8 Ways To Pay For Your Education AbroadKehinde LAWAL
How will you pay for your education?
For most students, money for education tends to come from many sources including scholarships, bursaries, part-time employment, and student loans. In preparing for university, you’ll want to research all available sources of funding and develop a plan to finance your post-secondary education.
Funding sources to consider:
- Scholarships – Scholarships are money awarded for academic merit. For some scholarships, assessment is also based on other criteria such as community involvement, leadership and/or financial need. Scholarship amounts range from $500 for one year to $40,000 over four years.
- Bursaries – A bursary is an award granted on the basis of financial need.
- Canadian Student Loans – Government loan programs for Canadian citizens and permanent residents are intended to supplement the financial resources of students and their families. These loans come from both the federal government and the provincial or territorial governments. Fill out an application for your home province/territory for each year that you are studying.
- U.S. Student Loans – Financial Assistance is available for Citizens and Permanent Residents of the United States. Dalhousie is recognized as a participant by the US Department of Education for the Direct Loan Programs.
- Summer job – Most students work during the summer to raise money for their education. Government loan programs expect students to save a percentage of this income and put it toward their education costs.
- Part-time work – Find a job on or off campus to help you fill in the gaps. If studying full-time, it is recommended that you work no more than 10 hours a week.
- Line of Credit (bank loan) – Many banks offer a student line of credit or bank loan. A line of credit gives you access to an agreed-upon amount of money which you can withdraw as you need it. You pay interest on the money you withdraw.
- Parents – Many students receive financial support from their parents or other relatives. It’s important for you to discuss your education plans and costs with your family. They may be able to help, even if it comes in the form of a loan.