FINANCIAL AID
If you haven't already done so, it's time to start talking about how you and your family plan to finance your post-secondary education. As a family, discuss the contributions that can be made, perhaps from a Registered Education Savings Plan (RESP), or other sources, as well as your role and responsibility in saving for your own education. There are a number of sources available to help finance your post-secondary education.
These include:
These include:
- parent savings
- federal and provincial government student loans
- bank loans
- student summer or part-time jobs.
WHAT IS THE DIFFERENCE BETWEEN BURSARIES & SCHOLARSHIPS?
These terms are often used interchangeably even though they are very different.
BURSARY:
A non-repayable fund, issued based on individual financial need and satisfactory academic status. Students are required to apply for bursaries.
SCHOLARSHIP:
An award of financial aid for a student to further his or her education. Scholarships are awarded based upon various criteria, which usually reflect the values and purposes of the donor or founder of the award. Scholarship money is not required to be re-paid.
LOAN:
A repayable fund distributed based on financial need. Loans are interest bearing and depending on the type of loan (government or bank), interest payments may be required during the academic study period. You must apply for a loan.
GRANT:
A non-repayable (government) fund, distributed based on financial need. Students apply for grants.
ACADEMIC AWARD:
Recognizes the academic and community achievements of students during their course of study with the college. Academic awards are monetary and/or gifts. Students are selected for these awards based on specific criteria.
BURSARY:
A non-repayable fund, issued based on individual financial need and satisfactory academic status. Students are required to apply for bursaries.
SCHOLARSHIP:
An award of financial aid for a student to further his or her education. Scholarships are awarded based upon various criteria, which usually reflect the values and purposes of the donor or founder of the award. Scholarship money is not required to be re-paid.
LOAN:
A repayable fund distributed based on financial need. Loans are interest bearing and depending on the type of loan (government or bank), interest payments may be required during the academic study period. You must apply for a loan.
GRANT:
A non-repayable (government) fund, distributed based on financial need. Students apply for grants.
ACADEMIC AWARD:
Recognizes the academic and community achievements of students during their course of study with the college. Academic awards are monetary and/or gifts. Students are selected for these awards based on specific criteria.
WHERE TO LOOK?
- Scholarships and Grad Awards Section (see below)
- Financial Aid Websites Section (see below)
- St. Mary Guidance Department - Students can come to Guidance to look through the scholarship trolley and the Canadian College and University Scholarship handbooks.
- Post-Secondary Institutions Financial Aid Offices - Speak with the financial aid offices at the schools where you plan to apply. Think about what interests and talents you have and what field you may want to enter after graduation. Mention any special circumstances about your family's financial situation. Ask for recommendations of scholarships offered by the college/university or by community organizations.
List of current scholarships and awards at Ontario Universities. - Extra-Curricular Clubs/Sports Teams (outside school) - A benefit of participating in out-of-school activities is that there might be a scholarship sponsored by the organization. Make a list of all your activities and then ask the club's officers or administration about scholarship funds. Bands, newspapers, academic clubs, athletic and service organizations often award scholarships to outstanding members.
- Community Organizations/Charities - Don't limit yourself to only organizations you belong to. Community groups often sponsor scholarships that are open to all students in the community. For example, local Rotary and Lions Clubs often offer scholarships for outstanding students in the community, whether or not their parents are members. They view scholarship programs as a way of serving their communities. Open a phone book and call the five largest organizations in your area. Chances are that at least one will offer a scholarship.
- Your Employer - Many businesses that employ young people offer scholarships as a way to reward students like you who both study and work. Ask your manager if your employer has a scholarship fund and how you can apply.
- Your Parents' Employers - Companies often award scholarships to the children of their employees. Your parents should speak with someone in their human resources department about scholarships and other educational programs offered by the company.
- Your Parents' Labour/Trade Unions - Some unions sponsor scholarships for the children of their members. Your parents should speak with their union officers about scholarships and other educational programs sponsored by the union.
- Your Parents' Organizations - Are your parents involved in civic or other local organizations? These organizations may offer scholarships for members' children.
