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

Part three money for education

In the previous posts we have talked about various sources of government funding to help you pay for your education.  While all of these have some great benefits to them this funding affects your future in many different ways.

On the plus side of it this is a way to get the money you need now to help you pay for school costs.  It is a means for reaching your goals for your chosen career.

On the downside it is probably going to take several years for you to complete your education.  This may each year you have to apply for funding.  This also means that you are chalking up some hefty student loans that are going to have to be paid back.

Ideally you really want to research as many as the grants and bursaries that you can, that won’t demand payback.

There is another resource that you may not be aware of and that is what the colleges or universities may have to offer.   You may have your heart set on going to a specific educational institution but before you make that final decision you need to check out what similar schools have to offer by way of financial aid outside of what OSAP has to offer.   They may be bursaries, scholarships, work-study programs, and even summer employment opportunities.

Many of the schools offer emergency loans.   You would have to see if you can qualify for this. Usually this is used while you are waiting for your OSAP to clear.   This type of loan covers a short duration usually of 90 days and is used to cover the tuition costs.

While OSAP is the conglomerate of many types of student funding, there are some students that cannot qualify for any of the funding included in this.   There are banks and loan institutions that will give student loans.   If you are going this route you need to check out all of the details very carefully.

Part time students often feel that full time students are catered to when it comes to funding.   While it may seem this way there are funding programs available to part time students as well.

No matter whether you are a part time or full time student don’t just rely on what you hear about student funding from others.   Don’t just assume that all financial aids offices are the same no matter what educational institution you are thinking about.

Do your homework and visit a few of the financial aid offices at the learning institutions that would be a possibility for you to attend.  One may have something to offer that the other doesn’t that is going to better suit your needs.


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Sam Seidman, CPA, CA, LPA
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