Money Matters
Here is a link to a Globe and Mail article regarding maximizing RESP withdrawls when they are required.
Funding Your Post-Secondary Education In Ontario
Most people are quite concerned about how they will ever raise enough money for their schooling. The key is to not give up because you think you’ll never be able to afford it. Instead, find your own unique way of making it happen. Here are some possible sources of financial aid:
Most people are quite concerned about how they will ever raise enough money for their schooling. The key is to not give up because you think you’ll never be able to afford it. Instead, find your own unique way of making it happen. Here are some possible sources of financial aid:
- Ask if your parents have an R.E.S.P. (a Registered Education Savings Plan for post-secondary schooling).
- Save as much as you can from any part-time/summer jobs.
- Apply for O.S.A.P., even if it may seem that your family’s annual income may not demonstrate a need. OSAP may still provide you with assistance. OSAP is a major loans program run by the government, and now, if you are an Ontario Resident, you are automatically considered for the 30% off Ontario Tuition Grant, even if you choose not to apply for government assistance. Visit their website: osap.gov.on.ca for more details.
- Apply for Scholarships if you are a strong student and have participated in extra-curriculars. As well, you may be automatically eligible for an Entrance Scholarship if your marks are above 80% (Ex. Ottawa & Carleton U. - you don’t even need to apply!).
- Bursaries are grants that do not have to be repaid. Applicants usually need to prove financial need.
- Go to http://www.canlearn.ca . This is a government of Canada website that has great information on everything to do with financing your education, paying back any loans, etc.
- Consider undertaking a part-time job while you are studying. Many students are employed on campus! You can even focus on finding a position that relates to your career pathway, such as providing university tours, running campus sports facilities, fulfilling campus safety positions, maintaining campus grounds, holding in-house residence positions, filing books in the library, planning and running campus fundraisers and events, and working in sales at various campus stores and restaurants. Not only would this help to subsidize your education while causing minimal disruption to your studying, but it would allow you to gain transferable skills for later employment.
- Perhaps being a part-time student, carrying three courses per semester, or less, while maintaining a job the remainder of the time makes schooling more feasible for you. Your post-secondary dream can still be fulfilled; it will just be extended over a longer period of time.
- Ask if there is a Scholarship program at your parent’s workplace. Many large employers (such as Bell Canada, Birks Jewelry, etc.) offer awards that are only available to their employee’s children.