Financial Aid Options to Further My Education
Whether you are looking to further your education and start a career or considering courses so that you can change jobs, the one thing that can cause stress is how you pay for your schooling. The cost of education in Canada has seen an increase for individuals who:
- Do not have full-time employment
- Have recently immigrated to Canada
- Considering a career change
- Have to manage family expenses along with their studies
We have put together some information on options for financial aid to allow you to gain your diploma. Understanding all the available options is beneficial to help you make the best decision about which sources to choose for funding your education. Before getting student loans or grants, we recommend controlling your finances with a planned budget. A solid budget can help you balance your funding without letting you run deep into student loan debt.
The following are the four options for getting your education funded in Canada:
- Maintaining your current job / personal savings
- Scholarships
- Student loans
- Student Line of Credit – through your bank
- Student grants & bursaries
Covering your education’s cost is all about effectively leveraging your financial resources and finding intelligent ways to save money while studying. Here is some additional information about the available options. Please note that you can leverage one of these options or combine all to generate funding.
Maintaining your Current Job / Personal Savings
Often, mature students will opt to further their education while working. Working helps ease some financial pressure as the job provides essential income to manage expenses. If planning to work while going to school, you can consider the following employment options:
- Continue working at your present job
- Find a job closer to campus
- Get virtual jobs that allow you to work from home while earning an income
A great option that may be available is where there has been an investment in a Registered Education Saving Plan (RESP). You can use these funds to assist with furthering your education while not having to go into further debt with other student loans, etc. Anyone can open an RESP account for a child, and you, as parents, can name yourselves or another adult as the beneficiary. A fantastic bonus is that you can earn tax-free interest on the RESP.
When combined with another funding option, you can find an efficient way to pay for your schooling.
Scholarships
There are currently various scholarships available in Alberta for funding your education. You will need to do some research about the available scholarships and their requirements for eligibility. Scholarships are awarded based on merit, and there are no requirements to pay back the funds after completing your diploma.
To help assist with your search for potential scholarships, we have put together a list of some sites that you can visit and do some research:
- Alberta Scholarships
- Scholarships Canada
- Alberta Student Aid Scholarships
- Government of Canada Scholarships
- Campbell College Scholarships
- EduCanada
- Student Life Network
- Disability Awards
- Indigenous student supports
Another great idea is to talk to the school’s Student Admission Coordinators, financial advisors, or guidance counsellors to see which scholarships suit you.
At Campbell College, our Student Admission Coordinators know about the latest program scholarships and other monetary awards available for students. They help determine your eligibility, assist you with your applications, and work with you to help secure funds before starting your program.
Student Loans
When considering going back to school, the first question that typically comes to mind is, “how much will it cost, and do I have the funds to accomplish this goal?” Over time, student loans have become the preferred way of funding post-secondary education. You must remember that you will be required to pay back the borrowed funds with interest to the bank, financial institution, or government. The Canada Student, Financial Assistance Program, offers student grants and loans to both full-time and part-time students. When it comes to student loans, there are two types:
- Government Loans: Financial assistance that is available at provincial and federal levels.
- Private Loans: Financing provided by banks or financial institutions.
Student loans are one of Canada’s most adopted ways of funding education.
- When to repay? Your student loan repayment begins 6-months after you graduate, and the lender will set the repayment term based on your budget.
- How to get a student loan? As an Alberta student, you can apply for a student loan through Alberta Student Aid and get considered for loans at both the provincial and federal government levels. Furthermore, it’s best to connect with your college or university about the options for private loans.
Student loans, grants, and bursaries are common ways to get money for post-secondary studies.
Student Grants and Bursaries
Students can apply for grants from provincial and federal governments depending on their financial needs. As you apply for loans from the government, you will be considered simultaneously for any available grants. A significant advantage with grants is that you don’t have to repay them, unlike loans.
You may also be eligible for bursaries depending on your financial need. Bursaries usually get awarded to students who cannot afford to further their education, but their grades may get evaluated along with other accomplishments. Make sure to apply on time for the grants or bursaries and be prepared to complete the application in detail.
Summary
Again, remember that you can combine sources such as student loans with other options to get the necessary funding to complete your studies. Developing and implementing a student budget while studying is crucial to ensure your costs are well managed. When returning to school, you must juggle several things, such as your studies, work, and other expenses, so every dollar counts.
At Campbell College, we understand that any financial support can go a long way for students who want to invest in quality education and gain a more successful career. If you require assistance with funding your education, we are here to help. Our Student Admission Coordinators are here to help you through every step of the financial assistance process.
Contact us today to learn more about your financial options, and let us help you on your journey to further your education.