New recruit loans
This special loan program is designed specifically for new recruits beginning their policing career. The purpose of this loan is to pay for the tuition costs that are immediately due once you begin your police officer training program at the Justice Institute. Any new recruit that is accepted to the Justice Institute program is automatically approved for this loan and also receives a fantastic low interest rate!
VP Financial is now part of the Gulf & Fraser credit union family and Gulf & Fraser is now administering these loans. Gulf & Fraser will fund your loan and also remit the loan proceeds directly to the Justice Institute for payment. We take the financial stress away from you while you focus on your training.
Product facts
All new recruit loans are “open” meaning that they can be paid down or paid off in full without penalty at any time.
Loan repayment is over four years.
Biweekly and monthly payment options are available.
Loan interest rates fluctuate and are based on the VP Financial Prime Lending Rate.
Current interest rate for this loan program is Prime + 0%.
Affordable payment protection is available.
* Please note that as of April 1, 2022, the Justice Institute Tuition dues have increased to $13,890.00
Application process
Please note that as of August 5, 2022, we have refined our application process. For those new recruits that have not yet submitted their loan application request for the upcoming Justice Institute class intake, please refer to the Loan Program document by clicking HERE.
For all new recruits that have already applied and submitted loan documents, our Member Hub will reach out to you individually to begin next steps. If you have any questions, please contact our Member Hub directly by email or by phone at 604 419 8888. On your email, please add a subject line for your inquiry as “New Recruit Loan Program Inquiry”.
Please note that our standard new recruit loan package includes optional disability insurance coverage. We have determined through our research over the years that this is the recommended loan package based on your needs. Please refer to FAQ questions #11 to #16 below for more details.
Questions & Answers
1. What happens after I sign all the loan documents?
Gulf & Fraser sets up your loan. We then add your name to a list we forward to the Justice Institute to confirm your payment. You will be able to see your loan details when you sign into your Gulf & Fraser online banking portal by the time your classes start at the Justice Institute. If you have any questions please email us at inquiry@gulfandfraser.com, call us at 604 419 8888 or stop by one of our branches.
2. Does Gulf & Fraser charge any loan processing or application fees for this loan package?
Gulf & Fraser does not charge any loan processing or application fees.
3. How long does it take to get the loan processed?
Once you have provided us with a completed loan application form and the required documentation, we will respond to your request within 1 to 2 business days. Response times will vary depending on the volume of requests. The most efficient way to submit your request is to email the signed completed loan application form and your documents. Loan documents will then be sent you for eSigning via One Span. It is important to complete the eSigning as soon as possible after you receive the documentation so that your tuition can be submitted to the Justice Institute before your first class starts.
4. My schedule does not align with any branch hours. Do I need to visit a Gulf & Fraser Branch during this process?
If you need any assistance during this process, feel free to call our Member Hub at 604 419 8888 as they are more than happy to help you out. Click here to find out the hours for our Member Hub. All of the collection of information and signing of documentation is handled electronically to make it easy for you. Of course, you are always welcome to visit any Gulf & Fraser branch with any other questions you may have about our products and services! Click here to find a branch location that is convenient for you.
5. Do I get a tuition tax receipt and an interest paid statement?
Yes, you will receive a tuition tax receipt from the Justice Institute. Please contact the Justice Institute directly for more details. The Justice Institute can be reached by phone at 604 525 5422 or online by clicking HERE.
Should you require a loan interest paid statement for income tax purposes we will be happy to prepare one for you. Please email your request and our team will assist you accordingly.
6. I want to pay off my loan or make an extra payment or increase my payment amount. How do I do that?
Please email our Member Hub to submit your request. Alternatively, please feel free to give us a call at 604 419 8888 or visit one of our branches if you have any questions. This loan is considered an “open” loan meaning you can make as many extra payments as you wish. You may also pay off the loan in full at any time. Lastly, you may increase the payment amount by any amount at any time. There are no fees charged for any of these types of requests.
7. How does the Gulf & Fraser Prime lending rate work?
The Gulf & Fraser Prime lending rate is a variable interest rate. It may increase or decrease based on market conditions. In addition, all financial institutions use the interest rates set by the Bank of Canada as a benchmark when setting their respective Prime lending rate. A summary of the Bank of Canada interest rates can be viewed HERE.
8. What are the $5 membership shares for?
Anyone joining a credit union is required to become a member and all members are owners of the credit union. Your $5 entitles you to participate and vote at our annual general meeting as well as in the election of the board of directors. We also appreciate feedback from our members and listen to their views through our annual member survey. For more information regarding the differences between a credit union and a bank please see the video.
9. What are the other payment options for the Justice Institute tuition dues if I decide not to participate in this loan program?
The Justice Institute will accept Visa or Mastercard credit cards for payment of the tuition dues. Their student registration office is open from 815AM to 345PM Monday to Friday.
10. What happens if I take the New Recruit loan and then I decide a policing career is not for me after only a few months into the Justice Institute Training Program?
The Justice Institute will provide a partial refund for the tuition amounts that have not yet been used to date. These funds will be sent directly to Gulf & Fraser so we can pay down the loan accordingly. However, you may still owe some or all of the remaining loan balance with Gulf & Fraser because the Justice Institute will not provide a full refund. If you do decide to withdraw from the program, please contact the Justice Institute to make your intentions known and also contact us or 604 419 8888 to make alternate payment arrangements.
11. What does the recommended disability insurance cover?
In the event you were injured at work and needed significant time off to recover from your injuries, the disability insurance would kick in and take care of your payments while you were away from work.
