The University of Sint Eustatius School of Medicine is pleased to announce a new opportunity offered by Global Education Management Services (GEMS) which is now coordinating with Royal Bank of Canada (RBC Royal Bank) to offer the RBC Royal Bank Royal Credit Line- for Canadian Students studying at approved institutions of higher education outside of Canada.
The RBC Royal Bank Royal Credit Line is an excellent way for Canadian students to manage their cash flow and supplement the money they receive from the Canadian government through the Canada Student Loan Program.
Features and Benefits:
Flexible limits: Credit lines start at $5,000 for undergraduate students up to $150,000 for students pursuing a professional designation (based on field of study).
Lower interest rate: Competitive interest rates based on the RBC Royal Bank prime rate (Prime Rate):
- General Undergraduate / Special Programs: Prime Rate + 3.75%
- Professional programs: Prime Rate + 2.75%
- Medical / Dental programs: Prime Rate + 1.75%
- Rate does not increase once the student is required to repay the principal of the credit line. This applies to all programs.
No annual fee: There is no annual service fee or cost to set up the line of credit. Plus, there’s nothing to repay if the student does not use the credit line.
Easy to repay: As long as students are in school full-time or part-time, they only have to pay the interest owing on the credit line each month. After graduating, students have up to 12 months before they must start to repay the principal they have borrowed on a fixed re-payment schedule. During this 12-month period, students must continue to pay the interest owing on the credit line.
Convenient and responsible use of credit: The credit line is different than other student loans. It is a revolving line of credit. This means that instead of taking all the money up-front, a student can arrange to have an amount of money available to them each year. Once a student is approved for the RBC Royal Bank Royal Credit Line, they never have to apply again. They can borrow all or any of it, at any time – and they can re-use any or all of it up to the available credit limit once they repay the portion of the principal they have borrowed as long as their account is in good standing.
For further details and qualification information, please contact RBC Royal Bank at 866.719.2882.