Try to fund as much of your education as possible with FREE money (i.e. money you don’t have to pay back).  This will mean little or no debt to pay back later, putting you in a better financial position when you graduate.

1.  How much FREE money do you already have?

• RESP
• your own savings

2.  How much more FREE money can you get?

• earnings from summer job
• earnings from part-time job
• gifts and contributions from parents and other relatives
• scholarships, grants and bursaries, which can be provided by governments, schools or private organizations

Scholarships are usually awards based on merit rather than financial need.  Grants and bursaries are awarded based on

• financial need;
• academic achievement;
• athletic skill; or
• special abilities that may also be considered

For more information, see What Are Grants, Bursaries and Scholarships?

Visit Canlearn’s “Scholarships, Grants and Bursaries” for details about government grants.

Visit Canlearn’s FAQs for additional information.

3.  If you can’t fund your entire education with FREE money, you can look into government student loans.  Federal, provincial and territorial governments offer student loan programs.  Visit the Canlearn website (www.canlearn.ca) for details, including:

• Eligibility for Student Loans and Grants
• Student Financial Assistance Estimator 
• How to Apply 
• How to Obtain Government Student Loans and Grants 
• Understanding Student Loans 
• Managing Student Loans While At School 

4.  If you don’t qualify for a government student loan, you can look into loans offered by private institutions such as banks, trust companies and credit unions.  These are regular consumer loans aimed at students.  Compared to government student loans, private institution loans may have higher interest rates (because the rates are not set by the government), and repayment terms may be more aggressive.  Interest will accrue (build up) while you are in school, whereas most government student loans do not accrue interest until you graduate.

Some financial institutions also offer lines of credit.  These are a preset amount of money from which you can withdraw sums as needed.  You pay interest only on the money you withdraw.

See Tips for Negotiating Bank Loans

5.  Your school’s financial aid office might disburse Emergency Loans, which are short-term loans (usually 90 days) for students in dire straits.

Source: www.canlearn.ca.

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