Online Handwritten Text Recognition (OLHTR) has gained considerable attention for its diverse range of applications. Current approaches usually treat OLHTR as a sequence recognition task, employing either a single trajectory or image encoder, or multi-stream encoders, combined with a CTC or attention-based recognition decoder. However, these approaches face several drawbacks: 1) single encoders typically focus on either local trajectories or visual regions, lacking the ability to dynamically capture relevant global features in challenging cases; 2) multi-stream encoders, while more comprehensive, suffer from complex structures and increased inference costs. To tackle this, we propose a Collaborative learning-based OLHTR framework, called Col-OLHTR, that learns multimodal features during training while maintaining a single-stream inference process. Col-OLHTR consists of a trajectory encoder, a Point-to-Spatial Alignment (P2SA) module, and an attention-based decoder. The P2SA module is designed to learn image-level spatial features through trajectory-encoded features and 2D rotary position embeddings. During training, an additional image-stream encoder-decoder is collaboratively trained to provide supervision for P2SA features. At inference, the extra streams are discarded, and only the P2SA module is used and merged before the decoder, simplifying the process while preserving high performance. Extensive experimental results on several OLHTR benchmarks demonstrate the state-of-the-art (SOTA) performance, proving the effectiveness and robustness of our design.