Studying online is a great way to continue your education and earn a degree. The flexibility of online learning allows you to fit your studies around work and family life. There are many benefits to furthering your education and studying online. However, there are also things you need to consider before you jump in. Such as, can you afford to get your degree?
A degree is a large investment. Online degrees can be less expensive than studying on campus. They also have the perks of not involving the extra expenses for traveling to class or moving to where the university is. There are still tuition fees to pay though, and these can be a significant expense.
Luckily there are various types of financial aid available to help students cover the cost of tuition and living expenses. From student loans and private loans to bursaries, scholarships and grants, there are options for all circumstances.
So, there is really no reason to let the finances hold you back from getting that degree qualification you dream off!
Here are the financial aid options you may be eligible for:
Canada Student Loans
Canada student loans are provided by the Government of Canada to Canadian students. They can be used to help pay for education from “a designated college, university, or other post-secondary institution”. NAU Canada Online is listed on the International Master List of Designated Educational Institutions under National American University (code MPDZ).
The loans are based on your assessed financial need. Eligibility requirements and amounts offered depend on the province or territory the student is resident in. There are also some general requirements, which include the following:
- Students must be Canadian Citizens, permanent residents or a protected person
- Students have to demonstrate financial need
- If full-time, the student must be enrolled in 60% of full course load
- If part-time, the student must be enrolled in 20-59% of full course load
- Students over 22 need to pass a credit check
- Students must not have exhausted their maximum lifetime limit for financial assistance
You need to start paying the Canada Student Loan back 6 months after you graduate. There may be repayment assistance programs available depending on your situation.
Students need to apply to their resident province student financial service center to see if they can get a loan. When you apply for financial assistance you are automatically assessed for Canada Student Loans and Canada Student Grants.
NAU Canada Online can help you contact the relevant student financial service for your needs.
For students in Quebec, there is a student financial aid service. However, at the moment, they are currently not eligible for Canada Student Loan funding for programs offered via distance education. So, you may need to find another way to help fund your online studies.
If you are unable to qualify for a Canada Student Loan offered by the government or need a little extra funding to help you cover education costs, there are other options available. Such as applying for a private student loan from your local bank. These are similar to other loans, and you are expected to make monthly interest payments.
Many private banking institutions or credit unions offer loans specifically designed to help students. Here are some financial institutions you can consider:
Canada Student Grants
Students who are considered to have low-income or meet specific qualifications, such as permanent disabilities or caring for dependents, may be eligible for Canada Student Grants.
The Canada Student Grants are issued by the government. There are also private organizations that give grants to students that meet the specific criteria. It is worth looking into local options or talking to your university to see if there are any grants offered in your intended field of study.
You may be surprised how much help is available.
Scholarships are awarded based on academic merit and achievements and do not have to be repaid by the students. They are given to help good students succeed and encourage further development and education of future leaders in different industries.
There are scholarships available for undergraduate students, graduate students and postdoctoral studies in various subjects. If you have an exceptional education record or significant achievements in your field, you could qualify for a scholarship.
There are also several scholarships issued by private foundations or community organizations that help students who meet certain criteria. The qualifications can include academic achievement, but also recognize community involvement, ethnicity or residency in a particular community.
Scholarship awards are a wonderful recognition of your achievements and will go a long way to help you continue your studies.
Bursaries are similar to scholarships, as they do not have to be repaid. They are awarded to students based on academic achievement, positive involvement with their communities and acts of remarkable citizenship.
The government and also private organizations provide bursaries for certain students who qualify. The student’s financial need is assessed and taken into account when a bursary is awarded.
Ready to invest in YOUR future?
Studying for a degree is exciting and can set you up for success. With all the financial assistance options available for Canadian students there is no need to worry about the costs involved. Investing in your future can change your life for the better!
If you are fresh out of high school and excited to start undergraduate studies. Or want to further your career and take the next step with a Master’s degree, NAU Canada Online can help you achieve your education goals. With the flexibility of studying online, you can also continue to work to help with living costs and a loan or scholarship can help cover tuition fees if necessary.
If you want help finding out more about the financial assistance available to you, feel free to talk to our friendly staff at NAU.
You can call us on 855.210.5641 we will be happy to answer all your questions.