Financing your education can be one of the biggest challenges of post-secondary, and a major deterrent for many who are interested in the STEM field but cannot finance their path to get there. In this article, learn about the three primary methods of financing your education.
Written by Tavie Johnson
1) Student Loans
Educational grants can be obtained by the student aid office of a university depending on an applicant's financial need. However, it can be challenging to qualify for many grants, and a lot of the time they will only cover a fraction of your expenses. The Government of Canada offers grants and loans to finance post-secondary studies. You can apply through your province or territory for a grant, which you do not need to repay, or a loan, which you will need to repay with interest six months after graduation. Their website has a federal aid estimator to find out what and how much you are eligible to receive. Your maximum loan/grant amount is based upon several factors, including where you live, your family income, your living expenses/tuition, Indigenous status, and/or disability status. If government aid is insufficient, banks, trust companies, and credit unions are another option.
2) Work-Study and Part-time Jobs
Most universities offer Work-Study programs, where students can obtain a paid, on-campus position in their field of interest. Not only is this a way to finance your education, but also to learn new concepts and practices, apply and strengthen your skills, and explore potential career opportunities - increasing your chances of being accepted to graduate school, and boosting your application when applying for jobs. Work experience programs, which may also be paid, are also available in some high schools, where course credits and/or volunteer hours can be earned as well. Working full-time in the summer, whether you are in high school or post-secondary, is another common way to finance your education.
3) Scholarships and Bursaries
There are thousands of scholarships available to students entering university, continuing their undergraduate degree, or hoping to attend graduate school. Some are offered by universities, which you may be automatically considered for if you are accepted, while some are offered by private companies and public institutions. Your gender, race, nationality, ability/disability status, volunteer work, extracurricular activities, work experience and high school grades and test scores can all play a role in which scholarships you are eligible for and potentially could receive. It's worth applying to as many scholarships as possible, even if you think you aren't likely to receive them. While scholarships are merit-based depending on academic achievement and extracurricular activities, bursaries are need-based and do not need to be repaid. It may be worth contacting and working with a scholarship and bursary advisor that can help you find as many as possible. You can also do your own research on school websites, government sites, and other online scholarship generators. Make sure to check out Studentosity's STEM Scholarships on Instagram and our website
Conclusion
Hopefully, you now have a solid understanding of the different methods of financing your education and the tools you need to obtain potential resources. Happy hunting!
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