A Higher Education Line of Credit or the Lifelong Learning Plan can help you pay for school.

Do You Need a Line of Credit?

A Higher Education Line of Credit from Casera can help you further your personal learning or training at a university, college, or trade school. A line of credit covers expenses, such as tuition, books, tools, or other necessary equipment. Payments are interest-only while you’re enrolled in school and for a six-month period after you are no longer a student.

Do You Know About the Lifelong Learning Plan?

The Lifelong Learning Plan allows you to withdraw up to $10,000 per year from your RRSPs to finance training or education for you or your spouse or common-law partner. Withdrawals cannot exceed $20,000 over a four year period. You also cannot use the RRSP funds to finance your children’s training or education, or the training or education of your spouse’s or common-law partner’s children.

You will be required to repay the amount withdrawn, without interest, in equal payments over a 10 year period commencing in the year following the last year in which you are enrolled but not later than the fifth year following the year of the first withdrawal, whichever is earlier.

For more information about the Lifelong Learning Plan, download the booklet, Understanding RRSPs.