CIBC MBA Loan

Can you tell me in detail about the Loan for CIBC Professional Edge Student Program offered by CIBC or Canadian Imperial Bank of Commerce as I am planning to pursue MBA course as my further studies?

[Shaleen]

With CIBC Professional Edge Student Program one can borrow up to $275,000 (depending on field of study) to help cover tuition, rent, books, school supplies, living and residency costs.

The Loan Program is for one if one wants:

 Access to funds while attending an accredited Canadian university of college, and for 12 months after graduation or residency (or 6 months if one leave program without graduating)
 To pay interest only on the amount use while one is in school or residency
 Up to $275,000 as a medical or dentistry student (including any residency programs such as radiology, anesthesiology, osteopathy and psychiatry)
 Up to $140,000 as a chiropractic or veterinary medicine student
 Up to $125,000 as an optometry, pharmacy or business studies (MBA, Executive MBA) student
 Up to $80,000 in funding for occupational therapy, physiotherapy, naturopathic medicine, law and accounting
 Up to $55,000 as a nursing, podiatry or engineering student

Other student loan details:
 Access funds, transfer money and make payments on line of credit from CIBC branches, bank machines, Telephone Banking, Online banking, where can also set up automatic payments
 Access funds wherever see the INTERAC symbol
 Receive monthly statement for simplified record keeping
 Payment due dates are set out on monthly statements
 If leave the program without graduating, CIBC Professional Edge Student PLC will be converted to a Personal Loan
 Pay off all or part of the loan at any time without penalty

Repayment options upon graduation or residency completion:
 One can convert Professional Edge Student PLC to a Personal Line of Credit with interest-only payments
 One can continue using Professional Edge Student PLC with payments of 3% of the outstanding balance or $60 - whichever is greater
 One can convert Professional Edge Student PLC to a CIBC Personal Loan with set principal and interest payments
 All repayment options give the same variable rate based on CIBC Prime

Upon graduation or completing residency:
 Get up to 100% financing for startup business
 Qualifying students get free Transactions and no monthly fees on a CIBC Everyday Chequing Account
 Get a CIBC Credit Card with a $1,000 limit
 Take advantage of the CIBC family of companies and advisors to get the financial advice you need moving forward