Financing, & Bursaries
Registered Education Savings Plan (RESP)
Students have been able to successfully use their RESP’s towards our Commercial Programs.
If you wish to have access to your RESP for flight training purposes, please contact the bank where your RESP’s are held to find out the banks requirements for releasing the funds. The bank will require the code of the Brampton Flight Centre = 7009/3480. http://certification.esdc.gc.ca/lea-mcl/[email protected]?provid=1#wb-auto-4
Should you need extra assistance obtaining your RESPs for flight training purposes please reach out to [email protected] and provide us with details about what program details your bank is requesting.
Alterna Savings – Line of Credit
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.
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.
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.
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.
Unfortunately we are not eligible for OSAP at this time. However please consider applying for an educational line of credit through a financial institution of your choice.