CAREER MENTORING GROUP MEETINGMonth Five – Funding your Education
CREATING YOUR FINANCIAL PLAN36% of students who drop out of school do so because of financial reasons STEP 1 Determine your Budget – what is the cost? STEP 2 Research your options - what is available? STEP 3 Put it all together
STEP ONE HOW MUCH IS IT GOING TO COST ME???Paying for school is so much more than just tuition!TuitionAncillary & Supplementary FeesBooks & SuppliesResidence or RentTransportationMealsUtilitiesMedical/DentalMisc Expenses Find out exact costs ofSpending Money your schools fees by visiting their Financial Aid websites!
STEP ONE - WHAT DOES IT COST? CASE STUDY – SIMANSiman lives at home in Toronto with her family. She is going to study English at York University next year. What will one year cost her? $11,540 Tuition - $6,258 Books and Supplies - $1,250 Transportation - $104x8 = $832 Health & Dental Care - $200 Personal Expenses - $3,000 What will all 4 years cost her? $46,160
STEP ONE - WHAT DOES IT COST? CASE STUDY – FATIMA Fatima is going to George Brown College to study Social Service Worker. She lives at home with her family. What will one year cost her? $8,065 Tuition - $3,233 Books and Supplies - $800 Transportation - $104x8 = $832 Health & Dental Care - $200 Personal Expenses - $3,000 What will all 2 years cost her? $16,130
STEP ONE - WHAT DOES IT COST? CASE STUDY – HASSANHassan is going to McMaster University to study Life Sciences. He is going to live in Residence since he will be going to school away from home. What will one year cost him? $19,349 Tuition - $6,258 Books and Supplies - $1,250 Residence - $4,456 Utilities - $100x8 + $800 Meal Plan - $3,135 Trips Home - $250 Health & Dental Care - $200 Personal Expenses - $3,000 What will all 4 years cost him? $77,396
WHAT ABOUT YOU? Complete the worksheet Fill in what you know right now!
STEP 2: RESEARCH THE OPTIONS THE FINANCIAL PACKAGE Student and Family Contributions Student’s savings; summer employment Parental Contributions RESP (Registered Education Saving Plans) Government Student Financial Assistance (OSAP) Student Loans, Grants, Debt Reduction (Loan Forgiveness) Provincial Scholarships
FINANCIAL PACKAGE University Financial Aid Merit-based (Scholarships) Need-Based (Bursaries) Work Programs (Work-Study; SWEP) External Scholarships, Awards and Funding Employers, Organizations, Community Groups Band Funding Student Lines of Credit
GOVERNMENT ASSISTANCE Guiding Principles: Supplemental to student and family resources Eligibility based on demonstrated financial need as defined by the government Combination of Grants (non-repayable) and Loans (repayable) Interest-free while a full-time student Annual application process• How does OSAP work?
OSAP Calculation of Financial Need Allowable Expected Calculated ___ = Financial Educational Financial minus Costs Contribution equals Need•Tuition and • Student Income Federal Compulsory Fees Assistance • Student Assets (≈ 60% of•Books and assessed need Supplies • Parental Income subject to maximum)• Equipment • Spousal Income Provincial• Computer Costs • Spousal Assets Assistance (≈ 40% of•Personal Living assessed need Expenses subject to maximum)• Child Care• Travel
HOW MUCH CAN I GET? OSAP AID ESTIMATOR https://osap.gov.on.ca/AidEstimatorWeb/enterap p/enter.xhtml
POST-SECONDARY FINANCIAL AID DEFINITIONSScholarships: Merit based Usually require a minimum average. Some may require community service, extra-curricular activities.Bursaries: Need-based Students provide information about their personal/family financial situation. Some may require community service, extra-curricular activities.Awards: Combination of merit and need.
POST-SECONDARY FINANCIAL AID AWARDSEntrance: Offered during the admission process while in high school. Some require applications, some are automaticIn-Course: • Offered once a student has enrolled in studies at a specific university Can be awarded to specific year in the program
POST-SECONDARY FINANCIAL AID ENTRANCE SCHOLARSHIPSNo application necessaryBased on final admission average (July grades)Some are renewable for up to four years.York University Renewable Entrance Scholarship 95% & above $12,000 ($3,000 x 4 years) 90% — 94.9% $8,000 ($2,000 x 4 years) 85% — 89.9% $4,000 ($1,000 x 4 years) 80% — 84.9% $2,000 ($500 x 4 years)
POST-SECONDARY FINANCIAL AID EMPLOYMENT – WORK STUDYBenefits Types of jobs:No extra travel costs student ambassadorNo transportation time research assistantFlexible hours computer lab assistant10 to 15 hours per week library assistantMany jobs are related to your administrative assistantprogram lifeguard Eligibility: Canadian citizen, permanent resident or protected person Demonstrated financial need – OSAP funded Full-time student
STEP THREE Two Students, Two Financial Plans Jessica James Admitted to Bachelor of Science (Honours) Admitted to Bachelor of Arts (Honours) First Year 2011-2012 First Year 2011-2012 Family Income = $50,000 Family Income = $120,000 Family Size = 4 Family size = 4 First of 2 children attending University First of 2 children attending University Total Cost of First-Year = $22,800 Total cost of first year = $22,800 Student Summer Line of Savings TTG $150 Credit $1,355 Work Study $1,645 TTG $150Institution $2,000 QEII/A4TScholarship Government Summer $3,500 Parental $2,000 Loan $7,300 Savings Contributio $1,355 n $9,450 Government Grant Institutional Government Institution $6,870 Loan $6,200 Scholarship Bursary $2,000 $1,625