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Category: Finance

  • What Is the Student Loans Process?

    What Is the Student Loans Process?

    As an Ontario resident, you have two different types of student loans you can apply for. The first is federally mandated (Canada Student Loan) and the second is from the provincial government itself (Ontario Student Assistance Program – OSAP). You can also apply for both at the same time using the Canada-Ontario Integrated Student Loan program, which is accessed via the National Student Loans Service Centre.

    Sounds good – but where do I go to apply?

    The best way to apply is online via the OSAP website. You will need to register to use the site by providing some personal information, including your social insurance number.

     https://osap.gov.on.ca/OSAPSecurityWeb/public/login.xhtml?lang=en

     I’ve registered – now what?

    Gather information about your financial situation. You will be asked to provide an overview of your expenses for the school year (rent, utilities, food, etc.). The more information you can provide the better. You will be asked to print out and sign a declaration indicating that the information you have provided is true and accurate. If a parent or guardian will be helping you out financially during the school year, this information needs to be included on your application and they will need to sign their own separate declaration form.

    How much money will I get?

    The amount you get will depend on your unique financial situation. This is why it is important to provide as much information as possible during the application process. The maximum amount you can receive per week is $210 from the Canada student loan portion and $150 per week for the Ontario portion. It is important to note that you will not be given money weekly – it will be paid out to you in a lump sum at the beginning of your semester. This means budgeting is extremely important!

    When can I apply?

    If you are going to be attending school in September 2012, you can apply as early as May 2012. The latest you can apply is 90 days before the end of your study period. It is recommend to apply as soon as you are able to prevent any delays in receiving your funding.

    My application was accepted – when do I get my loan?

    Shortly before the academic year commences, you will be either sent a cheque or a funding certificate. Most students will receive a funding certificate. This certificate is a legal form that authorizes the release of a loan to the student via the National Student Loans Service Centre. This certificate must be taken to a designated Canada Post outlet to be converted into your student loan (you can find a designated outlet by visiting the following link: http://www.canlearn.ca/eng/onlinetools/canadapost/cp_clf/on.shtml)

    You will need to provide a void cheque with your funding certificate so the funds can be electronically deposited into your bank account. You can arrange to have a cheque mailed to you if you prefer.

    Your student loan will then be dispersed to you twice – the first at the beginning of your studies in September (generally, 60% of your total loan amount) and the second at the beginning of January.

    You can always get help and more information by visiting the OSAP website directly. The following link will help you get the answers to the majority of your questions:

    https://osap.gov.on.ca/OSAPPortal/en/PostsecondaryEducation/OSAP/GettingOSAP/HowtoApply/OSAP004031.html

    Good luck and happy studying!

     

  • Tips on Student Finances

    Tips on Student Finances

    1. Start planning your finances early. Figure out how much money you’ll need as soon as possible (tuition, ancillary fees, books and supplies, living expenses) so you’ll know how much financial support you’ll need. Include a realistic monthly budget for transportation, laundry, groceries, toiletries, entertainment, rent, etc.

    2. Use free money first if you have access to it (money from parents, money saved for your education including RESPs, scholarships and bursaries, etc.). If you need to borrow money, use low interest or no-interest options first, with OSAP being the best example. If you need to borrow money on top of that, try and get a cheap student loan. Stay away from credit cards if you can.

    3. Check out the OSAP Access Window at http://osap.gov.on.ca. The OSAP Access Window was developed by the Ontario government to help students make informed decisions when planning for their post-secondary education. It provides approximate costs by post-secondary institution, OSAP funding estimators, repayment tools and lots of other useful information.

    4. Explore early the scholarships, awards and bursaries offered by the university. There may be some program-specific or special interest awards that you may be eligible for. Many scholarships, awards and bursaries have deadlines and require applications.

    5. Don’t miss an application deadline. Include deadlines for financial support applications in your calendar and make sure you apply in time to be considered.

