7 Ways to Fund your University Education
Don't be discouraged by the high cost of education, especially if you've chosen a vocation or career that is in demand and will provide employment after graduation. Choosing the right school will be essential to helping you pay off the financial investment you have decided to make.
1) Scholarships and bursaries
Scholarships and bursaries represent free money, and are worth seeking. Most of the 60,000 awards available are in the $500 to $2,000 range, and are given on the basis of academic performance, community service, financial need or special skills. 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.
2) Co-operative study programs
Work-study programs are now offered by more than 30 universities in Canada. Semesters in the classroom alternate with paid employment (salary and benefits) in your field of endeavor. An estimated 40 per cent of the students taking part in these programs continue to work for their co-op employers after graduation. Here is the link to the University of Manitoba Co-op website.
3) On-campus employment
Cafeterias, libraries, bookstores, campus stores, gyms and swimming pools hire students on a part-time basis. You could find part-time work as a research assistant, funded by a department research grant. Check with the campus employment office. University of Manitoba Employment Opportunities; U of M Career Services
4) Work your way through
You may find it practically impossible to generate enough income to cover all your expenses, even with a full-time summer job and part-time work during the school term. But anything you can earn can help. An estimated one-third of Canadian university students balance their studies with part-time work.
5) Canada Student Loans Program
Funds for Canada Student Loans are no longer issued by banks but as of March 1, 2001, those funds now come directly from the Government of Canada, through the National Student Loans Service Centre. One division is responsible for borrowers attending universities and public colleges, while another looks after borrowers attending private career colleges or trade schools. About 40% of post secondary students use the Canada Student Loans Program to help finance their education. It can help pay the difference between your anticipated expenses and your income. You must submit a detailed budget and demonstrate financial need to qualify for a loan. To see if you qualify and estimate the loan amount that could be available, use the Student Need Assessment Software at http://www.canlearn.ca/. Government Student Loans Program
6) Provincial student loan programs
As a member of ENGAP you may qualify for a Access Bursary which would take place of your Manitoba Student Loan. This is a non repayable bursary that is a forgiven loan which is awarded to those students with a high financial need. Manitoba Student Aid
Each province has its own program, usually operated in conjunction with the Canada Student Loan Program. Some provinces give part of the loan as a grant that does not have to be repaid, or will forgive part of the loan after graduation. Check with your university financial aid or provincial student aid office. Paying back your student loan.
7) Line of credit
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. That's about the same as the maximum student loan. But, remember that the interest meter is ticking from the day you borrow the money. You'll usually need a co-signer for the loan and will be asked for a budget showing how you intend to use the money.