Many Canadian financial institutions offer a student line of credit for those who may not be eligible for student loans or who demonstrate a need for financial aid above that which they’ve already received. Eligibility requirements, interest rates and maximum credit limits vary from bank to bank.
In general, students only have to pay interest owing each month while still in school and most banks offer a 12-month “grace period” where interest on the principal borrowed does not have to be paid. Once the 12-month grace period ends, you start making monthly payments on the principal you borrowed. Visit some of the following banks to get more information:
You can also contact a Financial Aid Officer at Academy of Learning College Bay & Queen Campus to learn more about a student line of credit or any of the other financial assistance options that you may want to pursue. Invest in your future today!
The Canada Ontario Job Grant (C.O.J.G.) provides an opportunity for employers to invest in their workforce with help from the government.
The Job Grant will provide direct financial support to individual employers who wish to purchase training for their employees, and will provide up to $10,000 in government support per person for training costs.
To learn more about the Job Grant, download the guide by clicking on the link below:
Academy of Learning College Bay & Queen Campus provides interest-free financing to students who have no other available options. Contact us for more information. One of our Financial Aid Officers will help you determine if you qualify. Invest in your education today!
- Author Barry Finlay
The most common option for Ontario students to finance their education is through the Ontario Student Assistance Program (or OSAP). OSAP is a student loan provided by the provincial government for qualifying Ontario residents who need financial help to begin or continue their studies. Canadian citizens, permanent residents and protected persons may be eligible for OSAP. (Note that persons studying in Canada on a study permit are not eligible for OSAP). The amount you’re eligible for is determined by a variety of factors: your marital status, your course of study, the length of your program, your family’s financial contribution and more.
You can visit the Ontario government’s page on Student Assistance to learn more, or go through the following FAQ, which addresses the most commonly-asked questions related to OSAP.
Please click on the questions below to get your answers!
OSAP, otherwise known as the Ontario Student Assistance Program, refers to provincially and federally funded student financial assistance in Ontario.
You should apply as soon as possible to avoid missing the deadline. If you need any help with your application,contact one of our financial assistance consultants, who will be more than happy to guide you through the procedure.
OSAP is only available to Ontario residents. If you live outside Ontario, you must apply to your home province for a student loan.
While you are a full-time student, there’s no interest charged to you. It is important to note that you alone are responsible for ensuring that your lending institution is kept informed of your registration status. If you do not negotiate a Canada Student Loan/Ontario Student Loan in each term of your studies, then you must complete a Continuation of Interest Free Status Form and submit the form to the Student Financial Aid Office. This will advise the lending institution that you are registered in school full-time. You must complete a Continuation of Interest Free Status Form for each study term that you are attending school full time and not receiving OSAP loans.
If you withdraw from your program, or stop attending classes, your application will be reassessed and your original OSAP entitlement will be recalculated based on the number of weeks you were in attendance. You will immediately lose your interest-free status on your Canada and Ontario Student Loans, and you must make arrangements to begin repayment of your outstanding Canada/Ontario Student Loan debt six months from the month in which you ceased full time attendance. If you return to school within the six-month period and you notify your lending institution of your registration status, your loans will return to interest-free status.
If your SIN card is lost or stolen, you can order a new one at any offices of Human Resources Development Canada.
You will receive a receipt for your card but the actual card will be mailed to you.
If you have any questions not covered here, please contact Academy of Learning College Bay & Queen Campus for more information on OSAP. We’re always available to help!
The Lifelong Learning Plan (LLP) is a financial assistance option that allows individuals to withdraw funds from their Registered Retirement Savings Plan (RRSP) in order to finance training or education. This money can be used to finance your own education, or that of a spouse or common-law partner.
To be eligible, you must complete and send an income tax return every year until you have repaid all of your LLP withdrawals or included them in your income. You must also be enrolled at Academy of Learning College Bay & Queen Campus in a qualifying educational program.
Other criteria may apply, so contact one of our Financial Aid Officers to learn more about the Lifelong Learning Plan and see if you’re eligible for this program. They will also help you determine how much you are able to withdraw from your RRSP and answer any questions you may have about the program.
You may also visit the Canada Revenue Agency website for more details on how to make the Lifelong Learning Plan work for you!
If you have been named a beneficiary under a family member’s Registered Education Savings Plan (RESP), you can use the funds from the RESP to finance your education.
REGISTERED EDUCATION SAVINGS PLANS (RESP)
Students who have been named a beneficiary under a family members Registered Education Savings Plan (RESP), may use funds from the RESP to finance their education.
Upon enrolling in a qualifying educational program - a course of study that lasts at least three consecutive weeks, with a minimum of 10 hours of instruction or work per week – the beneficiary will become eligible to receive payments from the RESP to help cover the costs of education. All Academy of Learning College diploma programs are qualified educational programs.
- Malcolm X
Laid off? Unemployed or under-employed? Looking for a new career? Need to upgrade your current skills? Better Jobs Ontario is an Ontario government program that can help you. Academy of Learning College Bay & Queen Campus will assist you in getting into this program so you will be able to:
Better Jobs Ontario helps people get the training or education they need to get a good job. It provides financial help up to $28,000 to pay for tuition and things like:
Better Jobs Ontario starts with a visit to an Employment Ontario assessment centre.
A counsellor will talk to you about your goals, and the kind of help you need. If Better Jobs Ontario is the right choice, the counsellor will help you prepare a training plan and apply for Better Jobs Ontario.
Our own career consultants will help you get started and provide ongoing advice.
Your counsellor will want to know about:
This will help you and your counsellor think about the kinds of careers you would enjoy, and be successful at.
If you think Better Jobs Ontario might be right for you, visit an Employment Ontario assessment centre and learn more. You’re also welcome to call Academy of Learning College Bay & Queen Campus at 647-560-8545 or use our online form to request further information.
For more information about how you can benefit from the Better Jobs Ontario Strategy, call us at 647-560- 8545, or use our online form to request more information.
Financial assistance may be available for out of province students who qualify. For a list of provincial offices, please visit the Government of Canada website at: Student grants and loans – Apply with your province - Canada.ca To learn more about any of the many financing options available, please contact us to speak to a Financial Aid Officer.