University of Toronto busts 3 myths about student debt.

As a student contemplating university studies, you’ve probably heard a lot of myths about financing your post secondary education. We here at the University of Toronto Scarborough, want to set the record straight and offer a bit of advice to help you graduate debt free.

Myth #1: Free money is unheard of; there is always a catch. False.
This myth, for the most part, is false. Maybe you didn’t get a scholarship and maybe your marks are not at their highest, but you still need some financial aid.  Who says you can’t get help? U of T Scarborough offers bursaries and grants to students who demonstrate financial need. The money is yours to keep – no need to worry about interest fees or paying someone back. So what’s the catch? You need to be a full time student and fill out the online application. This application will calculate your financial need based on your estimated expenses and expected income. If your expenses exceed your income, and you meet the eligibility requirement, a bursary will be issued to you.

Myth #2: Scholarships are the only way to get money. False.
In addition to scholarships and bursaries, U of T provides students with a plethora of financial support programs. These programs include: the University of Toronto Advance Planning for Students (UTAPS), work study programs, and 78 co-op programs offered at the Scarborough campus.

UTAPS: University of Toronto Advance Planning for Students
UTAPS is an excellent example of our commitment to helping students pay for their education.  UTAPS helps full time students who are Canadian citizens, permanent residents, or protected persons plan for their education. UTAPS has two aspects:
-    It can be used by new students as a financial planning tool
-    It provides additional grant assistance to students who are receiving Ontario Student Assistance (OSAP), or other government student assistance.

UTAPS as a Financial Planning Tool for New Students
New students often fall into two categories: those in the dark about their financial situation or those concerned about the financial cost of attending university. Regardless of what category you fall into, UTAPS can help. By completing the online UTAPS application, you can get an assessment of the amount of funding you can expect to receive from all forms of financial assistance. Once you are accepted to U of T, you will be notified of your UTAPS eligibility with your offer of admission letter.

UTAPS as grant assistance
For every new and returning student that applies for OSAP, the University examines their loan assessment to identify all students who qualify for additional UTAPS grants. If eligible, students are notified of the amount of money they will receive in a “top up grant.” In other words, if you’re receiving the maximum amount from OSAP, but you’re still short $5000, U of T would give you that amount as a grant – no need to pay it back!

First Nations students and students from other Canadian provinces and territories, who are receiving student financial assistance, are eligible for UTAPS.  Procedures will vary depending on the  province or territory.
 
For more information regarding UTAPS, and to complete a UTAPS application go to the Admissions and Awards website.

Myth #3: With tuition on the rise, and without a student loan, there is no way to graduate debt free. False.
One last outlet to get money is to do it the old fashioned way – by working. Being the only U of T campus with co-op programs, we offer 78 different programs in arts, sciences and business in which work experience is combined with academic study. Students can gain 6 to 12 months of paid work experience with reputable companies. Depending on the co-op program you are in, you may earn an average income of $12,000 to $32,000 during the entire work term period.  See the U of T Scarborough Co-op Department website for additional details.

Furthermore, U of T Scarborough offers work study positions to students in various academic areas of study. Work study lets students earn some extra cash while gaining experience relevant to their academic area of study.  You can work at the Doris McCarthy Gallery or get a research position in a lab. In addition, there are lots of other jobs created by U of T faculty and staff in different offices across the campus. The positions are flexible as they take into account your classes and study time. More information on work study can be found on the Academic Advising & Career Centre website.

Although studies show that student debt is currently on the rise, students are not destined for debt.  At the U of T Scarborough, there are numerous ways to keep debt levels to a minimum – UTAPS planning and grants, co-op work terms, bursaries, and work study jobs. Being proactive now and searching for these opportunities will definitely help you in the long run. By taking all of this into account, and by doing a bit of penny pinching, you assure yourself a debt free future.