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  • Tips to Budget Your Financial Aid

    Tips to Budget Your Financial Aid

    Congratulations on receiving your financial aid package! A significant amount of money has now been deposited in your bank account, so you may be wondering, now what? The next step is to budget how the money will be used.

    1. List all your expenses

    Writing a list of all your possible expenses can seem like a daunting task, so start with your absolute necessities as a student. Feel free to use pen and paper or open an Excel document. In the left-most column, you’ll probably be writing down: tuition, ancillary fees, textbooks, other study materials, rent, utilities, Internet, groceries, transportation, clothing. Next, list your wants. Maybe a smartphone upgrade? Maybe a “fun” section for eating out, movies, games? List the non-essential items by order of your personal priority. Note that financial aid is typically given semester by semester, so focus on the expenses for that specific semester.

    2. Divide up your financial aid

    The next step is to divide up your financial aid into amounts for each of the expenses above. Again, start with your absolute necessities. How much are your tuition and ancillary fees? How much are your study materials, like textbooks and graphing calculators? How much is your rent, utilities, Internet? How much will groceries and transportation cost? Since you’re budgeting financial aid for one semester, for monthly costs like rent and groceries, indicate the amount for the all the months in that semester.

    Add up all the necessary expenses. Subtract that total from the total amount of financial aid you have received. How much do you have left? You have two major outcomes.

    1. If this number is zero or a negative number, you have to either reduce or eliminate some of your essential expenses, apply for more financial aid, or start looking for a part-time job or work-study arrangement. Rent, for example, tends to be a significant expense, so maybe consider living at home or living with roommates to eliminate or reduce this number.

    If this number is greater than zero, start dividing this number amongst all your non-essential expenses. Be realistic with your assigned costs. If you find that the remaining money is not enough to cover all your wants, eliminate or reduce some. For example, if you have your eye on the latest iPhone but your current phone is perfectly fine, wait until your contract allows you a free upgrade

    3. Get input from family and friends

    Now you have a rough draft of your budget, ask your family and friends to take a look and give you feedback. They know you and your situation best, so they are best prepared to advise you. Maybe you put down $100 in total for your transportation costs, but that is just not realistic for your situation.

    Now that you have completed your budget, the most important thing to do is to stick to it! As each week and month pass by in your semester, you may find that you need to revise your budget. That is okay! Just make sure you at least have enough to cover all your essential expenses for the rest of the semester.

    References:

    1. https://studentaid.ed.gov/sa/prepare-for-college/budgeting/budgeting-tips
    2. https://studentaid.ed.gov/sa/prepare-for-college/budgeting/creating-your-budget
  • Understanding Financial Aid in Post-Secondary

    Understanding Financial Aid in Post-Secondary

    If you’ve decided post-secondary is the path for you, you may be wondering how you’re going to cover the hefty cost. With living expenses, the cost of books, and tuition, the cost of schooling may be more than you can handle on your own. That’s where financial aid comes in. But before you apply, it’s important to understand what exactly financial aid means.

    First off, there is more than one way to receive financial aid in post-secondary. While student loans are an excellent and very popular form of financial aid, it isn’t your only option. Let’s take a look at each financial aid option, and break down what exactly it may mean for you.

    Student Loans:

    Let’s start with the most common form of financial aid: student loans. It’s important to understand that student loans vary between institutions, as well as between individual students. While one student may qualify to have his/her entire post-secondary paid for, others may only qualify for a portion of post-secondary coverage, and some may not be eligible at all.

    Why is this?  

    Student loan eligibility depends on a variety of factors. Some of these include:

    • If you are a full-time or part-time student.
    • How much annual income your household makes.
    • If you live on your own, or with your parents.
    • If you have any dependants.
    • If you are receiving financial aid elsewhere, such as through scholarships and awards.
    • If you are a Canadian citizen, permanent resident or a protected person.

    How do I check my eligibility, and apply for a student loan?

    To check your eligibility for a student loan offered by the government of Canada, visit the Government of Canada website through the link below. If you are eligible, proceed to the next steps to apply for your loan, as listed on the website.

    https://www.canada.ca

    To check your eligibility for a provincial student loan, visit your province’s learning information service’s website.

    Student Line of Credit:

    A student line of credit allows students to take out a personal loan from the bank while they are in school, in order to cover the cost of their expenses. A student line of credit tends to offer a larger loan amount than a student loan, however, students typically pay monthly interest on the remaining balance. Once you have graduated from post-secondary, students are required to start making payments towards the loan, which includes interest. The interest rate on a student line of credit tends to be quite low, and you may be offered a grace period before you have to start paying it back after graduation. There are several different Canadian banks that offer student lines of credit. Some of these options include:

    • Bank of Montreal
    • RBC
    • National Bank
    • CIBC
    • TD Canada Trust

    If you are interested in learning more about a student line of credit, your eligibility, and how to apply, call your individual bank to set up an appointment, and speak to your post-secondary’s financial aid office to see if a student line of credit is the right choice for you. More helpful information may be found in the link below.

    http://talentegg.ca

    Awards, Scholarships and Bursaries:

    Awards, scholarships and bursaries range anywhere from hundreds to thousands of dollars, and they do not need to be paid back. They may be offered through your institution, your province, or the government of Canada. To see which apply to you, visit your institutional website, your province’s learning information service’s website, and the government of Canada website.

