Embarking on a college or university journey here in Canada is an exciting milestone, however it also comes with significant financial considerations. With tuition costs and living expenses on the rise, it’s essential to explore various funding options to make higher education more affordable. Here are three primary ways to fund your college or university experience here at home, in Canada: scholarships and grants, student loans, and personal finances.
1. Scholarships and Grants
Scholarships and grants are excellent ways to finance your education especially without the burden of repayment. In Canada, there are numerous opportunities available both at the provincial and federal levels.
Athletic scholarships:
Most, if not all student-athletes that we encounter at Six Pack Recruiting are seeking athletic scholarships. Athletic funding is not only awarded based on skill, but ties in the academic piece as well. To learn more details on Athletic Financial Awards in Canada, check out our blog post “Athletic Scholarships in Canada and the US”.
Merit scholarships:
Similarily, many may refer to this as academic scholarships. These types of scholarships are awarded based on academic achievement. To qualify, students typically need a minimum average of 80% in Grade 12, but can be considered for early acceptance in Grade 11. These scholarships recognize students’ hard work and dedication, providing financial support based on academic excellence.
Other scholarships and grants:
In addition to institution specific merit scholarships and athletic scholarships, there are scholarships and grants that are offered federally, provincially and even through private companies or donors. If you are of indigenous roots, you are qualified to receiving other types of scholarships and bursaries through the Indigenous Bursaries Search Tool
Pro Tip: If you are applying for student loans either federally or provincially, you may automatically be considered for both the loans and any grants available.
Here are some helpful tools in searching for scholarships, grants and bursaries in Canada:
Indigenous Bursaries Search Tool
Note: scholarship search tools are not limited to only these sites.
2. Student Loans
Student loans are a common way to fund higher education, allowing students to borrow money to cover tuition and other expenses like housing, books and travel. In Canada, student loans are offered at both the federal and provincial levels.
Federal Student Loans:
The Canada Student Financial Assistance Program (CSFA Program) provides loans and grants to eligible full-time and part-time post-secondary students. The amount you can borrow depends on several factors, such as: your financial need, tuition costs, and living expenses.
National Student Loans Service Centre (NSLSC)
Provincial Student Loans:
Each province has its own student loan program, often integrated with federal loans. For instance, Ontario offers the Ontario Student Assistance Program (OSAP), while Alberta provides student loans through Alberta Student Aid. These provincial loans may have different eligibility criteria and benefits, so it’s important to explore the options specific to your province. Additionally, keep in mind that some provinces have integrated financial aid services through the National Student Loan Service Centre (NSLSC), so definitely browse through those options as well.
Here are some helpful links when searching for student financial aid per province:
Ontario Student Assistance Program (OSAP)
Quebec Student Financial Assistance
3. Personal Finances
Don’t forget about the seemingly obvious option: using your personal finances. Planning ahead and budgeting can help manage the costs associated with attending college or university in Canada.
Budgeting:
Whether your parents have been saving for quite some time, or you want to contribute to your expenses while in university, budgeting is always a great start. Have a family conversation as to what is expected of you; whether you are to contribute to your education or not, and if your parents have plans to personally fund your education. Each family philosophy and means are different in this area.
One thing to consider of course, is the overall cost that you would be paying to attend university in Canada. On average the cost of tuition over a four year degree is roughly $30,000. You’ll want to also factor in other expenses such as food, housing, fees, books and transportation (locally and to/from home if studying far away). This amount will vary depending on province, institution, degree, as well as any finances earned through scholarships, grants, bursaries and loans.
Savings:
Saving money in advance can significantly reduce the financial burden. Consider setting up a dedicated savings account for education expenses and contribute regularly. Additionally, utilizing Registered Education Savings Plans (RESPs) can provide tax advantages and government grants to boost your savings. Talk to your personal financial advisor on whether RESPs make sense for you.
Part-Time Work:
Many students balance their studies with part-time jobs to support their education. On-campus jobs, co-op programs, and internships not only provide income but also valuable work experience. This can even start now, while you’re in high school. Save a minimum of 10%-30% of each pay cheque for your schooling experience.
It’s never too early to explore your options. Planning ahead, budgeting and understanding your options through scholarships, grants and student loans can make pursuing a higher education more affordable so that you can focus on achieving your academic and athletic goals.
