Post-Secondary AwardsScholarships and OSAP

Overview

1. The Investment2. Terminology2. Myth Busting3. Funding Sources4. Unicorns 5. Scams6. Our choice7. Final Word

The Investment● You can access more specific jobs

Many careers specify particular degrees or diplomas as a job requirement

● You can increase your earning potentialStatistically, graduates of post-secondary programs make more money over their lifetime. In Canada, on average, university graduates make a million dollars more over their lifetime than non-graduates.

● You will gain transferable skillsDeveloping social skills, meeting deadlines, conducting research, writing essays and completing assignments, working under pressure and meeting deadlines are all skills highly valued by employers.

● It makes you more employableIn most North American regions, university and college graduates have significantly lower unemployment rates than for those who did not complete post secondary.

The Investment

Like any investment, there may be significant costs; however, the potential

investment makes it definitely worthwhile.

The point of this presentation is to learn about how you can fund your education while

minimizing your student debt.

Cost of living away from home and attending university. Costs would be about $3000 less for college and about $12000 less for students living at home.Graphic: Maclean’s Magazine 2018

Terminology

Academic Award - May be monetary or a non-monetary gift.

Bursary - ‘Free Money’ usually based on financial need or other criteria such as community involvement or leadership. Students usually need to apply for bursaries.

Scholarship - ‘Free Money’ based on merit - such as academic achievement or other criteria. Some - like entrance scholarships - may not require an application.

Student Grant - ‘Free Money’ from the government based on financial need. When you apply for a student grant you are also assessed to receive a student loan.

Student Loan - A loan from the government that accumulates interest after graduation. You do not have to accept the loan if it’s offered. Some financial institutions offer student loans - but unlike government loans they require interest payments (but not on the principle) while at school.

Only super smart and athletic kids who fight rain forest fires in their spare time get scholarships.

While academics are important for many scholarships, most look at community involvement too. Playing on teams or being involved in clubs may demonstrate leadership skills favoured by some scholarships; however, many scholarships look at financial need or the applicant’s heritage.

Millions of dollars in scholarships go unclaimed every year.

This makes it sounds like scholarships must be easy to get - but they are not. Many colleges and universities have scholarships that go unclaimed because they have narrow criteria that might not be commonly met. Once you’ve accepted an offer, be sure to look thoroughly at the many scholarships your chosen school offers as you may be a match. (*Pro Tip! The earlier you accept an offer, the earlier you may beat scholarship deadlines)

Getting a scholarship means your entire education is paid for.

There are almost no ‘free ride’ scholarships available. Even universities that offer free tuition for students with very high admission averages only cover the tuition and not ancillary fees, residence, books, software food etc..The reality is that students will need to rely on funding from many sources to support their education.

Scholarships are only for students going to university.

While many scholarships are for students attending university, most do not discriminate on where you attend. In addition, there are also scholarships that are specifically for students going to college as well as some that are there to only support students going into the trades.

It’s not worth my time applying for small scholarships.

There are many costs involved with post secondary beyond tuition. Residence, meal plans, books and transportation costs when added up are about double that of tuition. Every dollar will help offset your costs and reduce the debt accumulated by graduation. Also, your chances of winning smaller scholarships are statistically much higher than the large national scholarships.

Where do students get money from to pay for school?

Graphic: Maclean’s Magazine 2018

Family● There is a government assumption that parents will

financially support adult children in post secondary studies● Parental income is used to calculate OSAP● ‘Free Money’ in the form of the Canada Education Savings

Grant can be made available● The CESG is based on contributions ● made into a Registered Education● Savings Plan - the current maximum is

$7200 per child● 60% of families do not take advantage Of this opportunity● 33% of students receive no money

From their family to fund their studies

● Apply on or before June 30, 2020● May receive a loan or a grant and

a loan● Amount is based primarily on

family income and whether you will move away from home to attend school.

Additional support may be available for marginalized groups.

Almost 50% of students use OSAP to fund at least part of their studies

About 25% of students use OSAP for most or all of their expenses

A student moving away to college with a family income of $150,000

A student moving away to university with a family income of $150,000

Loan $4400

Tuition and Living Costs $ 18,200

Loan$2200

Tuition and Living Costs $14,600

A student moving away to college with a family income of $50,000

A student moving away to university with a family income of $50,000

Loan $7600

Tuition and Living Costs $ 18,200

Loan$5500

Tuition and Living Costs $14,600

Grant$5600 Grant $7100

Part time / Summer JobsPersonal savings from your part time and summer employment will prove invaluable to pay for your schooling. Almost 80% of students use some of their own money to fund their education.

