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Some Points to Consider
Know your options: The main options for paying for post-secondary education are savings, bursaries, scholarships and student loans. Many people use a combination of these.
- Savings is a fund of money put aside as a reserve from your employment earnings.
- Bursaries provide funding for education based on need and do not need to be paid back.
- Scholarships are awarded to a student on the basis of academic merit and do not need to be paid back.
- Student loans, as the name suggests, are financial loans that are paid back after graduation.
Know what it will cost: Many people underestimate how much money they will need for the education program they would like to take. As you are working out how much money you’ll need to fund your post-secondary education, remember to account for costs over and above basic tuition such as books, student fees, transportation, student housing or rent, food, travel costs for going home for holidays and costs associated with extra-curricular activities.
Do your research: Do an inventory of financial assests available to you. Research options for the best possible plan.
Your goal is to minimize debt. A number of on-line resources are provided for your aid further down on this page.
THERE ARE LOTS OF WAYS TO FINANCE
YOUR POST-SECONDARY EDUCATION.
THE KEY TO SUCCESS IS TO PLAN FOR THE FUTURE.
- GOVERNMENT STUDENT LOANS - Student Aid BC and other provinces’ student loan programs offer loans to full-time students. You can look into this online at Student Aid BC. (The maximum British Columbia Loan for the 2010/2011 school year is around $11,000 - not all students receive the maximum amount.)
BC students applying for a Canada and BC Student Loan should apply on-line at Student Aid BC or request an application from the college Financial Services Department.
Students from out of province should contact their respective Student Loan agency, specifying that they are requesting information for a Private and out of Province School. You can find a link to your Province's Student Loan center here.
If assistance with student loans is required contact the Financial Services Office at Summit Pacific College.
Students applying for a loan should do so at least three months in advance of registration date.
Omega Programs also qualify for student loans.
- SCHOLARSHIPS, BURSARIES AND GRANTS - Summit Pacific College gives out a variety of scholarships, bursaries and awards every school year to both new and returning students who apply and are approved. These are awarded based on need and a large variety of other criteria. (The Total amount awarded last school year was $ 85,000)
The deadline for applying for these awards is July 15, 2010.
You can download the Freshman Bursary Application Form here.
- WORK - If you have transportation off campus it is possible to get a part-time job while in school. Summit Pacific College also has a variety of on-campus job opportunities.
Summit welcomes students who find it necessary to work in order to provide the means to attend College. Working students should realize that they may have to reduce their academic load proportionally and at times forego interesting College activities.
- LINES OF CREDIT - Many Canadian chartered banks and credit unions offer student lines of credit or loans. However you will pay interest while you are still in school.
- SAVINGS, ASSETS AND RESP’S - Money in your bank account, sale of a car, investment or other valuables, and Registered Education Savings Plan can be applied to the cost of your education.
Summit Pacific College
Financial Services Office
PO Box 1700
Abbotsford, BC V2S 7E7
(604) 851-7229 or 1-800-976-8388
runrau@summitpacific.ca
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