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The Top 5 Ways to Pay for a Canadian Education

By Edited Jun 23, 2016 0 0

Once you have decided to pursue a Canadian education, your next step is to decide how you are going to pay for it.  That can be a tough one.  You may have thought that the hard part might be finding a school or deciding on a program but in today's difficult economic times, payment can be a difficult decision.

There are many ways that you can fund your education though.

Fund Your Canadian Education With a Payment Plan

One of the first things you should do is check to see if the school you are interested in has a payment plan.  Payment plans may be divided in equal installments over the period of the course and would be handled by the school's billing office.  Payment plans are usually set out before you start classes and you may have to make an initial deposit.  This can be an excellent option if you are unable to come up with a lump sum all at once.  Be aware though that there might be interest charges.  You should take this into consideration before signing papers.

Student Loans

As a student you may qualify for provincial or federal student loans, or possibly both.  The school's counselors should be able to provide you with the information that you need to apply for a student loan.  You should start the application process at least 3 months in advance because it can take some time to get approved and then to have the loan available to make payment for your courses.  In order to qualify for a student loan you will need to provide the student loan agency with documentation that proves your family's income and expenses. Once you have provided this information, they will give you an assessment that tells you how much you qualify for.

Scholarships

Scholarships are available for a wide range of studies and they can come from many different sources.  Typically, scholarships are provided by business and organizations but you may also find scholarships available directly from the school you wish to attend.  There are many factors that are taken into consideration when deciding who the recipients of scholarships will be.  Some of those factors include participation in activities, volunteer activities, grades, or employment.  Speak to a high school guidance counselor or the counselor at the school you are going to attend and they will help you to find the scholarships that you are best suited for.

Take Less Course Over a Longer Period of Time

Many schools will allow you to take one or two courses at a time.  This will allow you to have less tuition to pay for but it will take you longer to get your degree.  However, this will also allow you to work at the same time that you go to school and save up the money to pay for the next batch of courses that you will take.  This gives you more flexibility.

Save Up First

If you know that school is in your future, you might want to take a year or two to save up for the tuition before you go.  If you plan ahead you can easily save money to cover your tuition costs.  This can also allow you to plan for your living costs, too.  Saving money will take time but if you have put your Canadian education as a priority you can save enough money.  Consider making extra money by selling things you don't need online or by working a second job.

If you are determined you can pay for your college education.  It may take some work and some creative thinking but isn't your education worth the investment?

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