Financial Resources
Managing the cost of professional education takes careful planning and preparation and can increase the financial burden on some candidates. CPLED has compiled some financial resources to help candidates and internationally trained lawyers access funding for tuition, living expenses, and accreditation costs. These options include student lines of credit from Canadian banks and specialized programs for skilled newcomers. Other provincial or more specialized options may exist.
Canadian Banks
Most Canadian banks offer student financial assistance to manage post-secondary education expenses, dependent on credit checks and financial situation.
ATB Professional Students Line of Credit: Offers flexible options for students enrolled in professional study.
CIBC Education Line of Credit: Offers a line of credit of $80,000 at a rate of CIBC Prime1 + 1%. It is designed to help with post-secondary education costs and provides a free SPC+ membership.
RBC Royal Credit Line for Students: Provides a range of credit limits based on the program of study, with competitive interest rates and flexible repayment timelines.
BMO Student Line of Credit: Offers a variable low-interest rate based on BMO’s Prime Rate plus 0.5%, with no annual or monthly fees.
TD Student Line of Credit: Provides flexible repayment schedules and competitive interest rates, with no principal payments due until 24 months after leaving school.
Scotiabank ScotiaLine: A flexible borrowing option that allows access to funds up to the available credit limit, with interest accruing on the balance during studies.
Education Loans for Skilled Newcomers
Recognition Counts (Manitoba) is a program that supports skilled immigrants wishing to work in their fields of expertise or alternative career in Manitoba. The program offers financial counselling, and the opportunity to apply for a loan of up to $15,000 with Assiniboine Credit Union to help with the cost of having qualifications recognized in Manitoba and obtaining employment in a profession or trade.
Windmill Microlending is a registered charity serving newcomers with microloans of up to $15,000 for skilled immigrants and refugees to pay for Canadian licensing or training needed to restart or continue their careers in Canada. Loans can be used to cover fees for licensing and qualifying exams, credential assessments, books, course materials, childcare, or living allowance during the study period, English or French training, and other expenses to cover the costs of Canadian accreditation, training, and career development.