Paying for school

Finding enough money to get through the school year sometimes seems like a job itself. Fortunately there's a central place to start from if you need government loans or grants. Co-op programs are an alternate way to pay for school:

Government loans: The Canada Student Loans Program provides loans to over 350,000 students each year. The National Student Loans Service Centre manages Canada student loans.

In your province or territory: Your provincial or territorial Student Assistance Office reviews your loan application, confirms your eligibility and determines the amount of loan and grants you'll receive.

Government grants: Canada Study Grants are available to eligible post-secondary students with permanent disabilities, high-need part-time students, women in certain doctoral studies and student loan recipients with dependants. Unlike student loans, Canada Study Grants don't have to be repaid. For more information, contact the National Students Loans Service Centre.

For more information on student loans and grants, go to CanLearn Interactive, an initiative of Human Resources Development Canada at www.canlearn.ca

Bank loans: Some banks offer their own student loans. These aren't government-approved loans, but are regular loans designed for students.

Co-op education: An alternative way to finance your education is to enroll in a co-op program where you alternate working with learning. More than 150 educational institutions in Canada offer some form of work-integrated learning, or a co-op program. Almost all institutions, universities, colleges, or technical schools now offer different types of practical, on-the-job opportunities in addition to their academic programs. Also Read: How to Build a Credit History.

What's the best way to pay?

Whether you're in school or are saving for your first car, there are different ways to pay for what you need and want. Here's a brief rundown of the options:

Debit card
Funds are automatically taken from your account to cover charges. You can spend what's in your account, unless you have overdraft protection. Note, banks charge interest on overdrafts.

Credit card
You can make purchases up to your credit limit. When the bill comes, you must pay at least the minimum balance. Banks charge interest on unpaid balances.

Secured credit card
For those of you without a credit history, a secured card is backed by a user deposit.

Prepaid card
You or someone else loads money onto the card. That's what you have to spend. When that amount is gone, the card needs to be reloaded. Also Read: Selecting a Credit Card

Resources

Financial rights and responsibilities
The Financial Consumer Agency of Canada (FCAC)
www.fcac-acfc.gc.ca
Customer Contact Centre (toll-free): 1–866–461–FCAC (3222)

Government Loans for Students
The National Student Loans Service Centre
www.canlearn.ca/nslsc

Government loans, scholarships, bursaries, grants and assistance
CanLearn Interactive, an initiative of Human Resources Development Canada www.canlearn.ca

Studentawards.com
www.studentawards.com

Requesting Your Credit Reports
www.equifax.ca
www.canadacreditreport.com
www.tuc.ca