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Queen's University
 

RBC/Queen's Student Line of Credit


General Information:

Queen's University and RBC Royal Bank are pleased to make available the RBC/Queen's Student Line of Credit Program for students enrolled at Queen's University, Kingston. Queen's students who have explored other financial options through government student assistance and who have not qualified for an RBC Royal Credit Line for Students with a co-signor may qualify for the Queen's guarantee feature.

    Once you have submitted your application for an RBC/Queen's Student Line of Credit the RBC Royal Bank will determine your eligibility. If approved, the Royal Bank will contact you directly to complete the application process.

    While you are in school you only have to pay the monthly interest on the RBC/Queen's Student Line of Credit at the Royal Bank prime rate plus 1%.


Student Line of Credit Guaranteed by Queen's:

    Queen's students who have explored other financial options through government student assistance and who have not qualified for an RBC Royal Credit Line for Students with a co-signor may qualify for the Queen's guarantee feature. At the sole discretion of the University, Queen's may extend a guarantee to a full-time student up to a maximum of $5,000.

    Criteria that must be satisfied to be considered for the guarantee by Queen's including the following:

  • Student must be enrolled in full-time studies
  • Student must be in at least their second year of study at Queen's University, with the exception of students enrolled in professional programs such as Law, Medicine, or MBA (see FAQ)
  • Student must be in good academic standing and making progress towards degree completion
  • Students must have an excellent credit history with the University
  • Students must be a Canadian citizen or permanent resident of Canada
  • Student must have exhausted all other options for student financial assistance (i.e. applied and been assessed for government student financial assistance)
  • Student must provide a suitable Canadian co-signor (e.g. parent, guardian, spouse). If there is an extenuating circumstance as to why you cannot provide a co-signor, please submit a letter of explanation with supporting documentation to the Queen's Student Awards Office, Attention: RBC/Queen's Student Line of Credit. The expectation of Queen's University is that parent(s)/spouses are responsible, where they demonstrate the ability to do so, for assisting their son/daughter/spouse with the costs of their Queen's education; therefore, it is expected that parent(s)/spouse will act as co-signor(s).
  • Students must demonstrate financial need (as determined by the Queen's Student Awards Office) during the academic session for which the RBC/Queen's Student Line of Credit is being considered. Student may be required to complete a budget sheet.
  • Student must complete the online consent
  • Please note that the RBC/Queen's Student Line of Credit is a student financial assistance program designed to assist students with the costs associated with post-secondary studies at Queen's University. The guarantee by Queen's for an RBC/Queen's Student Line of Credit will not be provided to students for the purposes other than post-secondary studies (e.g. vacations, to pay down/off credit cards, to pay down/off student loans or other lines of credit, etc.) In addition, an RBC/Queen's Student Line of Credit will not be approved to assist a student to attend a post-secondary institution other than Queen's University.
    The Student Awards Office may require you to provide further information in order to assess your application, and therefore may contact you via your Queen's email.


Obligations to RBC and Queen's:

    If approved, you are responsible for:

  • Keeping your RBC/Queen's Student Line of Credit in good standing by making monthly interest payments. While you are in school you only have to pay the interest on the line of credit at the Royal Bank prime rate plus 1%. If your loan becomes delinquent or is in default with the Royal Bank, the University will consider you a debtor and therefore the Senate Policy on Student Debtors will apply (see below).
  • Your RBC/Queen's Student Line of Credit will be converted to repayment status (must begin to repay the principal, plus continued interest payments) six months after you cease to be a registered student.
  • If Queen's has guaranteed an RBC/Queen's Student Line of Credit you can only access funds while enrolled full-time at Queen's University.
  • In the event you are no longer enrolled full-time at Queen's and subsequently provide RBC a confirmation of enrollment from any other accredited post-secondary institution you will remain responsible for the monthly interest payments according to your payment obligations. Your RBC/Queen's Student Line of Credit will not be converted to repayment status until six months after you cease to be a registered student at any post-secondary institution.

Senate Policy on Student Debtors (approved on March 24, 1994):

Any student with an overdue debt with the University will not be permitted to register or to receive examination results, official transcripts or marks reports until the outstanding account is settled in full or until an acceptable arrangement for settling the account is made by the department(s) concerned. (For some departments only full settlement of the debt will be considered a satisfactory arrangement.).  In no case will a diploma be produced and provided to a student with an outstanding debt with the University.


How To Apply:

STEP 1 - COMPLETE THE ONLINE CONSENT FORM

When applying for the RBC/Queen's Student Line of Credit, you must complete an online consent form authorizing the transfer of your enrolment status and personal information between Queen's University and RBC Royal Bank. Student will be required to acknowledge that if approved for a Queen's guaranteed RBC/Queen's Student Line of Credit you will be expected to keep your line of credit in good financial standing with RBC Royal Bank. If the line of credit becomes delinquent or in default, Queen's will consider you as a debtor and therefore the Senate Policy on Student Debtors will apply (see above). Student consent is required before any information can be shared, including request for a guarantee.

