Student Loans

The FirstOntario student loan is designed specifically to help students earn a diploma or degree beyond high school. At FirstOntario we understand that life as a student has a different cash cycle - income during summers or job placements and little or no income during the academic year. That's why built in to every student loan is an understanding of how student education, employment, and income work.

• You have the option of making interest-only payments each month while attending school. This helps you in two ways:
• It helps you to reduce your debt upon graduation. This is because when you make monthly interest payments, you avoid delaying the total debt repayment until after graduation.
• At the same time, making interest-only payments minimizes your financial obligations while you are at school.
• You can postpone repaying the principal of the loan until 6 months after you graduate. This lets you find work and perhaps spend a bit of money on things like clothes or a trip before you settle down to a formal repayment program.
• As a student, you get a preferred variable interest rate
• Students can borrow up to $7,500 per year to a maximum of $30,000.

FirstOntario students can continue to enjoy the benefits of the HeadStart^® Chequing and Savings Account until age 21.

Students enjoy the convenience of using MembersFirst...online® Internet Banking or Telephone Banking to access their accounts from virtually anywhere in the world, 24 hours a day, 7 days a week, at no charge.

Please check out our Learning Centre for more information on how to save for your education and lots of other valuable information for students (and parents of students!).