Financing, Bursaries & Tax Receipts

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CIBC Educational Line of Credit

BFC has partnered with CIBC to offer you an affordable and convenient financing option for your flight training. You have the ability to apply for a CIBC Education Line of Credit with the Flight Training or Campus Administrator – no need to visit a CIBC branch.

A CIBC Education Line of Credit (ELC) is an attractive financing option to help with your school and living expenses. Benefits of an ELC include:

  • Financing from $5,000 to a limit greater than $40,000.
  • Low monthly interest-only payments
  • No security requirement
  • Repayment options after graduation
  • Make interest-only payments for one year after graduation while you look for your first job.
  • Flexibility to convert your line of credit into a personal loan twelve months after graduation that allows you to:
  1. Get an affordable payment plan at the same rate and a loan amortization period of up to 20 years
  2. Pay off all or part of the loan at any time without penalty

Application Process

How does a student apply for an ELC?

For student’s convenience, there are 2 application channels available:

  1. Online https://cibcelc.com/e/BramptonFlightSchool
  2. Specify if guarantor is required – If guarantor is needed click on option for co-applicant
    1. If a guarantor needs to be added to an application, they can call in directly at 1-888-489-2422 and provide the file number from the portal application.
  3. Once you have applied please contact Brampton Flight Centre’s Flight Training Administrator or Campus Administrator. Appointments may be required to complete paperwork.

Flight Training Administrator (Self-Paced Program)
Veronica Draghici
[email protected]
905-838-1400 ext. 228

or

Campus Adminstrator (4 Year Degree, 1 Year College Program or IATPL)
Kathy Stewart
[email protected]
905-838-1400 ext. 248

How does an ELC work?

Similar to a regular Line of Credit, the student is approved for a defined credit limit to assist with educational expenses. The repayment terms require the student to pay interest only on the funds used while the student is in school, and for 12 months following graduation. The minimum payment amount is due on the payment due date printed on the monthly account statement. The payment due date refers to the date by when the payment should be received by CIBC.

For example, if a student has been approved for a $15,000 ELC and the student uses the full credit limit – then, the student would be responsible for a payment of $63 per month. As the outstanding balance is paid down, the monthly payment is also reduced.

Repayment Options?

Education lines of credit are totally open. Lump-sum payments can be made at any time without penalty. The student is charged interest on the balance outstanding as at the statement date.

How will a student make the monthly payment?

There are multiple methods of repayment:
– Cheque: each month, the student will be mailed a statement and can make a payment by cheque to the CIBC payment centre noted on the statement
– CIBC Automated Bank Machine (ABM): upon request, each student can be given a CIBC Debit Card which will allow them to make a payment at any CIBC ABM
– At Any CIBC Branch

What will the student receive when they open the ELC?

The student will have cheques (free of charge) mailed to them along with a CIBC Debit Card (if requested). If they wish to open a CIBC Deposit Account, they can call CIBC Telephone Banking at 1-800-465-2422.

What is the interest rate charged and how does it work?

The interest rate for an ELC is CIBC Prime Rate (currently, 3%) + 2% = 5%. Please note that the CIBC Portal will always have this information updated. CIBC Prime Rate is a variable annual interest rate that CIBC publishes from time to time as a point of reference for its variable interest rates. The interest rate on a ELC will change whenever CIBC Prime Rate changes.

Do you offer Personal Loans?

No, we do not offer personal loans for this purpose. However, if desired, 12 months after graduating, the ELC can be converted into a personal loan.

Eligibility for an ELC?

To qualify for an Education Line of Credit on their own, students must meet all credit criteria. If the student does not meet the criteria then a qualified guarantor is required. The criteria consists of the following:

– Meet the age of majority in the province or territory in which the ELC is opened
– Have Canadian Citizenship or have permanent resident status
– Have at least three years of recent, full-time work experience
– Be able to pay the interest on the ELC using savings or employment income
– Has not claimed bankruptcy over the past 7 years

Guarantor

The guarantor must:

– Have a minimum income of $20,000
– Meet age of majority in the province where the ELC is opened. If the student has not reached the age of majority, the guarantor must sign form 7513, Undertaking
– Be a Canadian citizen or landed immigrant
– Has not claimed bankruptcy over the past 7 years

Application has been Submitted

An application has been submitted, now what?

Once an application is received by CIBC, we will work to produce a response within 1 business day. We will communicate a decision on the application through the CIBC Web Portal. More specifically, the application may be approved as submitted, conditionally approved or declined.

If the student is approved – what happens next?

When you receive the approval decision from the Portal, you will contact the campus administrator to arrange to meet with you to sign the applicable forms and provide ID. Once the forms have been signed, all forms and documentation (such as proof of income documents) will be faxed to CIBC. The Education Line of Credit will be activated and attached to a CIBC Debit card.

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Summary

At Alterna Savings, we have a Line of Credit designed just for students that’s perfect for helping to cover the cost of tuition and other expenses.

Built specifically for students enrolled in post-secondary education, the Alterna Savings Student Line of Credit gives you the convenience of a readily available source of money for whatever arises.

  • You’ll save money: Our Student Line of Credit carries a lower interest rate, and you can make interest-only payments while in school and up to one year after graduation.
  • You’ll have peace of mind: The Student Line of Credit gives you an easy solution to cover expenses such as tuition, books, and living expenses so you can focus on school.
  • You’ll have flexibility: As the student line of credit is a revolving credit product, you’ll be able to re-draw the funds as you pay down your balance without having to re-qualify.
  • Access up to $10,000 per year, up to a maximum of $40,000 over four years of study 1

Becoming a Member

At Alterna Savings, we offer all the same services and products you’d expect from a bank, but our “co-operative” difference means you get the added benefits of being a member. Our profits are returned to you in the form of great rates and better service, and put back into strengthening your local community.

