| CIBC or the Canadian Imperial Bank of Commerce is | | | | ELC principal, he or she can even while still studying, |
| one of the biggest chartered banks in Canada. CIBC | | | | without penalties. |
| has operations in the United States. Among the | | | | Lump sum payments can be made anytime, making |
| services offered by the CIBC are student loans, | | | | the student freer to use any future money for other |
| offered through educational lines of credit (ELC). This | | | | uses. Interest is only calculated for the amount that |
| line of credit is designed for students to assist them | | | | the student actually used, and not for the entire |
| in the cost of their post-secondary or college | | | | credit limit. |
| education. | | | | Even part time students can take advantage of the |
| A student can take advantage of a loan of up to | | | | ELC, as long as they finish their degree within 10 |
| $40,000, the principal of which is only payable once | | | | years. If a student is interested in applying for a |
| the student has finished schooling. The interest of a | | | | CIBC student loan, all he or she has to do is visit the |
| CIBC ELC is payable by the student while attending a | | | | nearest CIBC branch and be assisted by a personal |
| public college or university, and the principal should be | | | | banker. with a CIBC educational line of credit, |
| paid a year after the student graduates, or 6 months | | | | students have a stable and steady line of credit |
| if the student stops schooling without graduating. | | | | available for them. |
| However, if the student wants to pay off the CIBC | | | | |