ow do you pay for education in Canada? Funding your education in Canada can be tedious, especially if you are a mature student planning to continue your studies to be a better fit for the employment market. Education costs escalate if you have recently immigrated, don’t have a full-time job, have to manage family expenses along with your studies or you’re thinking of a career change.
In this blog, we have distilled four smart ways to pay for education in Canada. Knowing all the options can help you make the best decision about which sources to choose for getting your education funded. Before directly considering student loans or grants, try sustaining your finances on a student budget. It can help you balance your funding without letting you run deep into student loan debt.
Following are the four smart ways of getting your education funded in Canada:
Paying for school is all about pooling your resources of money effectively and finding smart ways to save money as a student. Let’s discover more about the options available; you can use only one of these or combine all the options to generate funding.
Notably, the first thought that comes to mind when returning to school is borrowing money. Student loans have become a preferred way of funding post-secondary education by most candidates. However, you need to repay the borrowed amount 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. A student loan can be of two types - government loan (financial assistance is available at provincial and federal levels), and private loan (banks or financial institutions). It is one of the most adopted ways of funding education in Canada.
When to repay?
Once you have qualified for student loans, repayment begins after you graduate and the term can be extended as per your budget.
How to get a student loan?
Being in Alberta, you can apply for a student loan through Alberta Student Aid and get considered for loans at both government levels. Furthermore, for private loans, it’s best to connect with your college or university to know the options available.
Students can avail of grants from both provincial and federal governments based on their financial needs. As you apply for loans from the government, you are simultaneously considered for grants. An advantage of getting grants is that you don’t have to repay them, unlike loans.
You can also be eligible for bursaries depending on your financial need. Bursaries are usually awarded to students who cannot afford education but their grades may be evaluated along with other accomplishments. Apply on time to get the grants/bursaries and be prepared to fill out the application in detail.
Other than grants and bursaries, you can get various scholarships for funding your education. It’s just that you have to do your research about the scholarships that you may be eligible for. Scholarships are usually based on merit and you don’t have to pay them back upon successful completion of your course. You can also explore scholarships at https://www.scholarshipscanada.com/.
You can search for various scholarships available that you might be able to apply to at the following websites:
Also, you can also talk to the school’s financial advisors or guidance counselors to see which scholarships suit you. ABM College’s financial advisors have knowledge about the latest program scholarships and other financial 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. To know more, you can consult the financial aid officers at the ABM College campus.
Many a time mature students opt for studying further while they are working. It helps to ease off some financial pressure as the job provides basic income to manage expenses. You can continue working at your present job, search for a job closer to campus, or do virtual jobs that help you earn while you learn. Some websites like jobpostings.ca cater to the need for a job for graduates.
If your parents had invested in a Registered Education Saving Plan (RESP), to save for your higher education, you can also utilize those funds for your continued education. An RESP account can be opened by anyone for a child and you, as parents, can name yourselves or another adult as the beneficiary. You can earn interest on the RESP that is tax-free.
Coupled with another funding option, you can figure out an efficient way to pay for school. You can also utilize some of your personal savings accumulated in the past years.
To conclude, you can combine sources such as student loans with others to get the money. It is important to develop and implement a student budget while you study to manage costs well. Every dollar counts when you have to juggle studies, work, and other expenses.
ABM College understands that a little financial aid can go a long way for students who want to invest in quality education for a more successful career. If you require assistance funding your education, we can help you. We offer scholarships, awards, financial aid, and payment plans to students. Our financial aid team is here to help you through every step of the financial assistance process.
You might be eligible for funding you never knew existed!
Contact us now for details.