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Where is that Money for Your Education Going to Come From? Part One

Money for school part 1 of 2

If you are looking for student funding to help with your costs for going back to school in Ontario, then chances are you are going to be looking at OSAP.   This government student funding program is made up of many different funding entities.   Some you will have to pay back, and others you may not.

COISL (Canada-Ontario Integrated Student Loan)

The educational institution that the student is going to attend has to be one that is OSAP approved.   This particular student loan is put in place to help students pay for their tuition, educational accessories such as books and materials, transportation and living costs.

It is only applicable for post secondary full time students.

The amount that can be received via COISL is currently up to $365 a week for students who are single with no dependents, or up to $565 for those who are married or are in a common law relationship, or who are a sole supporting parent.

The funding for this comes through both the Provincial and Federal government.

There is set criteria in place in order for one to become eligible for this type of loan.  Part of this may include verification of your parent’s finances which is done through their CRA documentation.  Being as this is a loan your credit history will also be verified.

Payback time:

This comes six months after you have completed your education.

30% Ontario Tuition Grant:

The term “grants” is something that many students like to hear because it means whatever student money they receive through it doesn’t have to be paid back.   Some entities suggest that full time students should apply for this particular grant as part of their OSAP process rather than applying for the grant directly.   The reason this is suggested is because by going through OSAP there may be other funding available by way of grants and loans as well.

This particular grant is to help Ontario students meet the financial demands of their education as it relates to post secondary education for full time Ontario students enrolling in undergraduate university and college programs.

The amount a student may currently receive is $1,830 for the year if they are enrolled in a degree program through a University or College in Ontario.

Basically to qualify you must be either a Canadian citizen, permanent resident or a a protected person, and also be a resident of Ontario.   You must be a full time student at either a University in Ontario or one of its public colleges.   It has to be a first entry program that the money is going to be applied to.   This means a program that you entered into directly from high school.   Even if you have been out of high school for less than four years you may still be eligible.   Your parent’s cannot have any more than $160,000 gross income otherwise you will not be eligible.

These are just two of several potential student loan opportunities One relates to a loan that you will have to pay back, and the other is basically a discount on your tuition.

 

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