Going back to school to pursue a new career is an exciting opportunity. Of course, it’s understandable that such a big decision also comes with a lot of questions, especially where finances are involved. Fortunately, financial issues don’t have to prevent you from achieving your goals. There are multiple options for you to turn to that can help fund your education.
If you’re looking to turn your aspirations into a new career, there are several resources you can use to help you meet your financial needs. Here are five ways you can fund your education.
Speak With the Financial Advisors at Your Career College
As you try to decide how best to fund your education, your first course of action should be to contact your school’s financial assistance department. These experts are familiar with the many options available, and can help you find a solution that best fits your needs.
At Oxford College, our financial aid department is who you should contact for an appointment. An advisor from the department can help you determine which aid options will work best with your individual needs and financial situation. These advisors will respond to any questions and concerns you may have, help you sort through your options, and act as a source of support while you apply for financial aid.
Scholarships Are An Excellent Source of Financial Aid
A potential disadvantage to receiving financial assistance is that these funds may have to be repaid in the future, depending on the type of aid received. However, applying for scholarships gives students the opportunity to earn money for their studies without owing anything afterward. For example, if you want to train for a career at Oxford College, you might qualify for one of our two sponsorships: the Ian Campbell Memorial Scholarship Award and the Future Massage Therapist Scholarship. If you receive one of these scolarships, that’s money you won’t have to pay back.
The Ontario Student Assistance Program (OSAP) Could Also Be an Option
If you qualify, the Ontario Student Assistance Program (OSAP) is another source of financial assistance you could use during your studies. Eligible students can use the program to assist them in paying for various educational expenses (e.g. tuition, student fees, supplies, books), providing them with money in the form of either a student loan or a grant. Career college students qualify for OSAP if they are Canadian citizens or permanent residents/protected persons, are not relying on other forms of aid from the government, and meet several other important criteria.
Second Career: Another Program Worth Considering
Some students may be resuming their studies after becoming unemployed or being laid off within the past year. For those who fit under this category, and who want to start training for a new career, the Second Career program might be the right choice. With this Ontario government program, students can gain up to $28,000 to pay for educational expenses like tuition. This amount can also cover living allowance, child care, and transportation costs.
There Are Several Other Types of Plans Students Could Use
Although each of the resources listed above are excellent options, they aren’t necessarily the be-all, end-all for those needing financial assistance. For example, Oxford College offers and/or accepts multiple other plans for the needs of different students. These plans allow students to register under their family’s plan (Registered Education Savings Plan), use funds from their RRSP to fund their studies (Lifelong Learning Plan), or pay without interest every month during their program (Flexible Monthly Payment Plans). Students can also apply for a line of credit, with which they can receive student loans via their bank.
Do you want to begin your career training in Ontario?
Contact Oxford College today to learn more!