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How to Pay for Post-Secondary:
A Guide to Financial Aid
By Joy Lizette Aguilar
W
ithout a doubt, the cost of post-second-
ary education can take a heavy toll on
students. Luckily, students can take ad-
vantage of financial resources that are
administered by the government, schools, banks
and other organizations. Here is a breakdown of
the financial aid options available to students.
Government Student Loans
Government loans are distributed annually. The
amount of money that a student may borrow is
determined by a combination of factors: educa
-
tional costs, family income and other student re-
sources (i.e. scholarships). After students graduate
from university or college and find employment,
interest is added to the loan and repayment com
-
mences.
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 usu-
ally 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 scholar
-
ships are awarded to full-time students (who are
entering university for the first time) with ex-
ceptional grades. In addition to academic stand-
ing, extracurricular activities may be taken into
account. Throughout the three or four years of
undergraduate study, students may also be consid
-
ered for in-course scholarships (upon the recom-
mendation of their faculty), athletic awards and
service awards.
External Scholarships
Different organizations offer a variety of
ways to win prizes and cash. Discover more
opportunities by visiting these websites:
studentawards.com; scholarshipscanada.com.
Bursaries
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 their period of under-
graduate study. In general, the allocation of bursa-
ries is predominantly dependent on the degree of
financial need, but to a lesser extent may also be
based on academic standing.
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604 520 1844 ext. 232
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Vicadmissions@collegeofmassage.com
250 381 9800 ext. 227/224
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