    6. Investigate getting a job as a source of income. If you need to work, work as much as possible in the summer period, rather than during the school year. If you need to work during the school year, try to avoid working a great deal in your first semester or in any semester that you expect to be particularly challenging. If you expect to be pressed for cash, consider postponing your studies for a year and saving some money, or consider reducing your course load from five or six courses to three or four courses per semester.

    7. Look into various means of saving money:
    • Brown bag it. Packing your own lunch is cheaper and healthier.
    • Buy new to you. Whether it’s used books, secondhand clothing or garage sale furniture, you can find what you need at a fraction of the cost.
    • Shop online to browse, create budgets, compare prices and take advantage of online savings.
    • Take advantage of student discounts. Be sure to flash your student ID at entertainment venues, on public transportation and anywhere else that will take it. Check out special deals through your student union.
    • Pick up the free weeklies to see what entertainment is going on in the city for free. Also check out free events hosted by the university.
    •Maximize public and active transportation (walking, cycling) to keep commuting costs down.
    • Avoid the latte effect and buy a coffeemaker or a kettle to make your own.

    8. Resist the temptation to sign up for a student credit card. If you end up falling into the “this-is-my-only-credit-card” crowd, make sure you get one with a low interest rate and ask them to fix the credit level at $500. Then be sure to use it only for emergencies. When credit cards are the only accepted methods of payment, as in online transactions, save the money you will need before you make the purchase. Then pay off your credit card immediately after charging it.

    9. A line of credit typically has a much lower interest rate than credit cards. A line of credit can be a cost-effective, convenient way to borrow money for a short period of time. Most financial institutions have a student line of credit that offers a lower interest rate, no annual fee and fairly lenient terms and conditions.

    10. Monitor your expenses. Keep all your receipts and track your expenses. This will force you to write down how much you’re spending, prompting you to think about whether you really need to spend that money or not. This will also definitely let you know if you need to change your spending habits and/or increase your income before it’s too late.

    11. If you find you’re running into financial difficulties, immediately speak to a student financial assistance advisor on campus or at your bank. They will look at your budget and give you some good advice before you get in over your head.

  • Aboriginal Students: Scholarships and Bursaries

    Aboriginal Students: Scholarships and Bursaries

    Bursaries and Scholarships
    The Aboriginal Financial Officers Association of Canada is dedicated to helping Aboriginals reach the highest standard of excellence in finance and management. AFOA’s initiatives in the development of Awards and Scholarships are examples of that commitment.

    See link below for scholarships and bursaries.
    http://www.metisnation.org/programs/education–training/education/bursaries–scholarships

  • Grants and Financial Support for the Trades

    Grants and Financial Support for the Trades

    There are several grants and other supports available from the federal government, although additional ones provided by the province/territory vary from one jurisdiction to the next. Federal supports are available to apprentices, journeypersons and employers.

    The Apprenticeship Incentive Grant is a taxable grant of $1,000 per year or level, up to a maximum amount of $2,000 per apprentice. It is available to registered apprentices once they have successfully completed their first and second year/level (or equivalent) of an apprenticeship program in one of the Red Seal trades.

    The Apprenticeship Completion Grant is a taxable grant of $2,000 for registered apprentices who complete their apprenticeship training and obtain their journeyperson certification in a designated Red Seal trade.

    Apprentices are also eligible to apply for the Tradesperson’s Tool Deduction. The Tradesperson’s Tools Deduction provides employed tradespersons with an annual deduction of up to $500 to help cover the cost of new tools necessary to their trade.

    The Apprenticeship Job Creation Tax Credit is available for employers who hire apprentices. The Apprenticeship Job Creation Tax Credit is a non-refundable tax credit available to employers, equal to 10% of the eligible salaries and wages payable to eligible apprentices in respect of employment after May 1, 2006. The maximum credit is $2,000 per year for each eligible apprentice.

  • February Scholarships of the Month: Apply Now!

    February Scholarships of the Month: Apply Now!

    The shortest month of the year is upon us, but it’s still jam-packed with things to do. If you’re heading into college or university this fall, make applying for scholarships part of your February plan. Come September, you’ll be thankful to know that part (or maybe even all!) or your tuition will be covered by free money that you received simply by taking the time to apply for scholarships and bursaries. Here’s some of the latest ones we discovered this month!

    1. Gear-Up Scholarship – Open to students across Canada who are entering post-secondary education or are current college students. Amount: $1000. Deadline: February 15, 2014

    2. Canadian Meat Science Association Undergraduate Scholarships – Open to students across Canada who are enrolled in an undergraduate program in Agriculture and/or Food Science at a Canadian University. Amount:  Two (2) prizes of $2500. Deadline: February 14, 2014.

    3. Canadian Corporation for Studies in Religion Undergraduate Essay Contest –  Open to students across Canada enrolled in an undergraduate program who submit an essay about religious studies. Amount: $300 for first prize and $100 for second prize. Deadline: April 18, 2014.

    4. Ascent Social Enterprise Competition – Open to Ontario residents under the age of 35 who submit a business idea to solve a social or environmental issue. Amount: Top prize of $5000, secondary prizes of $2500 and $1000 plus a trip to Waterloo. Deadline: March 4, 2014.

    5. Industrial Undergraduate Student Research Awards –  Open to undergraduate students across Canada who are enrolled in a natural sciences or engineering program. Amount: $6500. Deadline: February 28, 2014.

    6. Keith Gilmore Scholarships – Open to Canadian students enrolled in an agriculture, agricultural journalism or veterinary medicine undergraduate program. Amount: Varying prizes ranging from $1500 – $2500. Deadline: May 15, 2014.

  • Scholarship Application Tips

    Scholarship Application Tips

    Like getting a ton of free money? Of course you do!

    Those lines might sound like the beginning of an un-reputable online advertisement but the truth is there are plenty of scholarships aiming to do just that; hand you free money to support your education.

    So how do you score some of this free cash? Start by applying to any and all scholarships you can.  The more you apply to, the higher your odds of receiving an award.

    If you’re not sure of your eligibility for a scholarship, apply anyway.  Many scholarships are not given out due to lack of applicants. Even if your eligibility is hazy you may be the lucky winner by default.  This was the case when Sandro Rocco, Niagara College Photonics alumni, applied to the Walker Technology Grant.

    “I wasn’t entirely sure if I qualified but I thought why not give it a shot, a lot of people don’t bother,” he commented.

    “Turned out I was the only person to apply for the scholarship so I won. The award was really helpful and got applied directly to my tuition” Sandro continued.

    Some students shy away from scholarship applications because they feel their grades aren’t high enough. However, plenty of scholarships are handed out as a result of achievement in other areas including extra curricular involvement, athletics or charity work. Financial aid and area of interest are also taken into consideration when handing out scholarships.

    Lara Muldoon, Relationship Manager with StudentAwards.com noted, “There are scholarships available that have nothing to do with academic performance or volunteer experience.  We have awards for everyone, from people of specific ethnicities to people that are tall ”.

    Take time out of your schedule to make great applications. Prioritize and spend time on scholarships that are most applicable to your skills and experiences.

    When asked what differentiates a successful candidate from an unsuccessful one Lara responded, “the number one thing is to be really passionate about your subject, pick applications that really speak to you, most providers are looking for students not with great marks necessarily but with a path in life that they are really passionate about”.

    Remember that scholarship application is not limited to your first year of studies.  Many students stop applying after their first year thinking that the majority of scholarship funding is reserved for new students.  This is not the case; many awards are reserved for students in their second, third and fourth year of studies.  StudentAwards.com commented that while the majority of their application pool stems from grade 12 students, their user demographic spans between 13 and 30 years of age.

    Students are sometimes intimidated by the amount of work involved in applying to scholarships, but by using an incremental approach and developing decent time management (yes, it is possible) you will be able to handle the stress and hopefully reap the benefits of scholarship application.

    Many online scholarships allow you to save your work in their own word processors, making it easy to finish one or two parts of the application at a time.

    Having a stock application template done in advance is another easy way to save time and minimize stress while scholarship hunting.

    Have a thorough list of your skills, past experiences, awards and academic achievements on hand as part of your application template.  This go-to list will make a world of difference in the quickness of your application process.

    Also, prepare a general, but flexible essay that highlights your personal qualifications and can be tweaked to fit specific scholarship criteria.

    Keep your audience in mind when filling out applications.

    If you are applying to an academic scholarship be sure to use academic language and keep the tone of your writing as professional as possible.

    In contrast, some scholarship review panels are looking to see a more personal response.  For these, don’t be afraid to use a less formal language and be sure to highlight your own opinion, giving judges a better understanding of your personality.

    Just like that summer job, it is never too early to start the search for scholarships! So good luck and happy applying!

  • Making Peace with Debt

    Making Peace with Debt

    Debt is a four letter word that should not be feared.

    Students who learn how to manage debt during university are paying themselves a great investment. You may be hearing horror stories of friends of friends who are paying off student loans years after graduation. Even the media pitches in and tells tales of students with debt so large that it seems unlikely they will ever pay off.

    No one wants to start out in life saddled with debt, but this could really be the best thing you do for yourself.

    Good Debt vs. Bad Debt

    A $1000 handbag or watch from your favourite designer is bad debt. $1000 towards books and supplies is good debt. Debt that goes towards something that will benefit you in the future is fine. Using borrowed money to earn your degree will only guarantee yourself a chance to earn much more than someone without a degree or diploma.

    Dr. Richard Settersten and Barbara E. Ray’s book Not Quite Adults highlights this fact, “taking on a little debt for a bigger payoff down the road is smart”. Settersten and Ray also shared Nobel laureate, Milton Friedman’s advice: people should borrow the most early on when their earnings are the smallest, save a lot when they are in their highest earning years in midlife, and then start spending all those savings after they retire.

    Be Realistic

    BMO Financial Group surveyed students across Canada and found that half believe that they will graduate with zero or less than $10,000 debt. This doesn’t quite match up with the findings from Statistics Canada, which states the average student graduates with $18,800. Be realistic when you’re borrowing money and always know how much you’ve taken out and how much you’re spending.

    Be Strategic

    Arthur Chan, who took out Canada Student Loans for fives years at Carleton University to complete his engineering degree, graduated with a debt of $21,000. He wasn’t able to find a job in his field until 8 months after graduation. Now, 2 years in a full time position with the government of Canada, that massive loan is all but a distant memory. How did he do it?

    Just because you’re able to borrow a large amount of money, doesn’t mean you have to spend all of it. Arthur lived at home during university and took public transportation everyday to keep costs low. He also worked part time retail jobs during summer vacations. When he wasn’t able to find a job right away, he applied for interest relief on his student loans. Once he was able to secure a job, he used his earnings to get rid of the debt as quickly as possible. The key is to learn how to save as much as you’re able to borrow.

    With tuition costs rising across Canada, sometimes adding everything up really discourages prospective students. Don’t let debt deter you from getting the education you want. Remember: education is a right, not a privilege.

  • Scholarships and Bursaries for Aboriginal Students

    Scholarships and Bursaries for Aboriginal Students

    Bursaries and Scholarships
    The Aboriginal Financial Officers Association of Canada is dedicated to helping Aboriginals reach the highest standard of excellence in finance and management. AFOA’s initiatives in the development of Awards and Scholarships are examples of that commitment.

    See link below for scholarships and bursaries.
    http://www.metisnation.org/programs/education–training/education/bursaries–scholarships

  • January Scholarships of the Month – Apply Now!

    January Scholarships of the Month – Apply Now!