Many colleges and universities offer employment to students in a variety of ways including working at school stores, leading tours or working at campus athletic facilities.

Summer will soon be twice as long since exams end in late April. Many students are able to work full time over four months.

Entrance Scholarships● ‘Free Money’ provided by universities - usually based on

your final average in June● In most cases, it is offered without any application● In most cases, it is applied to your winter term tuition● In most cases, it is based on your program prerequisite

grades● Sometimes it is renewable for up to four years if you

maintain your grades● Amounts vary by school and you will need at least an 80%

average

$5984

● Free tuition ● Renewable up to four

years with a potential of $24,000 total

$2500

● Renewable for up to four years with a potential of $10,000 total

$2500

● Based on program prerequisite marks and the next highest grades

$4000

● Based on top grade 12 U/M courses, not necessarily prerequisites

● Renewable up to four years with a potential total of $16,000

For a student with a final average of 95.7%

$1250

● Free tuition ● Renewable up to four

years with a potential of $5000 total

$1000

● Renewable for up to four years with a potential of $4000 total

$750

● Based on program prerequisite marks and the next highest grades

$1500

● Based on top grade 12 U/M courses, not necessarily prerequisites

● Renewable up to four years with a potential total of $6,000

For a student with a final average of 89.5%

$750

● Renewable up to four years with a potential of $3,000 total

$0

● Entrance scholarships begin at 88.0%

$0

● Entrance scholarships begin at 88.0%

$1000

● Based on top grade 12 U/M courses, not necessarily prerequisites

● Renewable up to four years with a potential total of $4,000

For a student with a final average of 81.2%

$0

● Entrance scholarships begin at 80.0%

$0

● Entrance scholarships begin at 88.0%

$0

● Entrance scholarships begin at 88.0%

$0

● Entrance scholarships begin at 80.0%

For a student with a final average of 79.5%

Uni

Unicorn ScholarshipsScholarships that often get a lot of interest, are very prestigious and generous - but statistically offer limited opportunity for most students. Some require school nomination.

Loran Scholarship - 35 awards of up to $100,000 plus another 103 entrance awards valued up to $5,000

TD Scholarship for Community Leadership- 20 renewable scholarships of up to $10,000 a year

Schulich Leader Scholarship - 50 scholarships valued at up to $100,000 for students going into STEM

ImpactWhen applying to scholarships, it is important to reflect and highlight the impact of your experiences and volunteerism. It’s not quantity - it’s quality.

Impact ● If a scholarship application requires a reference, you should meet with your reference at least two weeks in advance of when you need their letter.

● Provide the reference with an itemized list of accomplishments and achievements you wish them to speak to

● Ensure the list aligns with what the scholarship is looking for.

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Avoiding Scholarship Scams- Never provide financial information (except in your OSAP application)- Never pay to apply for a scholarship or pay for information about scholarships

- Many websites exist to be misleading or to collect data from you.

- Others may list legitimate scholarships but are also full of dubious opportunities and ‘clickbait’

This ‘scholarship’ is North American wide and doesn’t require you to be in school. It claims that if you register and take surveys that you’ll be entered into a draw for $500

This ‘scholarship’ claims it will give you $3 and up to $100 in gift cards or paypal credit after you complete numerous ‘surveys, diaries and webcam assignments and more’. You do not have to be a student.

The Scholarship Report: Our Choice Found on the Guidance page on The Hub, this is a publication that we subscribe to in order to provide access to a curated list of vetted scholarships.

● Tips and planning tools● Opportunities and

experiences●

● Pages of listings for current scholarships for Ontario students

● Listings of national Scholarships

● Great Tips on applying to Ontario schools

● Listing of contests and awards

● Opportunities for experiences

How to Apply for Scholarships● Read the criteria carefully ● If you require a reference or recommendation - give at least two

weeks and be sure to give them a list of your accomplishments.● If you require a transcript - please give Ms. Abbott 2 days advance

notice.● If you are looking to apply for a school nominated scholarship, let

your guidance counsellor know and submit your completed application package at least 2 weeks before the scholarship deadline (a committee meets to select the school nomination based on the application package - not the applicant)

Useful Links

www.osca.ca click ‘students’ then ‘scholarships and financial aidwww.electronicinfo.ca has a searchable scholarship database for university bound studentswww.ontariocolleges.ca click ‘choose a college’ then click ‘paying for college’www.canlearn.ca comprehensive website that provides post secondary financial informationwww.osap.gov.on.ca comprehensive website for governments loans and bursaries

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