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What financial aid can I get

Tuition, books, transportation, supplies…a postsecondary education can be expensive! Add in the extra costs of housing and food if you’re attending a school away from home, and it can become overwhelming! Fortunately, there are a number of resources available to help you put together a plan to pay for your education after high school.

How much do I need?
The first step is to figure out how much money you’ll really need, so start by putting together a budget worksheet. Determine the funds you already have available, including your savings and the income from your part-time job if you have one. Be sure to include any student loans you already have as well as money that your family has contributed.

Next, estimate what your educational expenses will be, including tuition, books and transportation. If you’re planning on attending school away from home, you’ll need to factor in the cost of housing, household expenses, food and transportation to and from home during vacations—not to mention the spending money you’ll need throughout the year. Write all of this down on a piece of paper, or take the “Reality Check” quiz on the “There’s Something About Money” Web site (www.yourmoney.cba.ca) created by the Canadian Bankers Association (from the home page, click on “planning your future”). If your expenses are higher than your income, you’ll need some help to finance your education.

Get the lowdown
So you need more money. Now what? There are a number of ways to make up the difference between what you have and the money you need, including:

l Canada Student Loans and Provincial Student Loans (www.hrsdc.gc.ca/en/gateways/nav/top_nav/program/cslp.shtml)

Application forms are available at most guidance offices in high schools, as well as the financial aid offices at colleges and universities. While government assistance is available to many students who apply, it’s not available to everyone. If your application is approved, they’ll give you the loan documents after you register in university or college.

Family contributions
Make sure you talk to your parents, guardians or relatives about exactly how much your education will cost. Show them your budget. Let them know how much money you made at your last summer job. They may not realize how much it costs to finance your education! Remember that even if they can’t lend you money, they may be able to co-sign a loan. Some companies give scholarships to children of employees, so ask your parents to investigate this for you.

Scholarships and bursaries
Scholarships generally require some work on your part, and you’ll likely compete with many other students. You may have to complete application forms and submit essays. So when searching for scholarships, be sure to check the eligibility requirements. Some awards are based on talent—athletes, musicians and artists may have to demonstrate their skills. Bursaries are usually based on  financial need. Similar to scholarships, you may have to complete an application or submit an essay. For possible sources of both scholarships and bursaries, talk to your high school guidance office.  Also check the student awards office at the college or university you plan to attend, or visit

www.studentawards.com.

Student loans and student lines of credit
Speak to your financial institution about educational or student loans. You’ll need to let them know your income from summer or other part-time jobs, and you will have to estimate your expenses. You may need a parent or relative to co-sign the loan, so the financial institution may want financial information from them, too.

Paying back your loan
Though you may not have to worry about paying back your student loan while you’re in school, it’s important to plan ahead for the future. After three, four or five years of borrowing, you may have accumulated substantial debt.

Once you graduate, though, you could have up to six months before you must begin repaying the loan. Check out the Debt Management Planner on the
www.canlearn.ca Web site for tips on how to manage your debt so that you pay back your loan on time and achieve and maintain a good credit rating. You can find out more about what a credit rating is and how to avoid a poor rating in the “Credit 101” section of www.yourmoney.cba.ca.

It’s all worth it
Saving for your education, finding ways to obtain the money you need and paying it all back is hard work, but it’s worth it in the end. A higher education opens a lot of doors. Take advantage of the help that’s available, and tap into the online resources that can help you plan ahead. You’ll be glad you did.

Melanie Minos is manager of media relations for the Canadian Bankers Association.

Ways to save
Live at home.
Have a roommate.
Live in residence.
Apply for bursaries and scholarships.
Buy used textbooks.
Get a part-time job.

Helpful Web sites
There’s Something About Money
www.yourmoney.cba.ca

CanLearn

www.canlearn.ca

Ontario Ministry of Education

www.edu.gov.on.ca

Ontario Student Assistance Program

http://osap.gov.on.ca

Association of Colleges and Universities

www.aucc.ca

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