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What is Financial Aid for Students and Do I Qualify?

Financial Aid is available for students who dream of going to post-secondary but may not have the financial means to. There are many types of financial aid available in Canada as it’s not a one size fits all approach. Rising tuition fees and expenses of going to college or university have become increasingly large burdens to bear for students—many of whom are already dealing with pressures from the cost of living on their own for the first time. 

What are Canada Student Grants?

The Canada Student Grants Program provides financial assistance to students based on financial need, but unlike student loans, grants don’t have to be paid back! 

The value of a grant also depends on your family’s income and whether you are a full-time or part-time student. If you are a student with a permanent disability or are Indigenous, you may be eligible for additional government student aid.

If your family’s income is above the income thresholds for Canada Student Grant eligibility, you may not qualify for a grant. However, if you are eligible for a grant as well as a loan, you have the option to decline the loan and receive only the grant.

What are scholarships and bursaries?

Scholarships and bursaries are types of student financial aid you don’t have to pay back.

Scholarships are sponsored by individuals, companies, and charities, and are awarded based on merit for specific achievements, such as academic excellence, or extracurricular activities in the community, like athletics or volunteer work.

For bursaries, merit is considered but they are primarily awarded for students’ financial needs. This is determined through the application process where you prove that you may have difficulty paying for tuition or other post-secondary related expenses on your own—some of the information you will be required to disclose when applying for a bursary includes the funding you are already receiving from government student assistance, like your family’s income and your living expenses. If you are eligible for student loans, you likely also qualify for some bursaries.

There are many ways to receive scholarships and bursaries. Individually, the scholarships and bursaries may not seem like a lot of money, but you can apply for and receive multiple awards, which could add up to a significant amount.

Need More Help? Get More Info…

If you are interested in learning more about your financial assistance options and exploring whether Bredin College is right for you, reach out to us for more information.