Financial Planning for Postsecondary Education

During the application process, many students inquire about scholarship programs; however, few students look into all the funding opportunities available or know the costs associated with post-secondary education. It is important for students to understand the costs of attending college or university and to have a sense of how they will fund their studies. The following outlines the main funding sources and the time lines you should consider to maximize funding for your studies.

Step 1:
Know the costs. It is important to have a clear understanding of the costs for a specific program at the college or university you are looking at. Tuition fees vary from program to program and from institution to institution. Residence costs can also vary significantly depending on the style of residence and the meal plan. Tuition and residence are only part of the costs. There are additional fees such as books, supplies, and transportation to name a few. Many post-secondary institutions and financial institutions (i.e., banks) provide budget worksheets or calculators that can assist students with putting the total costs together.

Step 2:
Apply for entrance scholarships, awards and bursaries at each institution. Many institutions offer scholarship, award and bursary programs as part of the admission process. Students will find out if they are eligible before they have to decide which college or university they wish to attend. Major scholarship programs typically have application deadlines between late November and mid-February. It’s important for students to check application deadlines on the Web sites of the institutions they are applying in late fall.

Tip 1: One common mistake made by students is waiting for an offer of admission or waiting until they accept an offer of admission before applying for scholarships and bursaries. This is too late. Students should apply for scholarships and bursaries at the same time they submit an application for admission.

Tip 2: Be strategic when responding to scholarship application questions. When listing activities and accomplishments, students should focus on quality not quantity. Providing a listing of everything you have been involved in does not provide depth about who you are and what you have accomplished. For example, if you indicated you were a member of a student club, write about what you did as a member of the club, highlight your accomplishments.

Step 3:
Apply for external scholarships and awards. There are many private companies and organizations that provide funding to students pursuing university or college level studies. Here are some popular websites to access external scholarship information:

• ScholarshipsCanada.com
• Canlearn.ca
• Studentawards.com

Step 4:
Apply for the government student assistance program available in your home province/territory (i.e., Student Financial Assistance, OSAP, Student Aid BC). Government student assistance programs provide funding in the form of loans, grants, scholarships and bursaries depending on the province/territory you live in. To ensure students receive funding in time to pay for tuition fees in September, it is recommended that they submit an application and any supporting documents by mid-June each year. For more information visit www.canlearn.ca/eng/postsec/getloan/hlg.shtml.

Why student assistance? Many changes been made to provincial and the Canada Student Loans program to provide more non-repayable assistance to students. This helps students reduce the amount of debt they incur.

Did you know: Students can apply for government assistance after classes have started! Eligibility is determined each year and depends on a student’s financial situation, program of study, course load and personal circumstances.

Step 5:
Once classes begin in the fall, students can apply for in-course scholarships, awards and bursaries as well as on-campus employment opportunities. Many colleges and universities offer a work/study program that enables students to balance classes with on-campus employment. Working on campus is a great way to earn income, network, make new friends and develop skills that will help build a résumé. A strong résumé will greatly assist students when they are applying to graduate or professional programs or going into the workplace after completing their studies. For help with developing a résumé and information about job opportunities, students should visit the campus career centre early on and throughout their post-secondary education. Campus career centres offer a valuable range of job search and career exploration programs and services.

Following these five steps provides a holistic approach to funding a student’s education and will help ensure students access all possible sources of funding to pay for school. Each student will have different needs and each institution will have different fees; therefore, it is important to develop a comprehensive plan that looks at a student’s specific situation and takes advantage of all opportunities available.

For more information visit www.uregina.ca/futurestudents