Eastwood%20Collegiate%20Institute

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Eastwood Collegiate Institute

• Financing Your Future

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Today

• Understanding Costs
• Budget
• 3. Finding Money
• Scholarships
• Awards
• Bursaries
• OSAP
• Private Loans

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The Cost of a Post-Secondary Education

• A rough estimate
• Tuition (will vary wildly by location and
  program) 2500-7000
• Other Fees (student association, supplementary,
  etc.) 500-2000
• Books/Computers (will vary with the
  program) 600-2500
• Accommodation (varies wildly) 0-6000
• Food (will vary with school residence and
  location) 1,500-4000
• Entertainment (movies, trips, music, etc.)
  3,000???
• Utilities (phone, cable, Internet, etc.) 700
• Transportation (will vary with location to
  campus) 0-800
• Totals 8800-26000
• See the point? Do some research to find out how
  much YOUR program will cost.

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Lets do a Budget

• http//ssbc.scotiabank.com/ssbc/

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You need to sit down

• and budget the big picture.
• Goal isnt to have a stressful 10 year plan but
  rather just to know the parameters.
• 1st Get a rough idea for the total cost
• 2nd Estimate what you are hoping to bring in
  through various sources.
• 3rd Look at starting salaries for paying
  off any potential debt

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What do they make?

• Actor / Actress 18,942
• Advertising Manager 70,495
• Chef 29,977
• Civil Engineer 68,813
• Dentist 85,842
• Doctor 69,062
• Ecologist 43,894
• Lawyer 81,774
• Pilot 73,622
• Plumber 49,328
• Police Officer 75,913
• School Teacher 58,589
• Say baloney to these kinds of charts
  (Averages vs Medians vs starting salaries, etc.)
  Do some research to find the real answers.

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Awards vs. Scholarships vs. Bursaries vs. Loans

• Award An award is given in recognition of
  outstanding achievement. Awards may come in the
  form of books, plaques, subscriptions, or money.
  A monetary award can be called a bursary or
  scholarship.
• Scholarship A non-repayable sum of money awarded
  to a student to help finance further education.
  Most scholarships are based on merit in areas
  ranging from academic achievement to athletics.
  Scholarships are not given for financial need
  alone, but are earned by merit.
• Bursary A non-repayable grant of money,
  bursaries are awarded primarily based on
  financial need, but academic achievement is also
  considered. Usually, the applicant must provide
  detailed documentation describing their financial
  situation when applying for a bursary.
• Loans are money given to you that you will need
  to pay back overtime and at different rates of
  interest. Pay close attention to the difference
  between OSAP and Private loans.

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Somes Types of Scholarships, Awards, etc

• Merit-based granted for achievement in
  academics, athletics, artistic, etc.
• Need-based given to those who demonstrate a need
  (unless your dad is Warren Buffet, you likely
  have a need)
• Student Specific who you are determines your
  eligibility
• Career Specific what you want to be determines
  eligibility
• School Specific includes entrance awards
• School-Nominated Awards you only need to get
  yourself known

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Typical Criteria

• Year of Study (entrance, first, second, third,
  fourth, final year, graduate)
• Special Circumstances (amputee, brain injury,
  orphan, parent, etc.)
• Financial Need (pertains to your income, check
  with the scholarship administrator for more
  details)
• Academic Average (usually your last year of study
  marks)
• Heritage (Aboriginal, Chinese, Polish, etc.)
• Field of Study (the program youre interested or
  currently in)
• Affiliation (companies, religious groups, unions,
  and associations, that you or your family are
  affiliated with)
• Activities (sports, religious, academic,
  leadership, community involvement, etc.)
• Location (where you live and go to school)

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Random facts

• Dont waste time on graduate scholarships
• The Scholarship/Award calendar begins in
  September, and doesnt really end. Theres no
  off-season.
• A lot of awards dont even ask for your marks
• 26 of awards require you to have financial need,
  but many will take that into consideration
• Awards by category
• 9 business related
• 8 humanities
• 7 engineering
• 7 creative arts
• 6 community services,
• 5 computer studies and medical programs
• 46 of the scholarships do not require a specific
  field of study
• check out the data published by the Schoolfinder
  group

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Underlying key understandings for Scholarship
Searching

• 1 Put in the time.
• 2 Think outside the box, keep looking
• 3 Ask everyone under the sun if they have heard
  of anything that could help you
• 4 You cant win an award if you dont apply. The
  numbers of applicants are sometimes shockingly low

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OSAP

• In 2015, the Average Canadian student graduated
  university over 25000 in debt
• OSAP allows this to happen
• OSAP opens applications for Sept in mid-Spring.
• Youll need to know some of your parents
  financial information to apply (Tax info from the
  previous year)
• When you apply, youll get an idea of how much
  financial support OSAP will offer you
• In Fall, the school will sort it out for you
• You NEED to apply to OSAP, because doing so
• A. Is sometimes required if you want to be
  eligible for other uni/college financial aid
• B. Is required if you want to get the
  governments student rebate
• After you graduate/leave school, youll have a
  grace period from OSAP, and after that, theyll
  start demanding repayment
• http//osaphelp.blogspot.ca for example of being
  smart

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OSAP 2

• OSAP is open to Ontario residents who are a
• Canadian citizen
• permanent resident or
• protected person
• When determining if you're eligible, the
  government considers
• your status (e.g., married or a dependent
  student)
• the school you attend/will attend (a school needs
  to be approved for OSAP)
• program of study
• course load (full or part-time)
• study period
• academic progress
• education expenses
• you and your familys financial contribution

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Next Steps

• www.scholarshipscanada.com
• www.studentawards.com
• http//ssbc.scotiabank.com/ssbc/
• www.ontarioscholarships.ca

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Private Loans

• Dont do it unless you are desperate.