Image by Tax Credits, Flickr
Your post secondary education might be the biggest bill you will have to pay for the next 10 years. At the same time as (if not before) filling in your university application, you need to think of how you will pay the ever increasing tuition fees. There are a variety of sources that can assist you in doing this, from your own savings, to grants, loans and scholarships offered through the government or private institutions.
The Financial Consumer Agency of Canada is a great resource and we’ve found a few pages that will help you out.
First, check out their recommendations on where to get money to pay for school.
The Government of Canada provides a number of programs that can help you pay a portion of your tuition fees through grants, bursaries or scholarships. Whether offered through governments, schools or private organizations, the money doesn’t necessarily have to be paid back like a student loan. Grants and bursaries are generally offered based on need, whereas scholarships are mostly offered based on merit (athletic, academic or other unique abilities).
Here are some ways to find grants, bursaries, and scholarships.
When looking for scholarships, be sure not to limit yourself. Another option is to browse scholarshipscanada.com, a database with scholarships, bursaries, grants and student awards. You do need to sign up for this service, but it is a great tool to not only determine which scholarship you would qualify for, but also to search for advice on how to submit a strong application.
Lastly, remember that saving money comes in more ways than just putting your paycheques into your bank account. Students are eligible for government tax credits which can save you a significant amount every year.
Check out these other relevant articles: