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Month 5 - Funding Your Education
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Month 5 - Funding Your Education

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  • 1. CAREER MENTORING GROUP MEETINGMonth Five – Funding your Education
  • 2. 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
  • 3. 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!
  • 4. 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
  • 5. 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
  • 6. 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
  • 7. WHAT ABOUT YOU? Complete the worksheet Fill in what you know right now!
  • 8. 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
  • 9. 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
  • 10. 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?
  • 11. 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
  • 12. HOW MUCH CAN I GET? OSAP AID ESTIMATOR https://osap.gov.on.ca/AidEstimatorWeb/enterap p/enter.xhtml
  • 13. 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.
  • 14. 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
  • 15. 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)
  • 16. 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
  • 17. EXTERNAL SCHOLARSHIPS
  • 18. 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