Need to Know, Weekly Featured Article

Financial Assistance Options that YOU NEED TO KNOW ABOUT

It’s no secret that school is expensive – especially in Ontario. In a recent report by Stats Canada, undergraduate students studying in Ontario paid an average of $7,180 in tuition during 2012-2013 – more than in any other province in Canada.

However, this doesn’t mean you will be stuck in a financial rut. With the pricey tuition also comes various forms of financial assistance, such as OSAP, the 30% Ontario Tuition Grant, other government loans and grant, and various awards, grants, and bursaries offered through York University.

RED Zone - 30% Ontario Tuition Grant

**IMPORTANT NOTE FOR OSAP APPLICANTS**
If you applied for OSAP and/or the 30% Ontario Tuition Grant before June 30, you are guaranteed to receive your money by the beginning of September. However, if you applied after that date, you may not receive it by this time. If you have not applied for OSAP already and you plan to, make sure to do it AS SOON AS POSSIBLE – remember, the sooner you apply, the sooner you should get your money in the fall.

If you are a permanent resident in Canada, there may be a form of financial assistance through the government that you are eligible for. For Ontario students specifically, OSAP and the 30% Ontario Tuition grant are both available for you to apply for. You should be elegible to get 30% off your tuition at York if you are a full-time student, if it has been less than four years since you left high school, if you are in an undergraduate program, and if your parent(s)’ gross income is $160 000 or less – to find if you are elegible, as well as to see if you are elegible for OSAP, visit osap.gov.on.ca. The best part about OSAP: you don’t start accumulating interest, and you don’t have to pay it back, until after you graduate. 

If you are a permanent resident in a province or territory other than Ontario, go on the York Univeristy Student Financial Services website to find some information about government assistance that you are eligible to apply for.

If you are not a permanent resident of Canada, there still may be forms of financial aid available to you as a student abroad. Students from the United States are encouraged to find out if they are elegible for student loans from the American government – visit sfs.yorku.ca/aid/usloans for more information, and to find out if you are elegible. Similarly, international students can try visiting the Global Education Website and clicking on Student Loans, in order to find various loans that might be available for them.

There are also many ways to receive financial aid through York University – York has millions to give away to those who demonstrate financial need, but also to those who demonstrate academic excellence. Any money you receive, you don’t have to pay back! Whether it is through a renewable entrance scholarship, through the York Tuition grant, or through the York University Student Access Guarantee (which will help make up the difference between the cost of school and the OSAP received by a student demonstrating financial need), there are financial aid options available to you, especially if you demonstrate financial need. 

The first and most important step, if you are looking to receive any award or bursary through York University, is to fill out the STUDENT FINANCIAL PROFILEThe SFP is an online module which usually takes about 15 minutes to complete. Upon completion, your information will be used to see if you are eligible to receive financial aid – whether that may be a scholarship, an award, a bursary, or a grant! It is not yet available to be filled out for the  2013-2014 Fall/winter session, however check back at the end of August, and make sure you fill it out – keep in mind that you should re-submit the SFP at the beginning of every academic session.

Still not sure if there is a financial aid option that is right for you? Make sure to visit the Student Financial Services website to find out more about grants, bursaries, scholarships, awards, and even on-campus jobs to further help you in funding your education.

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One thought on “Financial Assistance Options that YOU NEED TO KNOW ABOUT

  1. Pingback: Important Deadlines | Never Ignorant Getting Goal Accomplished

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