12. Gulf & Fraser offers life, critical illness and disability insurance for this type of loan. Could you please explain why disability insurance coverage only is recommended for this loan?
We have reviewed the insurance plans that are offered to the law enforcement professionals and have determined that they receive excellent life insurance plans. However, for brand new recruits, a substantive sick time bank of days would not have been established. As a result, in the event of a prolonged absence away from work, the loan payments would still be outstanding and there would be reduced or insufficient income being earned to manage the payments accordingly. If you have ample personal financial resources to cover yourself in the event of a prolonged absence for work, then perhaps the product may not be a fit. However, most of our members do take the disability only coverage as they realize they are in a highly demanding, high-risk field of work. Furthermore, the cost for this coverage at approximately 65 cents/day is excellent value for the peace of mind it provides. Many of our members have advised us they would insure their cell phones and cars so it would make sense to insure their most important asset, their ability to earn income.
Insurance is often a difficult topic to discuss. However, it is a very important topic to review. The key question to consider is what would your financial situation be like if you were unable to work for an extended period of time? What is your “Plan B”? What impact would that have on your personal finances and family’s finances? Could you and your family weather an extended period of income loss? If the answer is no, then perhaps you may want to discuss further with us or with an insurance planner. This is especially critical for those that have families and significant debts as a well thought out insurance plan will ensure that your personal and family obligations are taken care of in the event of unforeseen circumstances. Most employers do have group insurance plans for life and disability, but if you change your jobs then you will have a gap in coverage until your new job can replace the missing coverage. In terms of disability, your new job may only offer 60% to 70% replacement of income for the disability benefit. In that situation, do you have the adequate financial resources to weather that period of loss of income? Insurance is one of the ways to fill in that gap.
13. Are the insurance coverages optional?
Yes, they are optional. If you choose to opt out, please email to confirm your request. Please note that if you opt out during the first 30 days, you will receive a full refund of the premium and those funds will be directly applied against the outstanding loan balance. If you opt out after 30 days, you will receive a prorated refund and those funds will also be directly applied against the outstanding loan balance. If you do choose to opt out, please indicate on your email to us that you have taken the time to review your financial circumstances and advise us that you have an adequate backup plan for your finances in the event of a loss of income through a disability for a sufficient period of time. Please note that due to the volume of requests and time sensitive nature of these requests we prepare our loan packages with the recommended optional disability coverage added to the loan and your documents will reflect that accordingly. In the event you decide to opt out of the insurance coverage, we would process the insurance refund after the loan has been setup and then apply the refund against the outstanding loan balance. This process ensures everyone that had requested a loan, receives their loan in a timely manner.
14. Could I get the life and critical illness coverage options as well with the loan?
Yes, you can. If you are interested in finding out more details about the life and critical illness coverage, please contact us directly at 604 419 8888 or by email. Please note that if you would like to obtain these coverages, they must be added at the time the new recruit loan is setup so it is important that you review this with us at your earliest opportunity if you are interested. Additionally, while both life and disability coverages are stand-alone products, critical illness is considered a rider or an “add on” product that is connected to life coverage and must be obtained in conjunction with life insurance.
15. Is there an insurance guide or booklet to provide me with information regarding the coverages available?
Yes, there is. You can download a pdf booklet by clicking HERE.
16. How do I go about making a claim on my insurance coverage?
Simply call CUMIS insurance directly at 1-800-263-9120 and one of their representatives can walk you through the claims process.
17. Once I get a New Recruit Loan, do I have to pay that off in full before I can apply for more lending with Gulf & Fraser?
The answer is no. We would review your financial profile while taking into account your existing New Recruit Loan. You would be approved based on the merits of your current income, net worth and credit rating among other factors. It should be noted that if you are new to the policing field we typically will require applicants to pass their employment probationary period first. However, if you have previously been working in a law enforcement capacity we will take that into consideration.
We would also price this new loan based on our relationship pricing methodology as the promotional pricing attached to the New Recruit Loan would not apply to other lending products.
18. I had to fill out an “Assignment of Tuition Fee Refund” form in my New Recruit Loan package. What is that form all about?
The assignment of tuition form basically allows Gulf & Fraser to request the return of any unused tuition dues already paid to the Justice Institute. Any residual unused tuition dues will be returned to Gulf & Fraser to pay down the outstanding New Recruit Loan. This is applicable to new recruits who took a New Recruit Loan, but did not complete the Justice Institute Training program. Depending on how much time has elapsed since the Justice Institute Training Program started, new recruits may be eligible for a partial refund of the tuition dues already paid. If you did not complete the training program, please contact us as soon as possible so we can inquire about the possibility of a partial refund on your behalf.
19. Can I get a copy of the Terms and Conditions of my Membership Agreement for my Gulf & Fraser personal account?
You will receive a copy of all your signed documents via OneSpan e-signing when you open your account.
20. What if I encounter a situation where my cash flow is tight? Are there options to defer my loan?
Yes, Gulf & Fraser offers loan postponements in the event of unforeseen circumstances. Please email with your request and advise us of your financial circumstances and when you think you might be able to resume regular payments. We will work with you to come up with a solution that meets your needs.
21. I am with the VPD. Can payments for the New Recruit Loan be made via payroll deduction?
All payments for the New Recruit Loans are made through pre-authorized payments from your financial institution. We can also arrange for an automatic transfer out of your Gulf & Fraser account. We’re flexible.
