Sources of money to pay for your post-secondary education
Most students will have to rely on a variety of sources to cover the cost of their post-secondary education. Some potential sources of money for your studies include:
- Some students work part-time and/or at summer jobs before and during their post-secondary studies to help offset the costs involved. Remember that every dollar you save before and during your studies is one less dollar that you'll owe in student debt once you graduate.
- In Canada, responsibility for government student loans is shared by the federal and provincial governments. Try to minimize the amount you need borrow.
- The more you owe in student debt, the more difficult it will be to achieve other financial goals once you've graduated, such as saving for a down payment for a home.
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- Grants, bursaries and scholarships can be a great way to offset some of the cost of your post-secondary education. There are hundreds of grants, bursaries and scholarships available in Canada that are awarded based on everything from financial need to academic merit. So take full advantage, do your research and apply for as many as you can.
- Most financial institutions also offer personal loans for students as well as student lines of credit.
- Comparing government student loans to personal loans from financial institutions
- Generally, government student loans are preferable to personal loans or lines of credit from a financial institution for several reasons:
- You will pay interest on a private loan from the day the loan is issued whereas with a government loan, the government pays the interest on the loan while you are in school.
- Repayment terms are more flexible with government loans as you won't have to make payments on a government student loan until six months after you graduate.
- There are several loan repayment assistance programs for government student loans.
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