Presentation Transcript

1. Financing Your University EducationMarch Break Open House 2013

   Maureen Jones & Brenda Denomme Student Awards & Financial Aid
2. Agenda How much will university cost? How to pay? Scholarships Bursaries OSAP (Ontario Student Assistance Program) Student Contributions Family Contributions Private loans – Student lines of credit Guarantee of Financial Support
3. How much will it all cost? Projected costs for 8 months (one school year) Tuition, fees, books & supplies: $8,500 - $15,300 (varies on program) Rent/groceries or residence with meal plan: $6,500 - $10,100 Transportation, entertainment, phone etc : $3,000 Total: $18,000 - $29,000
4. How to pay?
5. President’s & Merit Scholarships
6. Other Waterloo Scholarships Approx. 1,500 additional entrance scholarships are awarded each year Values range from $500 to $25,000 and there is even one valued at up to $40,000; most are one-time awards but some are paid out over 4 academic years, and students must achieve a required average to qualify for renewal payments. Some are given to the top students in addition to the President’s or Merit Scholarships. Some are given to students below 85%. Most do not require an application. A few scholarship programs do require a separate application. Award decisions will be sent by letter or e-mail by mid-May. See – www.findoutmore.uwaterloo.ca/financing/scholarships.php
7. External Scholarships Students are encouraged to seek other scholarship opportunities outside of the ones offered by the university. For example: High school guidance offices Local service organizations: e.g. Lion’s Club, Kiwanis, etc. Employee dependent scholarship programs through parents’ workplace Association of Universities and Colleges of Canada – www.aucc.ca On-line scholarship catalogue/websites www.studentawards.com www.scholarshipscanada.com
8. Scholarships after First Year The SAFA office manages numerous undergraduate scholarships and awards for students beyond first year (upper-year). Scholarship availability varies greatly between Faculties and Departments. Many merit-based awards do not require an application because they are “automatically” awarded to the top students in a program. Some require an application and are based on a variety of criterion such as academics, achievements and/or leadership in extracurricular or volunteer activities, participation in international study or work experiences, etc. We advertise these opportunities on our website throughout the year. See http://safa.uwaterloo.ca/
9. Entrance Bursaries Value - $500 to $4,000 Eligibility Ontario resident Financial need MUST apply for OSAP by June 15, 2013 Attending university/college for the first time in September 2013 Deadline to apply: April 12, 2013 Access the application at www.findoutmore.uwaterloo.ca/financing/bursary.php
10. Undergraduate Bursaries Automatic bursaries Proactive assessment of a student’s need Value depends on level of unmet financial need Must be enrolled full-time Must be in satisfactory academic standing Must have applied for and received OSAP by particular dates
11. Undergraduate Bursaries Application process Includes general Waterloo bursaries as well as named bursary and award programs funded by donors Complete an application to demonstrate financial need Must be enrolled full-time Must be in satisfactory academic standing (some bursaries required a higher academic standing) Must apply for OSAP or other provincial funding
12. OSAPOntario Student Assistance Program Funded by Prov. & Fed. Governments Ontario Ministry of Training, Colleges & Universities Financial Aid Office Ontario Post-Secondary Institution National Student Loans Service Centre (NSLSC)
13. OSAP http://osap.gov.on.ca/ Canada Student Loan Program (Federal) Ontario Student Loan Program (Provincial) Canada Student Grants, Low Income, Middle Income Ontario Access Grants, 1styear and 2nd year Ontario Tuition Grant – up to $1,680 per year
14. Will OSAP cover all of my costs? Projected costs for 8 months: $18,000 - $29,000 Maximum OSAP for 8 months: $12,240 - $17,200* *Includes maximum loan funding, full CSG-LI, full OAG and OTG The OSAP program is designed to assist eligible students who do not have the resources to meet the costs of post-secondary education.
15. Applying For OSAP Apply online - it’s free! 2013/14 application will be available by end of April website: osap.gov.on.ca Apply no later than recommended date of June 15th No obligation estimate All paperwork to UW Financial Aid Office Funds released starting in September
16. Student’s Contribution Summer or co-op work-term savings (expected by OSAP) Part-time employment during study periods Ontario Work-Study for OSAP students Other on-campus and off-campus jobs
17. Family Contribution OSAP expects a Family Contribution based on income levels Savings & RESP Free room and board Planning Recalculate/reprioritize monthly family budget Refinance current loans
18. Appealing Your OSAP Assessment Yes - you can appeal OSAP Common Appeals: Student Contribution Appeals - unable to find a job Away from Home Costs – not at home during coop term Parents Lower Estimated Income for Current Taxation Year Parents Exceptional Expense Make an appointment to discuss your financial situation We are happy to help and to answer your questions
19. Personal loans or Student Line of Credit Major banks: TD Canada Trust, CIBC, Royal, Scotia and Bank of Montreal all offer Line of Credit Varying interest rates – usually 1% - 2% above prime Shop around for the best deal
20. Guarantee of Financial Support Students are required to seek financial support from all sources including family, jobs, government support programs and loans Government of Ontario Student Access Guarantee: “No qualified Ontario student should be prevented from attending our publicly-assisted colleges and universities because of lack of financial support program.” Waterloo guarantees to fund unmet need as defined by OSAP Learn more: safa.uwaterloo.ca, osap.gov.on.ca
21. Important Websites findoutmore.uwaterloo.ca osap.gov.on.ca safa.uwaterloo.ca canlearn.ca www.scholarshipscanada.com www.studentawards.com
22. Questions?