Financing an Education

Options for paying for school

Being a student is an exciting time in someone’s life, whether you’re continuing your studies as an adult, just heading off to post-secondary school, or saving for your child’s education. There are many financing and funding options available to pay for school-related costs — a Libro Coach can help you build a plan that works for you.

Student Line of Credit

Libro has financing options to help cover the costs of post-secondary education for students in universities, colleges and apprenticeship programs. The Student Line is a line of credit where part-time students may borrow up to $6,000 per year, and full-time students may borrow up to $12,500 per year, subject to credit approval.

Student Line allows a student to borrow only the amount they need when they need it. Students must prove part-time or full-time enrollment (an approved co-borrower may be required). Interest is paid monthly, with principal repayments starting one year after leaving school.

Student Awards

Libro’s student award program supports youth who demonstrate outstanding commitment to their community while balancing academic success.

Youth Education

It’s never too early to start talking about money. Whether your child is opening their first bank account or saving for a car, Libro is here to grow with you, every step of the way. Start here.

Investing

Education is one of the most important investments you’ll make throughout your life. We explain your investment options to help you choose the right one – so you can save time and money. Learn more.

Withdrawing From Your RESP

Once the beneficiary starts at a qualified post-secondary school, money can be withdrawn with proof of enrollment.

The portion that you’ve contributed can be withdrawn in part or in full. It’s good to remember the principle: ” Money is non-taxable but the growth is taxable”.

The portion made up of government grants must go to the beneficiary and is fully taxable. Also, during the first 13 consecutive weeks of enrollment, there is a withdrawal limit of $5,000 on this portion. After that, the limit does not apply as long as the student has been enrolled in a full-time program within the previous 12 months. Different rules will apply for part-time students.

RESP rules can be complex. A good first step is to meet with a Libro Coach who will work with you to determine a contribution and withdrawal strategy that’s best for you and your family.