Online Consent Form


STEP 2 - SUBMIT AN APPLICATION TO RBC

The following link is to the RBC Royal Bank website, which outlines the program information. It is critical for you to read and understand this information before applying for an RBC/Queen's Student Line of Credit.

RBC Royal Bank Website 



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Frequently Asked Questions:

1) Q: What is the difference between the RBC/Queen's Student Line of Credit program and RBC Royal Credit Line for Students?

A: A RBC/Queen's Student Line of Credit is a Royal Credit Line for Students which is co-signed (guaranteed) by Queen's University.

2) Q: How does the RBC/Queen's Student Line of Credit program relate to government financial assistance (e.g. OSAP)?

A: Queen's requires student to first apply for government student assistance before considering their application for an RBC/Queen's Student Line of Credit. This requirement is due to the benefits of such government student assistance programs, including interest-free status during studies, non-repayable grants, loan forgiveness, and repayment options, to name a few. Queen's is aware that many university students are ineligible for government financial assistance; in light of this, the RBC/Queen's Student Line of Credit program has been designed to increase access to student lines of credit.

3) Q: How will I know if Queen's guarantees my RBC/Queen's Student Line of Credit?

A: The Royal Bank will inform you that you have been approved for a Royal Line of Credit for Students. Queen's Student Awards Office will also contact you, in writing, if your application was approved as a result of Queen's agreeing to guarantee the loan; it is therefore important that you ensure your mailing address is up-to-date on your student account (SOLUS).

4) Q: What exceptional circumstances would prompt Queen's to guarantee an RBC/Queen's Student Line of Credit?


A: A student must be full-time studies in at least the second year of study, in good academic standing and making good progress towards the completion of their degree, have an excellent credit history with the University and have no other options to borrow financing to invest in his/her university education.

5) Q: Are students in all programs of study eligible to apply for the RBC/Queen's Student Line of Credit?

A: Students in professional programs of study such as Law, Medicine or MBA are required to pursue options through the Royal Credit Line for Students-Professional Designation at RBC or another financial institution. Students registered full-time in second year of any other program are eligible to apply for a RBC/Queen's Student Line of Credit.

6) Q: If Queen's guarantees my RBC/Queen's Student Line of Credit, does my course load at Queen's have any impact on my RBC/Queen's Student Line of Credit?

A: Yes. In order to have access to funds from your RBC/Queen's Student Line of Credit, you must be registered as a full-time student at Queen's (minimum 80% course load in every term of study). If you cease to be enrolled in full-time studies, Queen's will contact RBC and your RBC/Queen's Student Line of Credit will be ‘capped' (you will no longer be able to draw further funds from your RBC/Queen's Student Line of Credit). However, if you are still enrolled in part-time studies at Queen's your RBC/Queen's Student Line of Credit will remain in interest-only status (you continue to make the monthly interest payments, but do not have to start payments on the principal).

7) Q: What are my responsibilities if Queen's guarantees my RBC/Queen's Student Line of Credit and I complete or withdraw from my studies?

A: If Queen's has guaranteed an RBC/Queen's Student Line of Credit a student can only access funds while enrolled as a full-time student at Queen's. In the event a student is no longer enrolled at Queen's and subsequently provides RBC a confirmation of enrolment from any other accredited post-secondary institution he/she will remain responsible for the monthly interest payments according to the student's payment obligations. The RBC/Queen's Student Line of Credit will not be converted into repayment status until six months after his/her registered student status ceases at any post-secondary institution.

8) Q: Is RBC Royal Bank the only lending institution with which I may secure a line of credit?

A: No. Students may apply for a student line of credit from any institution they desire. However, the above-stated benefits (Queen's guarantee feature) of the RBC/Queen's Student Line of Credit program apply only to the RBC Royal Bank.

9) Q:  Is there a maximum amount of RBC/Queen's Student Line of Credit for which Queen's will consider extending the guarantee?

A: Yes. The maximum amount of RBC/Queen's Student Line of Credit for which Queen's will consider extending the guarantee is $5,000 per academic year.


Contact Information:

For more information please contact RBC Royal Bank and/or the Queen's Student Awards Office:

RBC Royal Bank

Main Branch - Kingston
65 Princess Street
Kingston, ON K7L 1A6
(613) 549-2441
Feel free to contact a Royal Direct® representative by telephone, 24 hours a day, 7 days a week, toll-free at 1-800-ROYAL99 (1-800-769-2599)

Student Awards Office

Gordon Hall, Room 225
74 Union Street
Queen's University
Kingston, ON K7L 3N6
Phone: (613) 533-2216
Fax: (613) 533-6409

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Kingston, Ontario, Canada. K7L 3N6. 613.533.2000