    Awards:

    A myth about awards is that they are subject to academic achievement. Don’t let this myth fool you! Awards are based on things such as leadership skills and volunteer efforts within your community. They may include, but are not limited to, financial need or academic achievement.

    Scholarships:

    Scholarships are awarded based on academic achievement. Some scholarships do not require an application form; however, this is not true for all scholarships. Always thoroughly read and follow application instructions for any scholarship to ensure you are meeting the application requirements.

    Bursaries

    A bursary is a monetary grant that is given based off financial need, and satisfactory academic achievement.

    Sources:

    https://alis.alberta.ca

    http://talentegg.ca

    https://www.canada.ca

  • Graduate Scholarships

    Graduate Scholarships

    If you are considering the possibility of graduate school, one of the most daunting factors for you to consider could be how you will pay for it. Don’t worry! There are many scholarships available to students pursuing everything from engineering to the arts. Some of the financial aid your school offers is competitive and based on performance, and others are based on applicant needs. While the types of support offered varies by university, I use Laurentian University in Barrie and Sudbury Ontario as an example of some of the types of support offered for this article. For accurate descriptions of the types of support offered, please view your school’s website. Graduate students can apply for graduate teaching assistantships or research assistantships, summer fellowships, scholarships and bursaries (based on merit and need) and OSAP (based on need).

    Teaching assistantships or research assistantships are valued at $7,350 for Masters students and $12,075 for PhD students and are opportunities that full time students registered in the first two years of their masters program or in the first 4 years of their graduate degree can take advantage of. These can be in the form of 10 hr/week teaching positions in the University or fellowships (“A temporary position at an academic institution with limited teaching duties and ample time for research” (Wiktionary, 2013)). Summer fellowships are valued at $1000 and gives graduate students the opportunity to work full-time on their research during the summer. Research assistantantships are available in select cases and based on availability of faculty to support graduate students wishing to pursue this option. The criteria for receiving scholarships and bursaries varies by school, so check your school’s graduate studies program website for further details on the scholarships and their respective deadlines. Typically, these supports are available to applicants in their first and second year of their program who are enrolled into full time studies and are Canadian residents. OSAP (Ontario Student Assistance Program) is designed to help students who are in financial need. Interested students may view eligibility criteria and apply through the website at www.osap.com.

    If the next step on your career path requires you to pursue graduate education and you’re broke, never fear! There are many options suited for students in different situations. Keep your head up and take a look at your graduate studies website for more information on what is best suited for you!

  • Scholarships and Bursaries for Ontario University Applicants

    Scholarships and Bursaries for Ontario University Applicants

    When deciding whether or not to attend university, for many people financial questions are at the top of the list to get answered. Luckily, there are many scholarships and bursaries available for those who have achieved academic excellence or demonstrated outstanding achievement in other areas. There are also scholarships that are awarded based on financial aid, so don’t despair – there is likely something to fit your situation.

    Major scholarships are awards distributed based on academic excellence and community involvement. In Ontario, the chancellor’s scholarship requires an application and is valued at $10,000/year (renewable) and is awarded to students whose average surpasses 90%, have considerable community involvement and who demonstrate leadership. The president’s scholarship also requires an application and is valued at $7,500/year (renewable) and is awarded to students whose average surpasses 90%, have considerable community involvement and who demonstrate leadership. The dean’s scholarship is valued at $5,000/year (renewable) and is awarded to students whose average surpasses 90%, have considerable community involvement and who demonstrate leadership. It’s important to note that, for those students who do receive a major scholarship, they are no longer eligible to receive an academic excellence award, community service bursary or leadership award. This is in line with a university’s policy to restrict the amount of funds given to any one student. The scholarships are also subject to change based on the amount of funds available in any given year.

    There are also many other scholarships that are valued at lesser amounts, but still worth trying to get. The academic pathways scholarship does not require an application, is valued at $1000 and is for those with over an 80% average and at least 30 transfer credits from college or university. The student-athlete award does not require an application, is valued at 3,500/year (renewable) and is for those with over an 80% average and are a member of a varsity level sports team. The northern and central Ontario awards do not require an application and are valued at $1000 with the criteria being that the student has maintained over an 80% average and high school was attended in the select region (northern or central). The Aboriginal and Francophone excellence awards do require an application and are valued at $1,500 and $1,250/ year, respectively. They require over an 80% average and having completed a native studies course or have taken at least 4 courses in French. Community service bursaries require an application and and are valued at $1000/year (renewable). The criteria is, again, over an 80% average with demonstrated leadership and community service experience as well as financial need.

    There are a lot of other scholarships for you to peruse to determine your eligibility on your university’s website or right here on JobsPeopleDo.com. Remember, if you apply for something you think you might be eligible for, you are ahead of the people that don’t even bother to apply. Take a chance and good luck!