When you open your account, you purchase a $15 lifetime “membership share”. This share buys you ownership in Alterna Savings – which means you have a say in its operations, such as voting for the Board of Directors and changes to the by-laws. Your ownership is equal to every other member at Alterna Savings – which means more money doesn’t buy you more power. And, if you ever decide to leave us – you’ll get your membership share back.

If you’re ready to apply for an Alterna Savings Student Line of Credit, visit your nearest Alterna Savings branch, or call us at 1.877.560.0100.

How does the Alterna Savings Student Line of Credit work?

The Alterna Savings Student Line of Credit is designed to meet the borrowing needs of students pursuing post-secondary education.

As a revolving credit product, students are able to re-draw funds as they pay down their balance. The Student Line of Credit carries a lower interest rate than a regular line of credit, and students will only be charged interest only payments while in school and up to one year after graduation.

Repayment Options?

The Alterna Savings Student Line of Credit is fully open to pre-payment, including lump sum payments. While in school and up to one year post-graduation, the minimum payment will be interest only based on the previous month end balance.

How will a student make the monthly payment?

To repay the line of credit, students can make a payment through Online Banking, Telephone Banking, ABMs, or at any Alterna Savings Branch.

Automatic transfers and pre-authorized payments can also be set up for easy payments to the line of credit.

What will the student receive when they open an Alterna Savings Student Line of Credit?

Along with the Student Line of Credit, you’ll have access to the Alterna Savings Student Life Banking Package.

This free banking package includes:

  • No monthly fee, no minimum balance required
  • Unlimited free day-to-day transactions2
  • Free access to Alterna Savings and The EXCHANGE® Network ATMs
  • Two free Interac® ATM withdrawals per month
  • Two free Interac® e-Transfers per month
  • Free Interac® Debit transactions
  • Free bill payments and transfers
  • Free withdrawals, payments by cheque and pre-authorized payments.

Everything you need to know about our current service fees and account features can be found here or please contact Caledon’s local Branch Manager Clelia Spina at 416-213-7968 ext. 3100, address: 1 Queensgate Blvd. Bolton, ON, L7E 2X7.

What is the interest rate?

Currently, the Alterna Savings Student Line of Credit carries a variable interest rate as low as Prime plus 1.00%.3

Eligibility for an Alterna Savings Student Line of Credit?

Qualification for the Alterna Savings Student Line of Credit is subject to Alterna Savings credit approval criteria. Applicants must:

  • Meet the age of majority in the province or territory in which the Student Line of Credit is opened.
  • Have Canadian Citizenship or have permanent resident status
  • Have at least two years of recent, full time work experience
  • Be able to pay 3% payment of the credit limit using verified income
  • Other conditions may apply.

In addition, applicants must provide annual proof of enrollment, including status (full time/part time), enrollment date, expected graduation date, program and school name.

Co-borrower

A co-borrower may be required for your Student Line of Credit application.

Similar to the criteria for the student, co-borrowers must:

  • Meet the age of majority in the province where the Student Line of Credit is opened,
  • Be a Canadian Citizen or landed immigrant
  • Other conditions may apply.

Disclosures

1 Approval, interest rate and credit limit are subject to Alterna Savings credit approval criteria.

2 Day-to-day transactions include: cheques, pre-authorized payments / debits, debit card payments (point of sale), Alterna Savings and THE EXCHANGE® Network ATM withdrawals and transfers, withdrawals (in-branch, online, mobile and telephone banking), bill payments (in-branch, online, mobile and telephone banking), transfers (in-branch, online, mobile and telephone banking)

3 Rates subject to change without notice.

Alterna Savings & Credit Union Limited operates as Alterna Savings.

OSAP

Unfortunately we are not eligible for OSAP at this time. However please consider applying for an educational line of credit through CIBC.

Scholarships, Awards and Bursaries

Webster Memorial Trophy Competition

The David Charles Abramson Memorial Award

Woman in Corporate Aviation

Status of Women Canada Funding (Government of Canada)

Neil Armstrong Scholarship Fund (COPA)

COPA Flight Safety Foundation

Amelia Earhart Memorial Scholarship (The Ninety Nines)

Women in Aviation Scholarships

Tax Receipts

Brampton Flight Centre is able to issue Tax Receipts to those students that intend on working as a Commercial Pilot or to those that are qualified to work as a Commercial Pilot. In order to obtain your tax receipt you will first have to fill out the applicable worksheet (see below) and submit the completed form to the flight training department ([email protected]). You may qualify for a tax credit of up to 20% of your Program expenses.

 

2016

2016 PPL Tax Worksheet

2016 Advanced Tax Worksheet

2016 Instructor Rating Tax Worksheet

 

2015

2015 PPL Tax Worksheet

2015 Advanced Tax Worksheet

2015 Instructor Rating Tax Worksheet

 

 

Private Pilot Licence (Fill out Private Pilot Worksheet)
Maximum hours you can claim Dual/Solo: 45 hours total

Night Rating (Fill out Advanced Flight Training Worksheet)
Dual 10 hours maximum
Solo 5 hours maximum

Commercial Pilot Licence (Fill out Advanced Flight Training Worksheet)
Dual 35 hours maximum
Solo 30 hours maximum

Multi Engine Rating (Fill out Advanced Flight Training Worksheet)
You are able to claim the hours you have written on your application to TC.

Group One Instrument Rating (Fill out Advanced Flight Training Worksheet)
40 hours maximum of which a maximum of 20 or the 40 hours can be claimed in the Simulator

Flight Instructor Rating (Fill out Flight Instructor Training Worksheet)
30 hours Flight Time (maximum)
30 hours Ground Briefing (maximum)

Please Note: