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Category: Scholarships

  • 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.

  • Is it Smart to Work for No Money?

    Is it Smart to Work for No Money?

    Working for no money is a very common thing. It might seem strange that people would work without being paid. However, people do it every day when they cook meals for their families, clean their houses, or help their friends with construction projects or other jobs. When people talk about working for free, however, they usually mean something a bit different from the small, ordinary jobs like these. Usually, working for no money falls into one of two categories: volunteering or unpaid internships. They can both be good if treated with care.

    The most common form of unpaid work is volunteering. In 2010, over thirteen million people in Canada volunteered at least a small amount of time in many different places, such as hospitals, libraries, schools, and special events like festivals. Some people volunteered for only an hour or two, while other people spent hundreds or even thousands of hours helping others. They fed the hungry, planted trees, counted migrating birds, helped build houses for the poor, and did many other things in their own communities, in another part of Canada, or even in different countries.

    People volunteer for many different reasons. Sometimes they volunteer to meet people with similar interests and to work with organizations where they are already receiving some benefit, such as when mothers volunteer as helpers in their own children’s classrooms. Others volunteer as a way of learning skills like teamwork and communication or to meet people who work in their chosen careers.

    In some fields, unpaid internships are another form of working for no money. While volunteers usually work no more than a few hours per week, interns work full-time at a job with the expectation that they are learning something about a career. The idea of internships started in medicine, where people who had graduated from their basic studies would spend time working in hospitals and learning to apply what they had learned. These days, almost anyone can work as an intern.

    Internships like these can be good, but they can frequently lead to problems. One of the keys of an internship is that the interns are supposed to learn from the experience. If employers make the interns do the work of a paid employee or fail to teach them any new skills, they have broken the rules. Some of the internships currently being done in Canada are illegal because of these kinds of problems.

    So should you work for no money if the benefits are so uncertain? It really depends on the situation. Volunteering is usually a good idea since it shows that you are trying to be a responsible citizen who cares about the community. Unpaid internships are more problematic, but they can still be good. With the proper guidelines and supervision, they can help launch you into your chosen career. When everything comes together, the benefits of working for no money can last a lifetime.

  • Scholarships for Aboriginal Canadians

    Scholarships for Aboriginal Canadians

    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

  • August Scholarships of the Month – Apply Now!

    August Scholarships of the Month – Apply Now!

    Just because it’s August doesn’t mean you should not be applying for scholarships and bursaries. There is always something out there – so go get that free money!

    1. SecureReset Fall 2013 Scholarship – Open to all students. Amount: $300. Deadline: November 1, 2013.

    2. CrossLites Essay Scholarship – Open to all students. Amount: $2000. Deadline: December 15, 2013.

    3. Ipsos i-Say Survey – Open to all students. NOTE: This is a contest. Amount: $5000. Deadline: None listed.

    4. Equals6 Top-Talent Scholarship – July-September 2013 – Open to all students. Amount: $250. Deadline: September 30, 2013.

    5. Bill Kehler Memorial Awards– For students pursuing Broadcasting or Agriculture. Amount: Four awards worth $2500. Deadline: August 30, 2013.

    6. Justice Centre for Constitutional Freedoms Essay Contest – Open to students commencing studies in September 2013. Amount: 1st Prize $1,000, 2nd prize $500, 3rd prize $250. Deadline: September 1, 2013.

    7. Tronia Systems Scholarship – Open to students enrolled in an Agribusiness program (or related field). Amount: Two worth $1000. Deadline: October 7, 2013.

    8. CBC Literary Prizes – Open to Canadian citizens who submit original, unpublished writing. Amount: $6000, secondary prizes worth $1000. Deadline: Open for submissions on September 1, 2013.

    9. Terry Fox Humanitarian Award – Open to all students across Canada pursuing their first undergraduate degree. Amount: 20 awards worth $7000. Deadline: February 1, 2014.

    10. Jeremy Dias Scholarship – Open to all students. Amount: Varies depending on need. Deadline: August 15, 2013.

  • Grants for Students with Disabilities

    Grants for Students with Disabilities

    Am I eligible?
    You are eligible if you:
    – apply and qualify for a Canada Student Loan;
    – are enrolled in a full-time or part-time program (minimum 32 weeks) at a designated post-secondary institution;
    – meet the criteria for students with permanent disabilities; and
    – include one of the following with your loan application as proof of your disability: a medical certificate, a psycho-educational assessment, or documentation proving receipt of federal or provincial disability assistance.

    What’s available?
    $2,000 per academic year (August 1 to July 31).
    This grant is available for each year of post-secondary studies, provided you continue to meet the eligibility criteria. This includes post-secondary studies beyond the undergraduate level. Grant money is issued by your province or territory of permanent residence at the beginning and in the middle of the school year.

    Since grant amounts are fixed, the amount you receive may exceed your assessed need.
    Example: If you qualify for the grant and you have an assessed need of $1,400, you will receive a $2,000 grant. In this case, the grant would cover your assessed need, so you would not need a student loan.

    How do I apply?
    The application process for this grant differs in each jurisdiction. To make sure you meet all the application requirements, contact your province or territory’s student financial assistance office.

  • Managing Your Money Wisely

    Managing Your Money Wisely

    It’s not fun being broke and it’s definitely not fun living paycheque to paycheque! Learning how to manage money wisely is a skill that should be taught in school. Unfortunately, most students aren’t taught this skill in school or at home and, as a result, rack up a lot of debt by the time they enter adulthood. If you want to learn how to manage your money wisely and avoid getting into debt, here are some simple rules to keep in mind:

    1) Don’t spend more than what you have – It sounds so simple, but you’d be surprised at how many people don’t follow this logic. So I’ll repeat it again – don’t spend more than what you have. Or, more accurately, only spend what you can afford. For example, if you only have $100 in your bank account, don’t go out and buy the latest iPhone for $800. If you really want to get a brand new iPhone, then save up $800 for it. It may sound painful, and it may feel like it will take you an eternity to do so, but doing this will actually save you money in the long run!

    2) Use cash – Why? Because when you use cash you can only spend what you have (see rule #1). So if you only have $100 in your bank account, you are only going to have $100. Using cash keeps you in check. It’s a good idea, too, to keep your receipts and write down what you spent your cash on so you know where the money went.

    3) Avoid credit cards – Some people cannot handle credit cards. The act of swiping or tapping a card to pay for purchases means that some people use their credit card to pay for things they can’t afford (thereby breaking rule #1). This means that when the credit card statement arrives a few weeks later, they are only able to pay the minimum payment required and end up incurring interest charges; interest charges which are ridiculously high — 19.5% and higher! Paying interest on credit cards actually costs you more in the long run. You end up paying much more than the original cost of the item you bought. For these reasons, stay away from credit cards! If, however, you do insist on having a credit card, then at least make sure you can pay off your statement in full (i.e. don’t spend more than what you have)!

    4) Put aside money into a savings account/emergency fund/rainy day fund – Life is unpredictable. You never know when you will need to have some extra money in your account for expenses you didn’t foresee. For example, let’s say your car badly needs a $200 repair job. Do you have some money saved up to pay for the repair and still pay the rent? What if you fall sick and can’t go to work for a few weeks – do you have some money in your bank account to tide you over until then? Put a little money aside from your paycheque each month into a savings account or other emergency fund. Do not use the money in this account unless you have to! The best part is that if you keep putting money into this account and don’t touch it for a while, your savings will actually grow thanks to interest! Your money can earn you money without you having to do anything. (In this same way, a credit card statement not paid in full can incur interest charges that will cost you more in the long run.)

    Following these 4 simple rules will allow you to manage your money wisely and avoid getting into debt. Good luck!

  • Scholarships & Bursaries for Aboriginal Canadians

    Scholarships & Bursaries for Aboriginal Canadians

    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

  • Student Loans: The OSAP Process

    Student Loans: The OSAP Process

    It is a question that student advisors are intimately familiar with and search engines encounter all the time. What is OSAP? If you are financially unable to attend post-secondary schooling, OSAP can help you with that. OSAP is run by the Ontario Ministry of Training and is funded by the province. Their services entail an individualized program specific to your needs. Potential applicants must prove their financial need to attain registered status.

    The criteria is particularly focused on demographics, income and loan history, according to campusaccess.com.

    “You must have either resided in Ontario all of your life or Ontario is the last province where you resided for 12 consecutive months without attending a post-secondary institution,” the site advises.

    There are two ways to apply for OSAP: The online application and the written application. Living in a digital age, online applications seem to be the more popular medium. The majority of applicants choose this because it is quicker, requires no fees, and the system provides online estimates of the funding you may receive. With this option, there is no waiting around and you are able to track the status of your application online.

    University graduate Sabrina Sagl is attending college and still using OSAP to fund her education.

    “I first got OSAP five years ago and was incredibly grateful , because of OSAP, I was able to afford to go to university,” said Sagl. Despite her ability to attend her school of choice, she was met with harrowing realizations about the negative sides of the service. “You get a certain amount of money per year, in two large lump sums, and it is incredibly easy to spend the money negligently.”

    The harsh realities are instilled after a few years of accumulated debt. Once students have completed their educational studies, they are given a six-month grace period to repay their student loans interest free. Some students are forced into trying to maintain a balancing act.

