Financial Aid: Exploring Your Options

Managing the costs of post-secondary education can be overwhelming, particularly for students who chose to proceed to university directly after graduation. No matter what type of school you attend – trade school, college or university – your expenses will include not only high tuition fees, student fees and school supply expenses, but also your living costs, especially if you move away from home. While you may have savings in an education fund or from jobs held in high school, and you may have some financial support from your family, you may discover how quickly these funds can disappear.

It is good to remember that you do have options for financial aid. Student loans are always an option, both through banks and through the government, and there are pros and cons to both. As well, with a little research, you will discover that there is money available to students in the form of scholarships, bursaries and grants. Do take the time to explore these alternatives, as you may find you have more options than you originally believed. All post-secondary institutions, including technical schools and distance learning providers as well as colleges and universities, will have extensive lists of scholarships and bursaries. As well, private sponsors, companies and corporations often offer financial aid, and it is worth researching these as well.

When it comes to non-repayable financial aid, there are some differences in the types of awards available. While scholarships are typically achievement based, bursaries and grants tend to be offered on the basis of financial need. Aside from academic scholarships, awards and scholarships are commonly granted for non-academic accomplishments, such as athletic scholarships, community service awards or other forms of personal achievement. A common feature among grants, bursaries and scholarships is that they may carry restrictions based on particular requirements or categories, including but not restricted to year of study, age, ethnicity, gender, or geographic location or area of study.

When exploring your options for financial aid, be it loans or awards, take the time to investigate the application requirements, processes and deadlines. Many are time sensitive and if you leave your research too late you may miss out on some very beneficial sources of funding for your post-secondary education.

By: Jon Ginsburg

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