Scholarships and Financial Aid Make Algoma University an Affordable Option

The cost of university can be daunting to many prospective students and parents. In many cases a university degree is the first major expense in a person’s life, and often the first time they have applied for a loan. The media isn’t helping to ease those concerns, with the rising cost of a university education getting more and more attention. What students often don’t hear is that there have never been more scholarship and financial aid options available to university-bound students.

If you think you are going to need financial aid in order to pay for university, your first step should be to apply for a loan through the Ontario Student Assistance Program (OSAP). OSAP has been around for years and allows students to borrow money for university or college, interest free until they graduate. The best part of OSAP is that a portion of the money a student receives is a grant, which means that you never have to repay it. Applying for OSAP may also make you eligible for a number of bursaries. Bursaries are need-based grants offered by the University that don’t need to be paid back. The OSAP application can be confusing for those who have never gone through the process before. If you apply to Algoma University our Financial Aid Officer Nicole Muskaluk will be happy to walk you through the application. She might even be able to offer you some tips that help to get you more money. Email Nicole at fao@algomau.ca if you have any questions.

Loans are helpful but scholarships are the best way to pay for university. You don’t have to pay them back, and they look great on a resume. There are two types of scholarships that entering students need to know about: Entrance Awards, and merit-based scholarships.

Entrance Awards are the low hanging fruit of scholarships. They don’t require an application, as they are usually assigned based on a student’s high school grades. Entrance awards are featured prominently on every university’s website. At Algoma University we think we have the best entrance awards in Ontario. Check them out here. What makes Algoma University’s scholarships so great is not just the value (up to $3000/year), but also the fact that they are renewable for all four years of university study. Once you do the math, we think you’ll agree with us that our entrance awards are the best.

Merit-Based Scholarships often, but not always, require an application. For students who are willing to put in the time and dig a little deeper there are many more scholarships available that are just as generous as entrance awards, and are cumulative (meaning that they can be won in addition to your entrance award). Every university has a list of scholarships that require students to complete an application. At Algoma University these scholarships are listed here. Typically a student who chooses to apply for these scholarships will have to submit a resume and an essay outlining why they are most deserving of the scholarship. This may seem like a lot of work, but what students don’t know is that the extra effort deters many students from applying. Put in the time, and you have a much better chance of earning one of these scholarships than you might think.

In the end university will likely be the best investment of your life. Don’t be frightened by the price tag: there are plenty of programs in place to offset the cost. Plan ahead, budget well, put in the work and you’ll be fine.