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HOW TO PAY for Post-Secondary:
A Guide to FINANCIAL AID
W
ithout a doubt, the cost of post-second-
ary education can exact a heavy toll.
Luckily,
students can take advantage of
financial resources that are administered
by the government, schools, banks and other or
-
ganizations. Here is a breakdown of the financial
aid options available.
Government
student loans
Government loans are distributed annually.
The amount of money that a student may
borrow is determined by a combination of
factors: educational costs, family income and
other student resources (i.e.
scholarships).
After students graduate from university or
college and find employment,
interest is added
to the loan and repayment commences.
Bank student loans
If students are rejected for a government loan
(usually this is attributed to their family
income exceeding a cut-off amount), they can
obtain a line of credit from a bank.
Bank loans
can usually be secured by an adult with credit
in good standing. Students must make low
interest-only payments while in school and they
are required to pay off their loan after they leave
their post-secondary institution.
Internal scholarships
Based on academic merit, most entrance
scholarships are awarded to full-time students
(who are entering university for the first time)
with exceptional grades. In addition to academic
standing, extracurricular activities may be taken
into account. Throughout the three or four years
of undergraduate study, students may also be
considered for in-course scholarships (upon
the recommendation of their faculty), athletic
awards and service awards.
Ext
ernal scholarships
Different organizations offer a variety of
ways to win prizes and cash. Discover more
opportunities by visiting these websites:
yconic.com; scholarshipscanada.com
B
ursaries
Students in financial need may apply for entrance
bursaries upon their acceptance to an undergrad-
uate program. Students may also apply for more
bursaries every year during undergraduate study
.
The allocation of bursaries is predominantly
dependent on the degree of financial need, but
may also be based on academic standing.
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BY JOY LIZETTE AGUILAR
Canadian Imperial College_v2.indd 1 2019-08-23 5:52 AM
