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Paying for your education

College students studying
Pursuing post-secondary education can be costly, and while some have access to financial support through Registered Education Savings Plans (RESPs), others may not have this option. If you’re in that situation or require additional financial support, don’t worry – there are various options available to help support your educational journey. Explore the various resources and opportunities to subsidize your education and make your academic goals more attainable.
 

What will it cost?

Some of the typical expenses of post-secondary education can include: 

  • Tuition
  • Rent / Residence (possible other bills if renting)
  • Food/Meal plan
  • Computer/Laptop
  • Books/Digital Licenses
  • Transportation (bus/train pass, personal car)
  • Travel expenses if you move to a new city for school
  • Personal/Miscellaneous expenses (entertainment, clothing, etc.)

Overall, students can anticipate spending between $10,000 and $35,000 per year. The yearly cost depends on the program, the school, and whether you can live at home while attending school.

How do you pay for that?

There are a variety of ways to get money for your education. Here are the more common ones:

  • Employment
    Having a part-time job while in high school and during the summer can give you a head start. Be sure to set aside portions of your paycheck for your schooling. Perhaps you can make enough to cover your food and spending money while you are at school. Perhaps you can save enough to cover the rent. Every bit you put away to help pay the cost of school will help. 

    Many students choose to have a part-time job while they are at school. Many schools even reserve on campus jobs for students receiving student loans to help reduce their potential debt. Be sure to investigate these options. 

    Some students may need to work full-time and study part-time outside of regular school hours. Although this may not be optimal for your studies, it may be necessary given your families circumstances.
  • Family Savings
    You may have access to money for your education in a Registered Education Savings Plan or similar savings methods. These sources can be good to help offset the larger, and predictable costs such as tuition and residence.
  • Other supports
    Given the high cost of post-secondary education, seeking additional funding sources can help ease the financial burden on you and your family. By exploring various financial support options, you can make your educational journey more manageable and achievable. 

    Other supports available include provincial/territorial grants and loans. scholarships and bursaries. 

    Some good places to start looking for post-secondary subsidy are:
    • High school Guidance Counsellors 
    • Scholarship databases 
    • Your employer 
    • Parent/guardian employer
    • Organizations where you or your family volunteer
    • Universities and colleges’ financial assistance offices and websites
    • Provincial and National student loan programs 

    There are many student scholarships, bursaries, student loans and grants available to assist with the financing of future studies. Every Scholarship helps, no matter how small!

Terminology

Before getting started, it is helpful to know more about the terminology that relates to post-secondary funding. Here are a few terms you will see.

Scholarships are merit awards based on grades, community service, or on other unique criteria. These are offered by schools, private donors, workplaces, etc... and often require you to complete a supplementary application beyond your application to a post-secondary institution. 
Bursaries are based on financial need. Like scholarships, these are offered by a variety of sources and typically require a supplementary application.
Provinces and Territories offer GRANTS (do not need to be repaid) and LOANS (must be repaid) to residents. For OUTCAN youth, this would be your last place of residence (12 months or longer) before moving. The repayment terms (interest rates/length of time to repay) are favourable on these loans.
Many banks will offer students a Student Line of Credit. These types of loans will often have less favourable terms than the Provincial/Territorial loans, so be sure to do your research and know what you are getting into. 
  • Scholarships
    Scholarships are merit awards based on grades, community service, or on other unique criteria. These are offered by schools, private donors, workplaces, etc... and often require you to complete a supplementary application beyond your application to a post-secondary institution. 
  • Bursaries
    Bursaries are based on financial need. Like scholarships, these are offered by a variety of sources and typically require a supplementary application.
  • Provincial and National Student Assistance Programs
    Provinces and Territories offer GRANTS (do not need to be repaid) and LOANS (must be repaid) to residents. For OUTCAN youth, this would be your last place of residence (12 months or longer) before moving. The repayment terms (interest rates/length of time to repay) are favourable on these loans.
  • Student Line of Credit
    Many banks will offer students a Student Line of Credit. These types of loans will often have less favourable terms than the Provincial/Territorial loans, so be sure to do your research and know what you are getting into.