Financing, Bursaries & Tax Receipts
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.
Scholarships, Awards and Bursaries
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.
Due to a recent update from the Canada Revenue Agency’s TL11B Tuition Form, we will no longer be providing a tax receipt for Private Pilot Licence training until a student has met the following requirements:
- The PPL licence signed off
- The student holds a valid Category 1 Aviation Medical Certificate
- and has enrolled in Commercial Ground School (has signed the CPL contract and has paid the ground school fees). Proof may be requested if you have enrolled at another flight school.
In the past, students were required to declare that they had intentions of pursuing a career as a Commercial Pilot; this has not changed. In order to best prevent students from timely audits and potential penalties we have implemented the changes to our tax process.
Please note that once a student has completed the PPL, has the Category 1 medical certificate and has enrolled in Commercial Ground School, they can go back to claim their PPL hours because that student is going beyond recreational flight training (*some restrictions apply please inquire with tax for more details)
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.
Please contact Laura at [email protected] if you have any questions.
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)
- You cannot claim for books.
- Turn around time is 5 – 7 business days.
- If you need to claim from the previous years or have any questions in regards to the forms please email Laura at [email protected].