With summer in full swing, and September shortly on the horizon, one thing that may be starting to creep in your mind is your educational future. While students of all ages will be going back to school in a matter of a few short weeks, education is an inevitable and fast approaching reality.
For those students who are considering attending post-secondary education – another reality that will set in is also likely to be how they will go about affording their tuition. Of course, this can be a cause of stress for many families and individuals as they seek out methods of post-secondary funding.
Fortunately, there are a variety of methods of securing this funding and thinking and planning ahead for this education as early as possible is the best way to ensure you or your child can successfully pay for a future at a post-secondary institution.
Here are some sources of post-secondary education funding worth your consideration.
A Registered Education Savings Plan (RESP)
If you are able to plan ahead of time, a resourceful method of obtaining the money your child will need for their education is to open a RESP. For this tuition source, parents can put money into an account for their children starting at an early age. When the time comes for their post-secondary education, this money can be accessed and used towards their tuition.
A Government Student Loan
A government loan, is also another common method of securing the necessary post-secondary education tuition. Both the Canadian as well as the provincial governments offer student loans to those pursuing post-secondary careers. Of course students must thoroughly apply for these loans and there are several eligibility requirements that must be met. With that being said however, a student loan can be an excellent way for students to achieve higher education, also offering an affordable repayment plan for many.
Scholarships & Bursaries
If an RESP or a student loan are perhaps not the best option for you or your child, another alternative tuition source is looking into applying for a bursary or a grant. Scholarships, bursaries and grants, are also readily available and typically given to students the meet various academic and community achievements, as well for those requiring financial assistance.
Personal Loans & Student Lines of Credit
Another route to go about obtaining money for post-secondary schooling is to look into securing a loan or line of credit from a financial institution. Many institutions provide various personal loans designed to support students as they take steps to earn a degree at the post-secondary level. These loans can offer suitable credit limits, while also taking into account that fact that this is likely to be a student’s first experience with managing credit. Students will also want to be responsible in paying this back, however it is yet again another effective method of obtaining the education that many student’s are seeking.
Personal Savings
Lastly, if any of the above-mentioned sources are not an option for individuals and they have the ability to do so, saving this money in advance can help towards student tuition. Part-time and summer time employment can be a method of earning some of this money. While students are saving towards their post-secondary education, perhaps opting to place this money into a tax-free savings account (TFSA) is a good way to house this money while working towards saving for the next chapter in their schooling.
In the end, there are various avenues for seeking out the financial resources students (or their parents) need to move forward with their educational goals. By examining these options and doing a little bit of research, one or more of these methods can be a realistic payment option and method of entering into post-secondary education.
