Ways to Fund your University Education
Whether you are planning to study at a university, college or learn a specialized trade, figuring out the financial side of paying for school and managing your finances while studying can be a challenge. Tuition, books, student fees, transportation, housing and other expenses require a large financial investment.
For most students, personal savings will not be enough to cover these costs. Students often rely on student loans for financial support. Student loans can be helpful, but students should aim to graduate with as little debt as possible.
Scholarships and Bursaries
Scholarships and bursaries represent free money, and are worth seeking. Most of the awards available are in the $500 to $2,000 range, and are given on the basis of academic performance, community service, financial need or extracurricular activities. There are many awards reserved for students entering university, but remember to keep looking after you are enrolled. Local service clubs, churches, unions and some employers may also offer opportunities. An amazing essay can make up for less-than-dazzling academic performance, so put real effort into your applications.
Co-operative Study Programs
Internships, co-operative education and apprenticeships can be great options to gain valuable work experience while studying. The Faculty of Engineering Co-operative Education and Industrial Internship Program (Co-op/IIP) is a valuable partnership between the university, employers and students, whereby students complement their academic study with a work experience course in a paid engineering work placement. Cooperative education is learning from both reflection on work experience and academic teaching. Here is the link to the University of Manitoba Co-op website.
Government of Canada - Student Financial Assistance
When you apply and qualify for student financial assistance, you are automatically assessed for Canada Student Loans and Canada Student Grants. Government student loans are based on your assessed financial need. Canada Student Loans are offered by the Government of Canada to help students pay for post-secondary education at a designated college, university, or other post-secondary institution. Click on hyperFor more information on the Canada Student Loan Program, or visit the U of M Government related links at Government Student Loan Program.
Manitoba Student Aid - Provincial Student Loan Program
Each province has its own program that is operated in conjunction with the Canada Student Loan Program. Manitoba Student Aid administers provincial and federal student loans and other financial assistance to Manitobans who do not have the resources to pay for their education on their own. The Manitoba Student Aid website provides information on student loans, grants, bursaries and funding. If you are having difficulty repaying your student loan debt, there is the Repayment Assistance Plan (RAP) and the Repayment Assistance Plan for Borrowers with a Permanent Disability (RAP-PD) to make it easier for you to manage your student loan debt.
Line of credit
Student Line of Credit is designed to help post-secondary students who need funding to cover the costs of tuition, course fees, books and living expenses while away from home. Several financial institutions have introduced loans aimed at students who do not qualify for Canada Student Loans and will allow undergraduate students to borrow up to $5,000 each year ($10,000 for graduate students) to a maximum of $30,000.