How to Pay for Post-Secondary:
A Guide to Financial Aid
By Joy Lizette Aguilar
W
ithout a doubt, the price of a college or
university education can take a heavy
toll on students. Luckily, there are plen
-
ty of nancial resources at your disposal,
administered by the government, schools, banks
and other organizations. Here is a breakdown of
the nancial 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 nd employment,
interest is added to the loan and the repayment
process 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 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 rst 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:
yconic.com; scholarshipscanada.com.
Bursaries
Students in nancial 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
nancial need,
but to a lesser extent may also be
based on academic standing.
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