Financial Assistance



This section will provide students with information on financial assistance including student loans and third-party funding.

Some private career colleges have fully staffed Financial Aid Offices while others will have staff who are quiet knowledgeable about financing postsecondary education and other aspects of career training.

Ontario Student Assistance Program (OSAP)


OSAP is a program run by the Ontario Ministry of Training, Colleges and Universities and is funded by the provincial and federal governments. It is a needs-based program which means it provides loans, grants, scholarships and bursaries based on a formula that compares your educational costs to expected contributions and your own income and assets.

OSAP provides eligible Ontario students with financial assistance to help pay for their tuition, books, mandatory fees, living costs and transportation. In addition, OSAP also offers a variety of loan, grant, bursary, and scholarship programs. Each program has its own rules and guidelines to which the OSAP web site helps Ontario students by providing information about all of these programs in one place.

The Financial Aid office at the institution plays a vital role in the administration of OSAP because it is your direct contact for questions and issues. The Financial Aid Officers will assist in making sure the student understands what is required to complete an application and ensure that all required documentation is sent to the Ministry for processing. They remain available throughout the study period to answer questions and provide tools to assist through to the repayment process.

Career Colleges that are designated for OSAP purposes are required to have a Financial Aid Officer. The Financial Aid Officer may advise students on various programs such as the Ontario Student Assistance Program (OSAP), Student Line of Credit, Monthly Payment plans and Registered Education Savings Plan (RESP).

For more information and applications, visit OSAP online at https://osap.gov.on.ca


Third Party Funding


A wide range of financial support is available to assist students with educational expenses so that they can pursue their academic goals.

Students may also qualify for third Party funding through the following sources:

The designated staff person in your chosen college can help facilitate payment arrangements with third party organizations and can help ensure that any additional information or specific information required by the organization regarding the financing of the program is taken care of

Second Career Strategies (SCS)
 
The Second Career Strategy will help recently laid-off workers who require long-term skills training to find work in high-skill occupations that are in demand in the local labour market.
The strategy provides financial assistance based on individual need to help people with some of the costs associated with acquiring training, including tuition and books.
For more information and applications, visit S.C.S online at https://osap.gov.on.ca
www.edu.gov.on.ca/eng/tcu/jobseekers/secondCareer.html

Workplace Safety & Insurance Board (WSIB)

Labour Market Re-entry is a program designed to help people re-enter the labour market when WSIB determines that it is unlikely they will return to their place of work due to an on-the job accident. The Labour Market Re-entry Plan will be designed to provide the worker with the skills, knowledge, and abilities needed to successfully gain employment such as academic upgrading programs to improve basic academic skills and skills training programs to improve existing job skills and/or teach new skills

For more information visit WSIB online at www.wsib.on.ca/wsib/wsibsite.nsf/public/homepage

Skills Development

Skills Developments is an employment program of Human Resources and Social Development Canada that provides financial assistance to eligible individuals to help them obtain the skills training they need to obtain employment. With the financial assistance provided by Skills Development, individuals arrange and pay for their own training.

For more information visit Skills Development online at
www1.servicecanada.gc.ca/eng/epb/sid/cia/grants/skills-deve/desc_skills.shtml


Student Line of Credit


Many banks offer a Student Line of Credit that provides funding at a lower interest rate then most credit cards. A Student Line of Credit is a personal loan to the student to assist with expenses with associated with postsecondary programs of study.

To further explore Student Lines of Credit, visit the various banking website listed below or speak with a banking representative at your local branch.

• TD Canada Trust
www.tdcanadatrust.com/student/stline.jsp

• Bank of Montreal
www4.bmo.com/personal/0,2273,35649_36829,00.html

• Scotiabank
http://scotiabank.com/cda/content/0,1608,CID12288_LIDen,00.html

• RBC – Royal Bank
www.rbcroyalbank.com/products/personalloans/student_line_of_credit.html