    “It was very difficult having to work, especially shift-work during the school year,” said Sagl. “I had to decrease my course load and take summer courses in order to obtain my degree.”
    If you are applying for OSAP, you need submit your application as early as you can. While OSAP provides a helping hand to students struggling with educational fees, it is far from a one-stop solution. The service often leaves students in a difficult spot financially. Students are advised to focus on their own fiscal prudence in addition to relying on the program for support.

  • The Cost of Education

    The Cost of Education

    Don’t let college and university be a costly mistake.

    Avoid the lure of a big paycheck for a diploma or degree that you really don’t love.

    It’s hard to make a decision at the tender ages of 16 and 17 regarding the career you’ll have for the next 30 years. Yet this is what parents, teachers and guidance counselors are hoping you would do when it’s time to apply for post-secondary. A Gallup and Sallie Mae survey titled How America Pays for College, found that more than half of high school seniors spent more time planning for the prom than thinking about university.

    CBC reports that the average cost for tuition in Ontario rose 207% from 1990 to 2007. It would now cost Ontario students $5,160 a year. It’s cheapest in Newfoundland and Labrador at only $2,606 and the most expensive tuition fee goes to Nova Scotia, where students fork over $6,571.

    With tuition fees on a meteoric rise, pressure is placed on the students often for the wrong reasons. Parents who are weathering the recession and stock market crisis will warn their son or daughter of choosing professions that offers stability and a large paycheck. Accountant? Programmer? Nurse? Sure, they all sound interesting…why not give it a try?

    Valentina (not her real name) started off going to university to pursue a Bachelor in Public Administration. It became evident that this really wasn’t for her. She then tried switching into Pharmaceutical Studies, only to finally graduate in Sociology. A year after receiving that degree she enrolled in college for Event Management. Still unhappy, she is now halfway through an Optician program. She feels confident that she has found her true career and even landed a student optician position during her studies.

    College and university can be very expensive, if you’re still unsure of what you would like to do. Not everyone can afford to switch around majors like Valentina did. Worse still if you stay in a program that you know you’re not suited for. Erica Cervini’s recent article for The Age found that, “If students don’t feel they belong to their university, the odds are high that they will drop out”. The greatest price to pay for education is an incomplete one.

    It’s okay to take your time and not rush into university or college when you’re not sure of what you would like to do. Volunteer during high school, talk to other adults, explore sites like Jobspeopledo.com or even consider taking a gap year to think about what would you be happy to do. Treat your future career like finding your soul mate. If you meet a big shot executive who makes loads of cash, would you be with him/her if your heart just isn’t into it?

  • July Scholarships of the Month – Apply Now!

    July Scholarships of the Month – Apply Now!

    Just because it’s the summer doesn’t mean that scholarship applications should stop. In fact, there are plenty of scholarships just waiting for you to apply! Did you know that many scholarships go unclaimed? According to Canadian Living, of the $70 million available in scholarships each year in Canada, about $7 million goes unclaimed because students don’t realize so many scholarships exist. So what are you waiting for? Get applying and get that free money!

    1. SecureReset Fall 2013 Scholarship – Open to students attending any school for any program who demonstrate community involvement and academic achievement. Amount: $300. Deadline: November 1, 2013.

    2. Simplycast Ritchie Scholarship 2013 – Open to students attending any school for any program who demonstrate community involvement and academic achievement. Amount: $450. Deadline: September 1, 2013.

    3. CrossLites Essay Contest – Open to all students who reflect on one of Dr. Parker’s inspirational quotes and how it relates to their life in a brief essay. Amount: $2000. Deadline: December 15, 2013.

    4. Super Powers Scholarship – Open to students attending any school for any program who write a brief essay on what super power they would like to have and what they would do with it. Amount: $250. Deadline: September 30, 2013.

    5. 2013 Johnson Scholarship Program – Open to children and grandchildren of Johnson Affinity group members and/or Home-Auto clients. Amount: $1000. Deadline: September 15, 2013.

    6. Heroes of Our Time Scholarships – Open to all First Nations students who have completed at least one year of post-secondary education. Amount: $2000 (8 in total). Deadline: July 21, 2013.

    7. Jeremy Dias Scholarship – The Jeremy Dias Scholarship seeks to recognize a youth that has taken initiative in addressing discrimination in their school or community. Amount: Not specified. Deadline: August 15, 2013.

    8. Out on Bay Street Scholarship – Open to all students who show an involvement in the LGBTQ community. Amount: $2500. Deadline: July 31, 2013.

    9. Tronia Systems Scholarship – Open to all students enrolled in Agribusiness or related field. Amount: $1000. Deadline: October 7, 2013.

    10. Atlas Shrugged Essay Contest – Open to all students. Amount: 1st prize at $10,000; 2nd prizes at $2,000; 3rd prizes at $1,000; Finalist prizes at $100; Semi-finalist prizes at $50. Deadline: September 17, 2013.