Financing your college education is not easy.There are many students who don’t know whom to contact for tuition and financial aid. There are several financing options for Canadians who really want to go to college.
The first option may be to work part-time and finance your college education. If you are able to live at home with your parents, this may be your cheapest option as you may not have to live in expensive rented premises.In this case tuition and Financial aid would not be your concern. There are many students who have completed their college education while they stay with their parents to avoid or reduce borrowing. We recommend this approach.
It works even better if you are able to do most of your college education online. This would reduce your expenses greatly by saving on your traveling expenses.
To help post secondary students acquire college or university education, there are two types of loan services in Canada supported by the government. The federal government funds the Canada Student Loan Program (CSLP) . The other loan comes from the provincial funds which tend to run concurrently with the CSLP.
Students in part-time studies are now eligible for financial assistance.Their department of Tuition and Financial aid may be able to assist them. As of January 2012 a student will not be charged interest on their student loans while they are registered for post-secondary education. Loan repayment begins 6 months after graduating or leaving school. However, interest begins to accumulate as soon a student leaves school or graduates. The government usually awards grants in order to supplement the loans to students from low income families or those with certain disabilities.
You can also use savings from your parents or grandparents in form of Registered Education Savings Plan (RESP).
You can also apply for grants and scholarships from different organizations. We will soon provide some links for potential sources of grants. You are not expected to payback grant money. Grant money is money given to you as assistance to pay for college or university education. The Royal Canadian College of Distance Education has opportunities for scholarships.
The last option is to borrow from the bank. Banks have qualified personnel who deal with tuition and financial aid. Many banks are willing to lend students money to help complete post secondary education. However banks usually will require a family member to co-sign the student. The loan has low interest rate until the student completes the college education after which a higher interest may be charged.