Valley First

Planning Your Education

At Valley First, we'll provide you with financial solutions to suit your day-to-day student banking needs, plus we can help you with borrowing options that take the worry out of financing school.


Benefits of a chequing account

A chequing account is a great way to manage your finances. You can put all your money into it so it’s secure, you can use it to pay your expenses or attach it to a line of credit. Say goodbye to saving money in a mattress and hello to using your new debit card!

  • Use online banking or Interac e-Transfers® to pay for your expenses such as tuition, textbooks and rent--it’s not only safer than paying cash, it also helps you keep an accurate record of your expenses.
  • You'll be able to use your debit card to pay for things online or items you find while you’re out shopping—no need to withdraw cash.
  • Get a line of credit on your account to help you out if you’re short on cash—with low interest rates this is a great help to students on a limited income.
  • And while other banks may offer you a free toaster, we are simply concerned with offering you the best financial products and services at great rates so that you see the benefit of staying with Valley First through every stage of your life.

The importance of credit

  • A credit card offers a secure and convenient way to make your purchases, plus it will help you start developing a solid credit rating.
  • Your credit rating is used by financial institutions to provide you with lending for future purchases like a vehicle or a house so it’s important to be responsible with your credit.
  • Properly managed, a credit card can also be a great way to get money (in the form of points) for travel or things you need for your home through the Choice Rewards® program.


If you paid for school on your credit card, and it's balance has reached a limit that you are only making minimum payments per month, consider consolidating it at a lower interest so that more of your payment can go towards the balance.

Student line of credit considerations

  • Calculate your expenses for the upcoming school year including tuition, books, transportation and the costs of living.
  • Next, determine how much money you already have to contribute and how much you expect to make over the course of the year.
  • The difference between the two figures is the amount you'll need to borrow.
  • Also consider your repayment strategy. Are the terms of the loan acceptable? Will you be able to handle the monthly payments? If not, you'll need to look for alternate ways to finance your education, or reduce your total costs.

Other borrowing options

  • In most cases, government student loans offer the best terms. There are no payments due and no interest until after graduation. Further, if you qualify for loan remission, you may only have to pay back a portion of the loan.
  • If you are not eligible for a government loan, another option is a student credit line. Although the terms are not as good as those of a government loan, they are usually better than the terms of other personal loans.
  • Another good idea is to apply for a student credit card, but keep in mind that credit card interest rates are higher than a line of credit. A credit card should only be used for small, unexpected expenses, and money available to you through a credit card should not be included in your budget.
  • Used responsibly, a credit card will improve your credit rating, making you a better candidate for loan approval should you need to borrow on a larger scale next year.


Have a question? Simply contact us and we'll provide you with the information you're looking for.


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