Financial Assistance for Flight Training in Toronto

At Spectrum Airways, we pride ourselves on offering recreational and commercial flight training courses for students from all walks of life. We serve Toronto-area students as well as international students. To learn more about our course fees, and opportunities for financing, you can always get in touch with us.

CIBC-Education Line of Credit

Spectrum Airways is pleased to announce our partnership with CIBC. Through this partnership, we will now be offering an Education Line of Credit for those students in need of financial assistance. An Educational Line of Credit will provide students the opportunity to borrow funds for their flight training at a low interest rate. Guidelines for an Education Line of Credit are as follows:

  • The minimum product limit is $5000 and the maximum product limit is $40,000. Applicants can only be granted an annual maximum of $15,000.

  • The minimum payment is the interest owing on the outstanding balance on the account.

  • The interest rate offered by CIBC is Prime + 2%

Who can qualify?

Students interested in applying for an Education Line of Credit must meet the following criteria:

  • Meet the age of majority in the province or territory in which the Education Line of Credit is opened

  • Students must earn an annual income of at least $20,000

  • If you are a student and fail to meet the minimum income requirement, a guarantor may be added provided all other requirements are satisfied

  • Must be a Canadian resident

  • Must not have claimed bankruptcy over the past seven years

  • Must provide two pieces of identification, one being photo identification

If a guarantor must be added, they must meet the following requirements:

  • Earned an annual income of at least $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 Process

There are two ways in which applicants may apply for the Education Line of credit. 

1. Applicants may apply online by visiting
2. By making an appointment at Spectrum Airways with the General Manager Monday to Friday between 8:00 AM and 4:00 PM. Appointments can be scheduled by calling 905-336-4010.

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.

What are my 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 can a student make monthly payments?

  • 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.

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.

My 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.

What happens once my application is approved?

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.

Spectrum Airways

Burlington, ON 
L7M 0P1

Service Area

Greater Toronto Area

Surrounding areas


Office Hours
Monday – Friday: 8:00 AM – 4:00 PM

Flight Operations:
8:00 AM – 11:00 PM, 7 days a week

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