Financing Your Education

St. Theresa Of Lisieux Guidance Department

Updated: January, 2015

Your Education is one of the Largest Investments You Will Make

 

University tuition fees for full-time students,Physical and Life Science and Technology Programs in Canada

Province

2014-15 Undergraduate Tuition (per academic year)

Newfoundland and Labrador $2,631

Prince Edward Island $5,857

Nova Scotia $6,440

New Brunswick $6,324

Quebec$2,743

Ontario

Manitoba$3,887

Saskatchewan $6,659

Alberta $5,730

British Columbia $5,118

Source: Statistics Canada, Sept. 2014

$7,539

Tuition Differs By Faculty

Law School (1st Year) $18,075

Medicine (1st Year) $24,650

As of 2014-15

Faculty of Arts and Science $7,065

Commerce $16,784

Education $5,625

Nursing $7,117

Besides Tuition Fees…. You need somewhere to eat and live!

• Single Room and Meal Plan $12,737

• Double Room and Meal Plan $12,802

• Triple Room and Meal Plan $11,937

**taken from Queen’s University 2014-2015, for Undergraduate Students

How to Pay for All These Costs

• Personal Savings (RESP)

• Family Support (Savings Bonds, Personal savings accounts, GIC’s)

• Student Loans (Ontario Student Assistance Program)

• Scholarships/Bursaries

• Personal Loans

Program objective: to assist eligible students who do not have the resources to meet the costs of postsecondary education. The intention is to promote equality of opportunity for postsecondary studies by providing financial assistance for educational costs and basic living expenses.

Applying for OSAP

There are two methods to apply:

• Paper application: 39 pages, available for download online.

Or

• Online application

OSAP Deadlines

As long as you apply for OSAP within the first 45 days of starting classes, you may still receive funding for the ENTIRE study period.

If you apply when there is less than 60 days left in the study period, you will not be eligible for any funding.

Canada Access Grants for Students from Low-Income Families

Family Net Income Ceilings (2014 Loan Year)Canada Access Grants for Students from Low-Income Families (3)

Number of dependent children that parents have

(including applicant)

1 2 3

$36,555 $44,381 $50,337Parent’s Net Income

By Completing an OSAP application, you will automatically be considered to receive the Canada Access Grant

Scholarships and Bursaries• a sum of money or other aid granted to a

student, because of merit, need, etc., to pursue his or her studies in education.

• recipients may be determined by: Academics, extra-curricular activities, community involvement, leadership experience, physical disabilities, ethnic origins, religious affiliations, program of study, essay submission, p/t employment

Scholarship Applications• Some scholarships require a completed application form,

essay, reference letter, resume, and/or transcript.• Some scholarships do not require an application. For

example, admission scholarships are generally guaranteed for all applicants with an average >85% (or less).

• Some scholarships require Nomination by school principal (1 – 3 candidates per school)– Examples: U of T National Scholarship Program, Queen’s University

Chancellor Scholarship, or Loran Scholarship.

Admission Scholarships

• Awarded based on your final grade 12 average using your best SIX U or M marks

• Normally averages are rounded down. For example, if your average is 83.8%, for scholarship purposes it will be 83%

University Cut-off for Admission Scholarships

• Ryerson University– 80 – 84.9% $500 x 4 yrs = $2,000

– 85% - 89.9% $1000 x 4 yrs = $4,000

– 90% - 94.9% $2000 x 4 yrs = $8,000

– 95% + $4000 x 4 yrs = $16,000

University Cut-off for Admission Scholarships

• York University– 80% -84.9% $1,000– 85% - 89.9% $1,500– 90% -94.9% $2,500– 95% + $3,500/year = $14,000

University Cut-off for Admission Scholarships

• Western University– 88% - 89.9% $1,000– 90% - 94.9% $2,000– 95% + $2,500/year = $10,000

University Cut-off for Admission Scholarships

• U of Toronto – Mississauga vs Scarborough– 88 – 89.9% $1,000 $1,000

– 90% - 91.9% $1,500 $1,500

– 92% - 94.9% $2,000 $2,000

– 95% + $3,000 $3,000*

(renewable)

As with all OFFERS of Admission or

ScholarshipsConditional on

FINAL MARKS

• Guidance Office: White E-INFO binder, Bulletin Board in guidance office

• Guidance Webpage –– ‘Financing Your Education’– Scholarship Chart (updated regularly)

• Parent’s Workplace, Church, student (part/time) employers

• University/College websites• Internet sites: Electronic Info,

Another Website Worth a Visit

• Education Savings• Finding Post Secondary Programs/Career

Planning• Student Loans, Grants, & Scholarships• After Post Secondary Education• Continuing Education, Lifelong Learning

Miscellaneous

• Research, Research, Research!!!• Apply, Apply, Apply!!!• Proof-read applications/materials• Meet deadlines• Choose referees (teachers, coaches, employers)

who know YOU well• Give references plenty of time to complete their

piece. Provide them with a print-out about you.• Start a collection of portfolio and reference now!