Student Banking in Newfoundland — MUN Guide 2025

Best banking accounts, student loans, lines of credit, and money tips for Memorial University students and NL college students.

Banking at Memorial University of Newfoundland (MUN)

Memorial University is Newfoundland's primary university, with approximately 19,000 students at its main St. John's campus and Grenfell Campus in Corner Brook. MUN is Canada's most affordable university for international students (annual tuition has historically been set lower than other provinces to attract global students), making it a destination for students from across Canada and around the world. Managing student finances well at MUN sets you up for a strong financial start after graduation.

RBC and TD have on-campus or near-campus ATMs and student banking services accessible from MUN's Elizabeth Avenue campus. Scotiabank, BMO, and CIBC have branches nearby in the St. John's area. Most major banks offer student-specific chequing accounts with no monthly fee while you're enrolled — these are worth getting even if you primarily use a no-fee digital account.

Best Student Banking Accounts in NL 2025

Account	Monthly Fee	Key Perk
KOHO Essential	$0 (always)	Cash back, budgeting, $20 bonus code 45ET55JSYA
RBC Student Banking	$0 (while enrolled)	RBC ATM access, Student Visa card
TD Student Banking	$0 (while enrolled)	TD ATM access, overdraft option
Scotiabank Student Account	$0 (while enrolled)	Scotiabank ATM access
Simplii Financial	$0 (always)	CIBC ATM access, unlimited transactions

Student Aid NL — Loans and Grants

StudentAid NL is the provincial student financial assistance program. NL students may be eligible for a combination of federal Canada Student Grants and Loans (through the National Student Loans Service Centre) and provincial NL grants and loans. NL's student grant program has been enhanced in recent years, with more students receiving non-repayable grants rather than loans. Apply through the StudentAid NL portal before the academic year begins.

MUN's own scholarship and bursary program also offers financial aid — check the MUN Financial Awards website each September for available awards. Many departmental awards go unclaimed because students don't apply.

Student Lines of Credit

Professional and graduate students at MUN (medicine, dentistry, law, MBA) often qualify for professional student lines of credit from banks. These provide $150,000-$350,000 in credit at prime rate (far below credit card rates) for tuition, books, and living costs. Undergraduate students can access smaller student lines of credit ($100-$15,000 typical) with a co-signer. Visit an RBC, TD, or Scotiabank branch near MUN to apply.

Money Tips for MUN Students

• Use a no-fee account for daily spending — bank fees on a student budget are a real drain
• Open a TFSA immediately even with minimal funds — your contribution room accumulates from age 18
• Cook at home — St. John's has affordable grocery options; eating out daily destroys student budgets
• MUN's bus pass is included in student fees — use it instead of Uber to save hundreds per semester
• Student discounts are widely available in St. John's — always ask and show your MUN ID
• File your taxes every year even with low income — the tuition tax credit accumulates and can be used after graduation
• Avoid carrying credit card balances — interest at 19.99%-22.99% compounds faster than most people expect

NL Tuition and Cost for MUN Students

MUN undergraduate tuition for domestic students is approximately $3,000-$4,000 per year — among the lowest in Canada. Combined with NL's affordable rent ($700-$1,200/month for student housing near MUN), St. John's is one of the most economical places in Canada to pursue a university degree. Many MUN students graduate with significantly less debt than peers at Ontario or BC universities.