Now that the initial shock of the COVID-19 virus has passed the focus on attention is turning to the individual needs for most people when it comes to their future. They are now adjusting to the term the “new norm.” There different categories of concerns and one of these is for students. They are faced with a lot of new challenges and it is creating a lot of stress for them.
The Fall
There are a lot of unanswered questions as to what is going to take place in the fall for Canadians that have a need for education. The parents of public school-aged children have different concerns compared to those students who are of an age where they have to pay for their education.
What Is going To Be Available?
The looming question is what is going to be available to them. Are they going to be able to physically attend their learning institutions? Or, are they going to have to adapt to virtual learning. Both of these then means having to focus on the costs and how are students going to be able to pay for this. The good news is that there are still options available for this.
Government Aid
The majority of students prior to the pandemic had plans to work during the summer months to cover the cost of their tuition. Unfortunately with the loss of jobs the job market holds a great deal of uncertainty. The Canadian government realizes this and is stepping in with the offering of some support programs.
The Canada Emergency Student Benefit:
For those students who are not eligible for the CERB or other programs then this student benefit may be the best option for them. It is a program that is in place for the months of May to August. Where it will provide students with $1,250 for each of these months. Students can still work but to be eligible for this benefit they must earn less than $1,000 each month. For those with disabilities, the amount they may be eligible for through this Canada Emergency Student Benefit is $1,750.
Donation of Time
Students do need work experience. If work is unavailable students have an opportunity to donate their time within their community. If they do they may be eligible to receive up to $5,000 that can be put towards their tuition in the fall. This is a provision of the newly introduced Canada Student Service Grant.
Not Enough
Even with these programs, there may not be enough money made available to cover all of the costs associated with the next year’s education. Some not only have tuition to cover but living expenses as well. These students can apply for Provincial and Federal loans. This is something that many students have done in the past aside from the upheaval that the pandemic has caused. The advantage of these loans is loan interest rates. The disadvantage of course is the accumulation of debt that can take several years to pay back once a student graduates and enters the workforce.
Additional Options
There are other options such as personal loans, and low-interest credit cards.
Aside from this, you may have other financial needs such as meeting your tax responsibilities. As a professional and certified accountant, I would be pleased to assist you with this.
