Paying for College 101
A Guide to funding your education
Know your options: Some options for paying for post-secondary education are savings, bursaries, scholarships, student loans and student lines of credit. Many students use a combination of these.
- Bursaries are awarded to students based on need and do not need to be paid back.
- Scholarships are awarded to students on the basis of academic merit and do not need to be paid back.
- Student loans, as the name suggests, are loans from the government that are paid back after graduation.
- Student lines of credit are bank loans specifically for education. Make inquiries at your bank or credit union.
Know your education costs: Many students underestimate how much money they will need for their education. 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 assets available to you. Research options for the best possible plan. Consult with the college Business Administrator.
The best approach is to minimize debt. A number of on-line resources are provided further down on this page.
There are lots of ways to finance your post-secondary education!
Payment & Funding Options
- 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 2017/2018 school year is approximately $10,880, with possibility of up to $3000 in grants for low income households. Not all students receive the maximum amount.)
- BC students applying for a Canada and BC Student Loan should apply on-line at StudentAid BC.
- 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 on the list below.
- 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.
- The Omega Global Program also qualifies for student loans.
- SCHOLARSHIPS, BURSARIES AND AWARDS - 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 over $ 100,000)
- The deadline for applying for these awards is July 15, 2015.
- 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 College activities.
- LINES OF CREDIT - Many Canadian chartered banks and credit unions offer student lines of credit and loans. However you will pay interest while you are still attending college.
- 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.
Student Aid BC (grants and loans for new and returning students)
Student Financial Assistance Information and tools designed to help you save, plan and pay for post-secondary education.
Young Canadians Information and services for Young Canadians (Resources, financial planning and for planning your education)
B.C. Ministry of Education (The Awards web page, has information on scholarships and other financial awards)
Aide financière aux études (Quebec Student Financial Assistance)