Financing Your Studies at Academy Canada
At Academy Canada we know that attending college is a big investment. That is why it is so important to understand all of your financial options and how to budget properly. We have the information and people to help you plan effectively.
When attending school, it is crucial to have a good budget. This Student Budget Spreadsheet will help ensure that you understand your study period resources and costs. Your personal Admissions Officer is always available to help you do your budget, answer any questions and explain available scholarships, bursaries or funding sources.
Students attending Academy Canada have many options from which to select when financing their education. The following list summarizes the main sources:
Student Loan: Government: Approximately 25% of Academy Canada’s students receive a government student loan to pay for their education. Financial Aid is available from the provincial “Department of Advanced Education, Skills, and Labour”, Student Financial Services Division to those who qualify. Detailed student loan information is available from the Business Office. Both the Government of Newfoundland and Labrador and the Government of Canada work together to provide students with financial assistance. Both loans and grants are available to help you pay for your post-secondary education. With one application you will be assessed for both federal and provincial assistance as well as most student grants. Student loans are needs based financial assistance programs intended to supplement the student and family resources. Additional details on the student loan program can be found here.
Student Loan: Chartered Banks: Several Chartered Banks (notably TD Bank, CIBC, Bank of Montreal) have loan packages available for students attending Academy Canada. Check your local branch for details.
Sponsorship: Advanced Education, Skills, and Labour: The provincial Department of Advanced Education, Skills, and Labour (AESL) has several programs to fund students, up to 100%, to attend post-secondary. Students who qualify may be eligible to receive financial support to pay for tuition, books, tools and equipment, transportation, living allowances and childcare. To learn more about these non-repayable contributions visit here. To learn more about non-repayable contributions or services for persons with disabilities please visit here.
Sponsorship: Aboriginal: If you are a recognized member of one of Canada’s First Nations, there are several funding sources available to help pay up to 100% of post-secondary costs. Some of the most common aboriginal groups that send students to Academy Canada include the Sheshatshiu Innu Nation Band Council, Innu Nation, Qalipu First Nation, and Nunatsiavut Government. Each group has their own criteria and resources. Please visit your local Education representative for more details.
Sponsorship: Workplace NL: Individuals who have been injured on the job may be entitled to receive funding to retrain in post-secondary. Workplace NL rules and procedures can be complex so we encourage candidates to contact their Case Worker/Counsellor for more details.
Registered Education Savings Plans (RESP): Some students have access to funds from a Registered Education Saving Plan (RESP) that was established for them by a family member. An RESP is an investment vehicle used by parents to save for their children’s post-secondary education. A principle advantage of RESPs is the access to the Canada Education Savings Grant (CESG). The Canada Education Savings Grant (CESG) is provided to complement RESP contributions, wherein the government of Canada contributes 20% of the first $2,500 in annual contributions made to an RESP. After changes introduced in the 2007 Canadian federal budget, the government may contribute up to $500 per year to a participating RESP. This income is available upon withdrawal from the RESP by a post-secondary recipient, with a maximum lifetime contribution of $50,000. The government grants introduced in 2005, entitled Additional CESG, allowed an additional 10% or 20% for a total of an extra 30 or 40 cents on each dollar of the first $500 contributed to an RESP, depending on the family income of the beneficiary’s primary caregiver. An application is made through the promoter of the RESP, which is often a bank, mutual fund company or group RESP provider.
Canada Learning Bond: The government of Canada also provides a Canada Learning Bond (CLB) to encourage low-income families to contribute to an RESP. Families with children born on or after January 1, 2004, and who receive the National Child Benefit, will receive an additional $500 CLB when they open an RESP and $100 for each year they remain eligible. If you have access to RESP funding please speak with an Academy Canada Student Financial Advisor for information on how to use it for your training.
Paying Own Way: Some students choose to pay themselves and/or with the support of their families. Payment plans are arranged on either a semesterly or monthly basis and can be paid by cheque, cash, Interac, Money Order, Visa or Mastercard.
Students with Disabilities: There are several funding programs available to people with a wide range of disabilities. Some of the programs accessed by our students include those provided by:
- Department of Advanced Education, Skills, and Labour
- Department of Health and Community Services
- Learning Disabilities Association of NL
Student Scholarships and Bursaries: Academy Canada and our partners offer several attractive non-refundable funding supports for students. In fact, Academy Canada alone issues $200,000 per year in scholarships and bursaries through our “Future Prospects” program. Click here to learn more about how you can apply.
Wall of Fame
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