    If you’re entering college or university in 2014, now is the time to get your applications in for scholarships and bursaries. The turning of the calendar to a new year heralds many new scholarship opportunities that you will not want to miss out on! Recently, the Canadian government announced plans for scholarships to honour Nelson Mandela – as soon as we have more information on these, we will pass them on to you. Until then, check out these great scholarships and bursaries that we have found for you this month:

    1. From Failure to Promise Essay Contest – Open to students across Canada who meet GPA criteria. Amount: $500 – $1500. Deadline: July 31, 2014.

    2. Fraser Institute Student Essay Contest – Open to students across Canada. Amount: $500 – $1500. Deadline: May 30, 2014.

    3. Tronia Systems Scholarship – Open to students across Canada enrolled in an Agribusiness program. Amount: $1000. Deadline: October 4, 2014.

    4. CBC Literary Prizes – Open to students across Canada who submit a 2500 word essay. Amount: Up to $6000. Deadline: February 1, 2014.

    5. AEF Edcuational Scholarship – Intended for students interested in pursuing an equine-related post-secondary education. Amount: Varies. Deadline: April 25, 2014.

    6. Joseph W. Atkinson Scholarship for Excellence in Teacher Education – Open to students in Ontario enrolled in a teacher’s college. Amount: $2000. Deadline: July 13, 2015.

    7. Farm Credit Canada Support Grant – Open to students who are members of 4-H in 2013/2014. Amount: 30 grants worth $500 each. Deadline: January 31, 2014.

    8. Industrial Undergraduate Student Research Awards – Open to students registered in a university bachelor’s degree program in natural sciences or engineering. Amount: $6500. Deadline: February 28, 2014.

  • How to Nail a Scholarship Interview

    How to Nail a Scholarship Interview

    Discovering that you have been chosen from a pool of applicants for a scholarship interview is an exhilarating moment. However, many students quickly find themselves getting anxious as they start to prepare for the big interview. It’s normal to feel this way, especially when you have great sums of money on the line. The following is a list of tips and tricks that can help you get ready for the big day:

    1. You’ve probably heard this from your parents and teachers already, but it’s important that you appear relaxed and confident. If you display confidence in yourself, the interviewers are far more likely to have confidence in you, too!
    2. Keep in mind that the interviewers have to sit through several students for hours, who often respond to the same questions with the same answers. If you want to stand out, provide memorable answers that will stick in their minds for the rest of the day. However, this doesn’t mean that you should give ridiculous responses either. You need to find a healthy balance between appropriate and creative. You can also make your responses stand out by sharing something personal about yourself. It might be a brief story or it might be a personal goal that you’ve held for years.  Just make sure it’s not too random and that it fits within the context of the question being asked.
    3. You need to present yourself as a worthy investment. Interviewers don’t just want to hear why you want or need the money; they want to know how you plan to use it to better your future. Try to prepare some ideas beforehand about how this scholarship money can change your life in the long-run.
    4. Your attitude can differentiate you from the pack as well. Try your best not to be monotone and boring. Speak conversationally with your interviewers because it will make the atmosphere far more relaxed. This will be like a breath of fresh air for the people interviewing you!  Remember that they have probably been sitting stationary for a while so they could use something to wake them up.
    5. There are several “little things” that you can also do to bring yourself to the top of that list. These little things are often forgotten by most so keep them in mind: Shake hands with your interviewer.  When they ask you how your day was, return the question. Thank your interviewers for even considering you for the scholarship. Believe it or not, these simple and polite gestures will increase your chances of being remembered!
    6. At the end of the interview, most interviewers ask if you have any questions.  Use this as an opportunity to extend the conversation beyond the standard questions that they ask everyone. A cool technique is to ask a question about the organization that is offering the scholarship. This gives the interviewers a bit more time to talk about themselves, which will be a welcome change from a long day of asking questions!

    You now have a bag full of tricks to get you through your big interview. Keep your head held high and remember to show off that sparkling personality!