FINANCIAL PLANNINGFINANCIAL PLANNING

The Five W’s.The Five W’s.

Who…. gets the scholarships?Who…. gets the scholarships? What… do you have to do to win the money?What… do you have to do to win the money? When… do you have to apply for these scholarships?When… do you have to apply for these scholarships? Where… do you look for these scholarships?Where… do you look for these scholarships? Why… would you spend your time doing so?Why… would you spend your time doing so? How… do you get started?How… do you get started?

What to expect with Fees:What to expect with Fees:Tuition (including incidental fees)Tuition (including incidental fees)$4,000 per year for college diploma programs$4,000 per year for college diploma programs$6,700 to $17,000 per year for bachelor $6,700 to $17,000 per year for bachelor degree programs (at universities or colleges)degree programs (at universities or colleges)

Additional costs include: Additional costs include: Books--$1000 to $2000/yearBooks--$1000 to $2000/yearParking/transportationParking/transportationCoop feesCoop fees

Residence: On versus OffResidence: On versus Off

On CampusOn Campusvaries based on style of accommodation and type of varies based on style of accommodation and type of meal planmeal planApproximately $10,000 for residence and food for Approximately $10,000 for residence and food for two semesters of studytwo semesters of study

Off CampusOff CampusU of W websiteU of W website

◦ $6,000 and up for rent, plus utilities, groceries$6,000 and up for rent, plus utilities, groceries

Realistic Estimates Realistic Estimates (2 Semesters away from home)(2 Semesters away from home)

$22,000 to $30,000 per year for University $22,000 to $30,000 per year for University studiesstudies

$18,000 to $22,000 for College studies$18,000 to $22,000 for College studies

Why look for Scholarship Money?Why look for Scholarship Money?

How much money can you make during a 3 to How much money can you make during a 3 to 5 hour shift at work?5 hour shift at work?

Parent Support (Education Savings Plan)

Student Loan (OSAP)

Your Savings, plusScholarship or Bursary Money

you receive

$$$

Who gets the money?Who gets the money? The person who:The person who:

spends at least three to five hours doing the research.spends at least three to five hours doing the research.

has worked hard at their academics, community service has worked hard at their academics, community service and leadership activities.and leadership activities.

has the ability to answer essay questions in a succinct has the ability to answer essay questions in a succinct and intelligent manner.and intelligent manner.

can meet deadlines.can meet deadlines.

FINANCIAL PLANNING 101FINANCIAL PLANNING 101

Scholarships:Scholarships: awarded based on academic excellence, awarded based on academic excellence, school & community involvement, leadership abilities and school & community involvement, leadership abilities and essay writingessay writing

Bursaries:Bursaries: awarded based on financial need and awarded based on financial need and community involvementcommunity involvement

OSAPOSAP- Ontario Student Assistance Program: used to - Ontario Student Assistance Program: used to supplement, not replace, family resourcessupplement, not replace, family resources

*OSAP is completed on-line and sent to the school *OSAP is completed on-line and sent to the school you you will be attending (usually done in the Spring – after will be attending (usually done in the Spring – after you you accept an offer!)accept an offer!)

Scholarship Factors:Scholarship Factors: Financial NeedFinancial Need Academic AverageAcademic Average Special CircumstancesSpecial Circumstances HeritageHeritage AffiliationsAffiliations ActivitiesActivities Volunteer WorkVolunteer Work Field of StudyField of Study Year of StudyYear of Study LocationLocation

What do you have to do?What do you have to do?1.1. Begin your research:Begin your research:

* treat it like another course or part-time job* treat it like another course or part-time job

2.2. Create a Create a resumeresume before you begin your applications: before you begin your applications:* include all academic, community volunteer, and * include all academic, community volunteer, and

extracurricular activities; indicate leadership examples.extracurricular activities; indicate leadership examples.

3.3. Have Have threethree key people ready to write reference letters for key people ready to write reference letters for you:you:

* a teacher, counsellor or activities person* a teacher, counsellor or activities person* a community or church member* a community or church member* an employer or supervisor * an employer or supervisor Supply these individuals with the Supply these individuals with the scholarship scholarship

criteria and criteria and your resumeyour resume! !

Student Awards.comScholarships Canada.com

Specific College and University

Websites

Union membership

Church Club or sport affiliations:

legion, optimists, Kiwanis, Women’s Institute, 4H, referee association, etc.

Your employer

School Nominated Scholarships

Waterloo School Board Website

Parent’s Insurance company

Parent’s Employer

Where do I look?

Internet ResourcesInternet Resources www.studentawards.com www.scholarshipscanada.com www.osca.ca College and University websitesCollege and University websites School database (binders in the E.D.S.S. guidance office)School database (binders in the E.D.S.S. guidance office)

Each scholarship listed will indicate: Each scholarship listed will indicate: total money awarded, criteria, contact information, due total money awarded, criteria, contact information, due

date and link to download applicationdate and link to download application

MORE TIPSMORE TIPS ::

Know your strengths and assetsKnow your strengths and assets

Anything that makes you different from others is importantAnything that makes you different from others is important

Reuben Cleghorn Bursary is available only to university bound students from Reuben Cleghorn Bursary is available only to university bound students from E.D.S.S.: E.D.S.S.:

* must be financially needy* must be financially needy* must have applied to OSAP* must have applied to OSAP* applications available in guidance* applications available in guidance

Have someone edit your application/essay questions…now is NOT the time to be Have someone edit your application/essay questions…now is NOT the time to be humble. humble.

NOMINATED SCHOLARSHIPSNOMINATED SCHOLARSHIPS

Some scholarships require a school nominationSome scholarships require a school nomination

You must fill out a You must fill out a Profile FormProfile Form to be considered for these to be considered for these scholarshipsscholarships

* forms are in the guidance office (blue sheets)* forms are in the guidance office (blue sheets)

* submit form to your guidance counsellor* submit form to your guidance counsellor

Register on the scholarship websites

Talk to parents/look at your connections

outside of school

Update your resume

Search various scholarship data

bases

Create a scholarship file: save everything!

Choose some “referees”

Fill out a school profile form

What should I do now?

FactsFacts::

• a lot of scholarship money is not available to you a lot of scholarship money is not available to you until you are attending a college or universityuntil you are attending a college or university

• A lot of money is not awarded – due to low or A lot of money is not awarded – due to low or unsuitable applicationsunsuitable applications

• Regular visits to the financial aid office at your Regular visits to the financial aid office at your school of choice is very beneficial!school of choice is very beneficial!

When are you finished searching for money? …

. . .when you are finished your post secondary education!