Covering the costs of a college education
There are a number of avenues available to you when it comes to financing your college education. Learn more about each of them below:
OSAP is an acronym for the Ontario Student Assistance Program. The program is administered by the Government of Ontario, through the Ministry of Training, Colleges and Universities. It is a financial assistance program designed to help eligible students who are lacking the resources needed to meet the costs of post-secondary education in Ontario. Its purpose is to supplement, but not replace, the financial resources that you are expected to contribute to your post-secondary education. Click here to learn more about the Ontario Student Assistance Program (OSAP).
Canada Student Loans Program
The Canada Student Loans Program is similar to the Ontario Student Assistance Program. It is administered by the Federal government, through the Department of Human Resources and Social Development. This program provides loans and grants to Canadians attending a university, college, trade school, or vocational school, if assistance is needed in financing their education. Student loans granted by the Government of Canada remain interest-free for a maximum of 340 weeks, or for as long as you are enrolled in school. Click here to learn more about the Canada Student Loans Program.
Ontario Crown Ward Postsecondary Application Fee Reimbursement Program
Provincial assistance is available through the Ontario Crown Ward Postsecondary Application Fee Reimbursement Program to help current and former Ontario Crown wards cover postsecondary application fees. The program reimburses eligible 2011-12 academic year postsecondary application fees incurred for full-time studies by current and former Ontario Crown wards for a first full-time postsecondary degree, diploma or certificate program.
Reimbursements are also available for eligible postsecondary application fees incurred for the 2009-10 and 2010-11 academic years.
Please click on the following link http://www.tcu.gov.on.ca/eng/students/ocwp.html to learn more about the program and print out a reimbursement application form.
The Ontario First Generation Bursary is funded by the Government of Ontario and distributed by publicly-funded colleges of applied arts and technology and universities in Ontario.
Applicants who are the first in their family to pursue a college education or apprenticeship training may be eligible for an Ontario First Generation Student bursary.
For complete details, visit www.osap.gov.on.ca.
More Financing Options
Aside from the loans made available through the Federal and Provincial governments, many private banking institutions offer post-secondary education loans. These are very similar to other bank loans, in that the borrower is expected to make monthly interest payments. In certain cases, students are deemed ineligible for government student loans because they do not meet the eligibility criteria. Many of these students, however, still need financial assistance to finance their education. Private financing options fill this gap, and allow students to borrow the money they need to further their education.