Do you need help to pay for your education? Don't worry, you have options.

By: Michael Hinderyckx, Ben Van Doodewaard & Noah Severino

OSAP

Effective in the school year of  2017-2018, important changes have been made to the distribution of funds that OSAP will provide to students pursuing post-secondary education in Ontario.

  • Students whose parents earn an annual household income of $50,000 or lower will receive enough OSAP grants to cover the average tuition fee. 
  • No eligible student will receive less aid than they were previously eligible for under the 30% Off Ontario Tuition Grant.  
  • Students from families with annual household incomes of less than $50,000 will have no provincial student debt.
  • For more information regarding OSAP, please speak with your SAVTI Counsellor, and/or visit: www.ontario.ca


Line of Credit

A line of credit can be understood as a combination of a loan and credit card, except you typically have access to a larger amount. Rather than receiving a large sum of money that you would have to pay back, a line of credit means that the bank has given you access to a specific amount of money, but you only have to pay interest on what you have used. Say you think you need $20,000 and a bank approves that credit line. If you have only used $5,000 of the $20,000 that the bank said you can use, then you only have to pay for your use of the $5,000, even though you could have used the total amount approved. You must apply for a line of credit and in some cases have someone co-sign so that you are not the only one accountable for that money. Different banks and schools offer specific lines of credit with varying interest rates and repayment schedules.

Scholarships

Government Scholarships
Scholarships are a great opportunity for students to obtain monetary support and relieve some of the financial burden of post-secondary education. Students need to be mindful of the various types of scholarships that they are eligible to apply for, which include, but are not limited to Government Scholarships/Grants.  The Government of Canada offers a variety of unique scholarships and grants for individuals that meet certain criteria. To find out more go to:

Community/Organizational Scholarships
Students who have become leaders in their local community by completing a lot of community service can apply for these scholarships. In addition, some large firms offer a variety of scholarships including those for individuals with a strong dedication to community service:

High School Scholarships
High schools offer a variety of scholarships for graduates who are pursuing different levels of post-secondary education. To find out more, speak with your high school guidance counsellor.

Post-Secondary Entrance Scholarships
Post-secondary institutions offer entrance scholarships for individuals who meet the admissions average requirements. These scholarships are renewable if you are able to meet the annual GPA requirements.

Athletic Scholarships
Some post-secondary institutions offer athletic scholarships that are based predominantly on your ability to play a particular sport. See the following link, or check out your post-secondary school’s website for more information:

Scholarships for Minorities and Individuals with Disabilities
Several post-secondary institutions offer scholarships for minorities and individuals with disabilities. See your post-secondary school’s website for more information.