Educational Loan Program
Designed specifically for post secondary students to assist in covering the cost of attending a post secondary educational institution. Funds can be used for living expenses, tuition and books.
The student and/or co-signor will be required to meet Williams Lake
and District Credit Union's normal lending criteria. The loan will bear an interest rate of Prime* plus 1.00%, with a maximum amortization of 15 years. These loans are reviewed annually.
Educational Line of Credit
With the same qualifying conditions, this line of credit has monthly interest payments and an interest rate of Prime* while the student is attending a post secondary educational institution. It is converted to a term loan on an annual basis with a new educational line of credit established if requested. Within 12 months of completing post secondary education, all lines of credit and term loans will be combined into one term loan at an interest rate of Prime* plus 1.00%, with monthly payments amortized over a maximum of 15 years.
*Prime - as determined by the Prime Lending Rate of Central 1 Credit
Union