EDUCATION GUIDE
SUPPLEMENT TO THE FREE PRESS • SATURDAY, DECEMBER 7, 2024
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HOW & WHERE TO GET POST-SECONDARY SCHOOL GRANTS & LOANS
BY TODD LEWYS
G etting a post-secondary education is expensive, no matter whether you choose to take the uni- versity or community college route. There is no denying just how costly a post-secondary education can be. A 2018 study done by Maclean’s Mag- azine delved into the issue and came up with a startling figure: the average uni- versity cost just under $20,000 per year at $19,498 per year. That was after accounting for costs such as rent, groceries, catching on-campus meals, books and course materials, travel expenses, public transit and outside ac- tivities. Bear in mind that this study was con- ducted six years ago. Over that span, there’s little doubt that the cost of a university or college educa- tion – the latter isn’t cheap, either – esca- lated significantly in the aftermath of the COVID-19 pandemic, which drove up the cost of everything. It’s also important to note that the 2018 figure was the average. Depending on where you go to school, costs can be greater, or less. The only certainty is that many students – some of which don’t have help from their parents to cover education costs – have struggled to pay for tuition and the myriad expenses that come with getting a meaningful – and marketable – degree or certificate. In fall 2023, Universities Canada esti- mated that there were 1.6 million full- time students, with another 421,000 part- time students. That’s over two million students that need to find a way to pay for an educa- tion without going into serious long-term debt.
Fortunately, help is available if you need help paying for a quality education. The trick is knowing where to look to find it. However, before looking into where students can find grants, bursaries and loans, there are some strategies that can be employed to cut costs. One of those strategies is to stay home to attend university or community col- lege. In the case of Manitoba, Winnipeg has two fine universities in the University of Manitoba and University of Winnipeg. Red River Polytech is a great option for students looking to take communications, training for a trade or other specialized jobs. There are also countless colleges that offer highly focused programs that make students work ready in six months (or less) to two years. That said, none of the programs come free. Consequently, it’s incumbent upon students and their families to seek out financial assistance to lessen the finan- cial impact of getting a post-secondary education that could take between six months or four-plus years to attain. One of the first things students need to know is that both federal and provincial governments make financial aid available to full-time and part-time students. The first place to look is the Canada Student Grants Program. The beauty of this program is that any financial assis- tance provided to students – it is hand- ed out based on financial need – doesn’t have to be paid off, because the financial assistance is a grant, not a loan. Essentially, the grant amount is based on income and family size. According to the federal government, eligible students could receive $525 per month – or $4,200 per year – to assist in the cost of paying for their studies. That grant would be made available for each year of undergraduate studies, pro- viding a student is in full-time studies.
Indigenous students, students with a disability could possibly qualify for addi- tional financial aid. The next option to consider is a student loan, which can come from the Govern- ment of Canada’s Canada Student Loans Program (CSLP). It’s a program that uses financial need as the basis for the financial assistance it will provide to a student. Factors such as family income, tuition, a program’s duration school-related ex- penses and type of enrolment (full or part-time) are considered in determining how much assistance a student might be able to qualify for. If a student qualifies for a student loan from the CLSP, they won’t have to begin paying it back until six months after grad- uation, or after they leave their studies. Providing the student enrolled after April 1, 2023, no interest will have to be paid. However, if a student enrolled prior to that date, any interest accrued would need to be paid. There are two other avenues that students can investigate to defray education costs: scholarships and bursaries.
If a student has demonstrated excel- lence in their high school studies, sports or even extracurricular activities, they might be able to land a scholarship that can cover some tuition costs.
Bursaries are another option.
They are most often awarded in cases where a student shows legitimate finan- cial need. This requires proof that a student will have difficulty paying tuition or other re- lated expenses on their own. A scholar- ship, bursary – or both – can be of great assistance in reducing education costs. To explore the various options, visit Manitoba Student Aid at www.educ.gov. mb.ca/msa.
Students should apply for scholarships that might be funded by charities, companies or individuals.
One of the first things students need to know is that both federal and provincial governments make financial aid available to full-time and part-time students.
It's not as difficult as you might think to get a student loan or grant.
ADOBE
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