1. CAREER MENTORING GROUP MEETING
Month Five – Funding your Education

2. CREATING YOUR FINANCIAL PLAN
36% of students who drop out of school do so
because of financial reasons
STEP 1
Determine your Budget – what is the cost?
STEP 2
Research your options - what is available?
STEP 3
Put it all together

3. STEP ONE
HOW MUCH IS IT GOING TO COST ME???
Paying for school is so much more than just tuition!
Tuition
Ancillary & Supplementary Fees
Books & Supplies
Residence or Rent
Transportation
Meals
Utilities
Medical/Dental
Misc Expenses Find out exact costs of
Spending Money your schools fees by
visiting their Financial
Aid websites!

4. STEP ONE - WHAT DOES IT COST?
CASE STUDY – SIMAN
Siman lives at home in Toronto with her family. She is going to
study English at York University next year.
 What will one year cost her? $11,540
 Tuition - $6,258
 Books and Supplies - $1,250
 Transportation - $104x8 = $832
 Health & Dental Care - $200
 Personal Expenses - $3,000
 What will all 4 years cost her? $46,160

5. STEP ONE - WHAT DOES IT COST?
CASE STUDY – FATIMA
Fatima is going to George Brown College to study Social
Service Worker. She lives at home with her family.
 What will one year cost her? $8,065
 Tuition - $3,233
 Books and Supplies - $800
 Transportation - $104x8 = $832
 Health & Dental Care - $200
 Personal Expenses - $3,000
 What will all 2 years cost her? $16,130

6. STEP ONE - WHAT DOES IT COST?
CASE STUDY – HASSAN
Hassan is going to McMaster University to study Life Sciences. He
is going to live in Residence since he will be going to school
away from home.
 What will one year cost him? $19,349
 Tuition - $6,258
 Books and Supplies - $1,250
 Residence - $4,456
 Utilities - $100x8 + $800
 Meal Plan - $3,135
 Trips Home - $250
 Health & Dental Care - $200
 Personal Expenses - $3,000
 What will all 4 years cost him? $77,396

7. WHAT ABOUT YOU?
 Complete the
worksheet
 Fill in what you know
right now!

8. STEP 2: RESEARCH THE OPTIONS
THE FINANCIAL PACKAGE
 Student and Family Contributions
 Student’s savings; summer employment
 Parental Contributions
 RESP (Registered Education Saving Plans)
 Government Student Financial Assistance (OSAP)
 Student Loans, Grants, Debt Reduction (Loan Forgiveness)
 Provincial Scholarships

9. FINANCIAL PACKAGE
 University Financial Aid
 Merit-based (Scholarships)
 Need-Based (Bursaries)
 Work Programs (Work-Study; SWEP)
 External Scholarships, Awards and Funding
 Employers, Organizations, Community Groups
 Band Funding
 Student Lines of Credit

10. GOVERNMENT ASSISTANCE
 Guiding Principles:
 Supplemental to student and family resources
 Eligibility based on demonstrated financial need as
defined by the government
 Combination of Grants (non-repayable) and Loans
(repayable)
 Interest-free while a full-time student
 Annual application process
• How does OSAP work?

11. OSAP
Calculation of Financial Need
Allowable Expected Calculated
___ = Financial
Educational Financial
minus
Costs Contribution equals Need
•Tuition and • Student Income Federal
Compulsory Fees Assistance
• Student Assets (≈ 60% of
•Books and assessed need
Supplies • Parental Income subject to
maximum)
• Equipment • Spousal Income
Provincial
• Computer Costs • Spousal Assets Assistance
(≈ 40% of
•Personal Living assessed need
Expenses subject to
maximum)
• Child Care
• Travel

12. HOW MUCH CAN I GET?
OSAP AID ESTIMATOR
 https://osap.gov.on.ca/AidEstimatorWeb/enterap
p/enter.xhtml

13. POST-SECONDARY FINANCIAL AID
DEFINITIONS
Scholarships: Merit based
 Usually require a minimum average. Some may
require community service, extra-curricular
activities.
Bursaries: Need-based
 Students provide information about their
personal/family financial situation. Some may
require community service, extra-curricular
activities.
Awards: Combination of merit and need.

14. POST-SECONDARY FINANCIAL AID
AWARDS
Entrance:
 Offered during the admission process while in high
school.
 Some require applications, some are automatic
In-Course:
 • Offered once a student has enrolled in studies at
a specific university
 Can be awarded to specific year in the program

15. POST-SECONDARY FINANCIAL AID
ENTRANCE SCHOLARSHIPS
No application necessary
Based on final admission average (July grades)
Some are renewable for up to four years.
York University Renewable Entrance Scholarship
 95% & above $12,000 ($3,000 x 4 years)
 90% — 94.9% $8,000 ($2,000 x 4 years)
 85% — 89.9% $4,000 ($1,000 x 4 years)
 80% — 84.9% $2,000 ($500 x 4 years)

16. POST-SECONDARY FINANCIAL AID
EMPLOYMENT – WORK STUDY
Benefits Types of jobs:
No extra travel costs student ambassador
No transportation time research assistant
Flexible hours computer lab assistant
10 to 15 hours per week library assistant
Many jobs are related to your administrative assistant
program lifeguard
Eligibility:
Canadian citizen, permanent resident or protected person
Demonstrated financial need – OSAP funded
Full-time student

17. EXTERNAL SCHOLARSHIPS

18. STEP THREE
Two Students, Two Financial Plans
Jessica James
Admitted to Bachelor of Science (Honours) Admitted to Bachelor of Arts (Honours)
First Year 2011-2012 First Year 2011-2012
Family Income = $50,000 Family Income = $120,000
Family Size = 4 Family size = 4
First of 2 children attending University First of 2 children attending University
Total Cost of First-Year = $22,800 Total cost of first year = $22,800
Student
Summer Line of
Savings TTG $150 Credit
$1,355 Work Study $1,645
TTG $150
Institution $2,000
QEII/A4T
Scholarship Government Summer
$3,500 Parental
$2,000 Loan $7,300 Savings Contributio
$1,355 n $9,450
Government
Grant Institutional Government
Institution $6,870 Loan $6,200
Scholarship
Bursary
$2,000
$1,625