It's such an exciting time to start thinking about life after high school. Will you go to college or university? Will you head into the workforce? Will you consider a trade? But let's face it, if you are considering college or university, the cost of post-secondary education may feel a little overwhelming. That is why it is so important to look at all of the available options when considering how to finance this adventure.
There are lots of places you should consider when looking for financial support for your post secondary endeavors. For example research scholarships granted by the school you hope to attend by going onto their website and looking up their Financial Supports page. Log onto the ontariocollges.ca and ontariouniversitiesinfo.ca. Perhaps your parent's place of work offers a scholarship.
The information below is designed to help with your research, but is not considered an exhaustive list. But take the time to do the research and work of applying to receive funding. It will be worth it in the end!
Some Common Terms
- AWARD
An award is something given to recognize a person's merit and accomplishments, according to the criteria outlined by the person or institution granting the award. Awards may be in the form of books, plaques, money or a gift. A monetary award is usually called a scholarship or bursary.
- SCHOLARSHIP
A scholarship is free money that is awarded to a student to help finance their education. Most scholarships are based on merit in areas ranging from academic achievement, to community involvement, to athletics. Typically, scholarships are not based on financial need.
- BURSARY
A bursary is free money, that is awarded primarily based on financial need, but may consider academics or other criteria. Typically, a student will need to provide documentation outlining their financial situation when applying for the bursary.
- LOAN
A loan is financial assistance that must be repaid. Typically, you will need to provide proof of need by submitting official documentation. In Ontario, you can apply for a loan through the Ontario Student Assistance Program (OSAP). When you apply, you are considered for both loans and grants. When you graduate, or leave full-time studies, you will have six months before you need to start repaying your loan. During this 6 month period, you will not be charged interest on the Ontario portion of your loan, but will be charged interest on the Canada portion.
- GRANT
A grant is free money that is based primarily on financial need, but academic achievement may also be considered. Typically, you will need to provide proof of need by submitting official documentation. When you apply for financial assistance through OSAP, they will consider both grants and loans when reviewing your application.
OSAP - Ontario Student Assistance Program
OSAP is a financial aid program that can help you pay for college or university. OSAP offers funding through grants (money you don’t have to pay back) and loans (money you need to repay once you’re done school. When applying for OSAP you are automatically considered for both grants and a loan.
The Scholarship and Trades Report
All Maple Ridge Students and their families have access to The Scholarship Report and The Trades Report. These contain valuable information on Post-Secondary planning such as Ways to Pay for School, Scholarship Deadlines, Application Tips, Monthly Checklists and SO MUCH MORE! This is an excellent go-to document for all families considering attending college or university. Every student can access the reports through the Guidance D2L page.
Scholarships Requiring Nominations
Some scholarships require students to be formally nominated by their school in order to apply. In these cases, the number of nominations a school can submit is extremely limited. Students who wish to be considered for nomination must submit their name to the Guidance Counsellor responsible for the scholarship portfolio at least three weeks before the application deadline. If the number of interested students exceeds the available nomination slots, a school-based review committee will be formed to select the final nominee(s).
Scholarship Sites to Consider