SPRINGFIELD COLLEGE understands that a post-secondary education is a serious investment. Fortunately, for the convenience of our students, our programs are eligible for Interest Free Payment Plans. Depending upon the program and conditions the students may also be eligible for Bank Lines of Credit; Lifelong Learning Plans; Registered Education Savings Plans; Employment Ontario (Second Career, Skills Development), etc. For further details, the student may contact the Admission Counselor or call one of our Financial Aid Officers to talk about all the applicable conditions and options.
A concise description of these options is outlined here:
Interest Free Payment Plan
The total cost of the course (including tuition, books and materials) is spread into monthly payments. An initial deposit of 25% is due before the program of study starts and the balance is divided into equal monthly installments during the length of the course. The final installment is due one month prior to completion of the program.
All applicants qualify for this financial alternative, which offers the following advantages:
• Interest free
• Acceptance allows immediate enrollment
• No co-signer required
• No credit check needed
Student Line of Credit
Most banks and Credit Unions in Ontario offer customized Student Lines of Credit so you can get the help you need to cover the cost of tuition, books, materials and even living expenses. A Bank Line of Credit can give you access to the money you need, when you need it.
Regularly these financial products include:
• A competitive interest rate, equal to Prime plus a variance rate
• The possibility to withdraw any amount (up to your approved credit limit)
• Interest-only monthly payments until you finish school
• Low monthly payments with upto 20 years to repay
Please contact your financial institution for more details.
Lifelong Learning Plan (LLP)
The LLP allows you to withdraw up to $10,000 in a calendar year from your RRSPs to finance full-time training or education for you or your spouse or common-law partner. You have to repay these withdrawals to your RRSP generally within 10 years.
Detailed information can be found visiting the CRA website at: www.cra-arc.gc.ca
Registered Education Savings Plans (RESP)
A Registered Education Savings Plan (RESP) is a contract between an individual who is the subscriber, and a person or organization, who is the promoter. The subscriber makes contributions to the RESP, which earns income. The subscriber names one or more beneficiaries and agrees to make contributions for them. Students who have been accepted to a program at Springfield College and are named beneficiaries under a family Registered Education Savings Plan, may be eligible to use the funds from the RESP to finance their education.
Employment Ontario, Second Career Training and Skills Development are programs designed and managed by the Ontario Ministry of Training, Colleges and Universities (MTCU) to assist individuals who are unemployed and in need of education or training.
ACCEPTABLE FORMS OF PAYMENT
• Credit card (required for online registration): MasterCard® or VISA®
• Debit card (Interac)
• Money order
• Bank check/draft
• pre-authorized bank withdrawal
• pre-authorized credit card payments
• Personal cheques
• All fees shall be paid in Canadian currency.
• Payments made by check or money order should be made payable to:
SPRINGFIELD COLLEGE OF HEALTHCARE, MANAGEMENT & TECHNOLOGY