1. Narrow Down Your OptionsThink: Which field or area of work or study do you see yourself pursuing? Reflect on your goals, interests, strengths, experiences and personality. Once you have narrowed down your searches to a few school, and program options, you can explore costs related to those programs. School websites and the school's registrar will have this information. University Cost: https://www.ontariouniversitiesinfo.ca/tuition-and-fees www.univcan.ca/universities/facts-and-stats/tuition-fees-by-university/ College Cost: https://www.ontariocolleges.ca/en/colleges/paying-for-college Apprenticeship: https://www.ontario.ca/page/apprenticeship-ontario 2. Consider Other CostsThink: Why is separating your needs from your wants an important step in managing a budget? Tuition and books are not the only costs associated with post secondary education. Depending on your program of choice you may need to account for residence, meal plans, transportation, extra-curricular activities, groceries, and travelling home to name a few. Ensure that you budget in not only fixed costs (tuition, residence, meal plan), but also variable costs. For further reading see: https://www.canada.ca/en/financial-consumer-agency/services/budget-student-life.html https://www.macleans.ca/education/pay-for-university-education-tuition/ www.macleans.ca/education/uniandcollege/what-does-a-university-education-cost-in-canada/ www.macleans.ca/education/the-cost-of-a-canadian-university-education-in-six-charts/ 3. Research Post Secondary Funding OptionsThink: What government financial assistance is available to help you pay for a postsecondary education? What bursaries, awards, and scholarships are available? What informal financial support from family and community might be available? Discuss your options with your family and guardians to see what is available to you. While having a family discussion look into the following categories of financial aid to see what you may qualify for; you may have saved money from a part-time job, or your guardians may have an RESP open for you. There are so many programs to help students succeed here in Canada, it is your job to take advantage of them. Student Loans: These are need based loans, and interest rates are lower than a line of credit. To estimate what type of loan you can get from OSAP try their estimator here: https://osap.gov.on.ca/AidEstimator1920Web/enterapp/enter.xhtml?lang=en Also see: https://www.canada.ca/en/services/benefits/education/student-aid/grants-loans.html https://www.ontario.ca/page/osap-ontario-student-assistance-program Student Grants and scholarships: Grants and scholarships do not need to be paid back like a loan, and often are merit based. Most schools have entrance based scholarships which are allotted based on incoming grade average - you do not have to apply to these. Others require applications. See below for more resources on finding bursaries. https://www.ontario.ca/page/student-loans-grants-scholarships-and-bursaries https://www.universitystudy.ca/plan-for-university/scholarships-grants-and-bursaries-for-canadian-students/ https://scholarships.universitystudy.ca/?_ga=2.159658237.1577057663.1588700653-439702829.1588700653 https://talentegg.ca/incubator/2010/09/07/apply-for-scholarships-bursaries-and-grants-to-help-pay-your-tuition/ Work Study Programs: A Work-Study program offers student jobs through a university or college. These positions are available to students with demonstrated financial need. See each school for different Work/Study Program opportunities. For example:https://registrar.mcmaster.ca/aid-awards/work-program/ Bank Loans: "Anyone can open an RESP: parents, guardians, grandparents, other relatives or friends. While the education savings incentives are only available for eligible children, you can also open an RESP for yourself or another adult, such as a spouse or partner" (Universities Canada). There are also student lines of credit - "a personal loan that helps students to pay for their post-secondary tuition and student expenses when needed" (Molga). https://www.universitystudy.ca/plan-for-university/saving-for-post-secondary-education/ https://talentegg.ca/incubator/2011/08/10/paying-for-school-with-a-student-line-of-credit-what-you-need-to-know/ https://www.moneysense.ca/save/best-chequing-account-canada/ 4. Know Your ResourcesThink: Who could support you in considering your options?
If you are a student in a special circumstance, find out what programs are available to you. A comprehensive list in Ontario is listed here: https://www.ontario.ca/page/students-special-circumstances
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