A natural course of action for many high school students is to pursue a higher education. Over the past few decades, the number of prospective post-secondary students has steadily been increasing. Unfortunately, this number has been accompanied by a rise in the amount of money required to provide this education. For many students, this is an area of concern that requires extensive research and planning. Luckily, the resources available to combat this financial difficulty are quite simple to access.
The Ontario government provides services such as the Ontario Students Assistance Program (OSAP) that offer grants or loans that are repayable after employment. The amount of loans varies for each student, depending on factors such as the cost of the program and the expected income of the family. Fortunately for some students, OSAP also offers grants and bursaries that do not need to be paid back.
Bursaries are monetary aids provided usually on the basis of financial need and academic merit. It is available to students applying to nearly all universities and colleges. All schools, regardless of the program, offer some form of bursary or scholarship grant. Scholarships—money provided for students by a third party (in most cases, post-secondary schools)—are given based simply on academic merit or other specifications.
There are also scholarships that focus less on the academic merit of a student and more on extra-curricular activities. A good resource portal for these scholarships is the Student Awards website (www.studentawards.com), where potential applicants fill out information on a range of topics that may match with specifications for various scholarships. Some of the criteria can be met simply by being interested in bird-watching or even just being tall.
Sponsor scholarships provide the greatest amount of money of all of the scholarships, but are the most competitive. The Loran award offers up to $75,000 for post-secondary education; students are required to be academically above-average and to take part in extensive extracurricular activities. The TD award offers students up to $70,000 and includes a designated amount for living expenses, paid summer internship, a mentorship program, and invitations to events and gathering that provide networking opportunities.
In order to effectively manage school costs, the Canadian government has created the Registered Education Savings Plan (RESP). RESP’s are savings accounts created specifically for financing post-secondary education. For example, RESP’s offer $5,000 for the first 13 consecutive weeks of full-time studies in a qualifying educational program.
If financial planning is indeed an issue, then this definitely needs to be discussed with a financial advisor and the primary financial provider of the student, which are usually parents or guardians. By taking these steps, it is quite possible to combat the approaching high costs of schooling for potential post-secondary students.
