Money Matters - Funding Your Post-Secondary Education

Sample costs of post-secondary education are as follows:

Specialized programs have varying costs and supplies and textbooks can add considerably to the costs. Co-op programs charge a special fee for that service. There may be additional costs for certain programs (eg. Health-related courses may charge a fee for Clinical Placement & Communicable Disease Screening). Professional and post-diploma programs can be much more costly. Food and lodging, for students living away from home, are an extra consideration.

So, how does one pay for all this?

Most students fund their education through a combination of the following:

• personal savings and part-time (including summer) employment
• family resources and support
• government sponsored student loans and grants
  • OSAP (the Ontario Student Assistance Program) is a provincially governed umbrella program which offers need-based assistance in the form of grants, loans and scholarships. OSAP is generally interest-free until graduation. Applications must be made at least ten weeks prior to the start of the chosen program, usually by mid-June.. ( We do a presentation in the Spring, well before students need to apply, 'walking' them through the process.)
• student loans offered by banks, credit unions and other financial institutions
• scholarships, awards and bursuries
  • our students have done well in this department! Some have been awarded general scholarships offered by companies, etc., which require academic achievement combined with evidence of considerable Community Service and Leadership ability. The vast majority of awards our students have achieved have been on the basis of good grades. Studying hard and achieving good grades is the best way a student can earn scholarship money!
  • For example, at McMaster University, automatic entrance awards are as follows:95% + - $3,000/yr., 90-95 - $2,000/yr., 86-90 - $1,000/yr., 80-85% - $750/yr. (renewable now for a second year if grades are maintained)
  • at Redeemer - 90% + - $3,500/yr., 85-89.9% - $2,500/yr, 80-84.9% - 1,750/yr, 77-79.9% - $1,250/yr (renewable for each of 4 yrs.)
  • at Brock University - 90-92.9% - $2,000/yr (renewable for up to 4 yrs.), 85-89.9% $1,000 per yr. x 4, 80-84.9% - $1,000 first yr. $500 2nd, 3rd & 4th
  • Most entrance awards do not require an application and are renewable if a student maintains certain minimum grades so the total amount over four years can be considerable! If a student achieves 85% average and earns the @ Brock, he/she need only continue to achieve an 80% average to continue receiving that award. (At Redeemer and McMaster, the entering average needs to be maintained.)

Obviously, students need to do a lot of RESEARCH!

If interested in finding out more about Scholarships and Bursaries:

• You need to check the Calendars (Guidebooks) of the schools you are interested in. On-line listings will be up-to-date and give access to application forms if required. (many do not)
• You should check with parents' employers, customers, suppliers, insurance companies, etc. Many offer scholarships!
• Check with local community organizations and corporations.
• Try a web-based scholarship search like www.studentawards.com or www.scholarshipscanada.com These alert you to scholarships you might be eligible for and then it is up to you to apply for them.
• Check the following site: www.dsbn.edu.on.ca/Awards The info. provided here by the District School Board of Niagara is the most helpful we've found in listing awards/scholarships which students may be eligible for. Very worthwhile!!!
• See the books and binder on scholarships available on the Guidance Office shelves.
• Start early! The process of filling out forms, getting reference letters, etc. takes time. Also, many of the deadlines are early in the year. Be sure to apply for as many as you can, but do assess whether the criteria listed apply to you so as not to waste your time. If most of the criteria apply, go for it! Someone has to win the award; why not you?!