- Your Church or Religious Organization - Religious organizations may provide scholarships for members. If you or your parents are members of a religious organization, check with the leaders to see if a scholarship is offered.
- Local Government - Some cities and counties provide scholarships specifically designated for local students. Often, local city council members and state representatives have scholarship funds. Call their offices and ask if they offer a scholarship.
- Local Businesses - Local business owners who want to see students in their community succeed often set up scholarship funds as a way to thank their customers and customers' children. Contact your local chamber of commerce to see if there are local businesses that offer scholarships for students in the community.
- Local Newspapers - Some local newspapers post articles about local students who win scholarships. Keep a record of these scholarships, or go to your library and look at back issues of the newspaper. Check the spring issues (from March to now), and you'll probably find announcements of scholarship recipients. Contact the sponsoring organizations to see if you're eligible to enter the next competition.
- Internet - One of the benefits of online scholarship directories is that they can be updated at any time. Online scholarship directories can give you up-to-date information on new scholarships.
FINANCIAL AID WEBSITES
You can find out more about financial options such as scholarships and loans at any of the following links:
- Ontario University and College Financial Aid Offices
- BMO - Bank of Montreal - Information on student lines of credit.
- Campus Access - CampusAccess.com is a comprehensive resource and information guide for current/prospective university and college students.
- Canada Education Savings Grant - The Canada Education Savings Grant (CESG) provides grants to Registered Education Savings Plan (RESP) contributors until the beneficiaries reach the age of 17.
- Career Colleges - Career Colleges offers a comprehensive directory of colleges, universities and online schools. They also offer a scholarship search tool.
- CIBC - Information on student lines of credit.
- ElectronicInfo - Scholarships for all Ontario Universities. You can use this site to compare programs and degrees, find information about universities and admission requirements, search for scholarships, locate each university on the map of Ontario, learn about university-related events that will also help you make your decision, and more.
- Finaid - The Smart Student Guide to Financial Aid - This award-winning site has grown into the most comprehensive source of student financial aid information, advice and tools -- on or off the web.
- Ministry of Education List of Scholarships/Loans and Grants - This web site lists all programs/bursaries/loans/grants/benefits/scholarships administered by OSAP. Programs and procedures change from year to year, so please ensure you select your academic year first.
- National Student Loans Service Centre - Find the information and tools you need to apply for, manage and repay your student loan. Also find contact information for provincial and territorial Student Assistance offices.
- OCAS - Ontario Colleges.ca - This site is intended as a reference for applicants on application procedures and important dates, college area of study guide, scholarship information and admission requirements.
- OSCA - Ontario School Counsellor's Association - A website designed for Guidance Counsellors but contains information on scholarships.
- RBC - Royal Bank of Canada - Information on student lines of credit.
- ScholarTree - Scholar Tree was created with the intent to help reduce student debt, which many students have to take on for post-secondary education. ScholarTree.ca streamlines the scholarship process for students; all they have to do is create a simple profile and based on the information they provide (including school, field of interest, volunteer experience etc.) we will match them to all of the scholarships that they qualify for. ScholarTree is 100% free to students!
- Scholarships.com - This website provides a searchable database containing scholarship information for Canadian students.
- Scholarships Canada - ScholarshipsCanada.com is a searchable database of several thousand scholarships, prizes, and bursaries for students entering their first year of post-secondary studies in Canada. It includes both school-administered and private awards.
- School Finder - Search this collection of scholarships, bursaries, and information to learn about your financing options, and how to apply for scholarships and loans. They also have a long list of College and University Open Houses.
- Scotiabank - Information on student lines of credit.
- Student Awards - Find information on scholarships, bursaries, fellowships and other financial awards that are available for students. Other features include email notification of new awards, a pre-written letter for award administrators and valuable financial tips. Register with them to help find money for school.
- The Royal Canadian Legion - The Legion does not have a national level bursary or scholarship program as all awards are administered by our local branches and Provincial Commands. For complete information on the bursaries and scholarships available in your province or community, please contact the Legion branch nearest you.
- Toronto Dominion Bank - Information on student lines of credit.
- Yconic - Students register on this site to receive email notifications of what scholarships would be best suited to them.