A recent information session at Vanier Collegiate offered some valuable information to students facing the world of post-secondary education: where to find financial aid and how to use it.
A group of grade 11 and 12 students and a number of parents gathered to hear from local members of the Conexus Credit Union and from Christa LaPointe, a teacher at Vanier.
Average tuition for the 8-month post-secondary year, including the costs of living, range from an estimated $13,000 to $18,000. This amount, presenters were sure to emphasize, doesn’t have to come straight out of a student's pocket, as there are a number of aids available.
Conexus representatives outlined how RESPs are a combination of principle provided by the parents and supplemented government grants, and can cumulate for a number of years before being accessed. They also talked about the details of a student line of credit.
LaPointe, who has been offering advice to students about financial aid for years, gave an overview of the options available outside of a financial institution; government student loans are given based upon need, but can also be supplemented by grants that aren’t required to be paid back.
Scholarships and bursaries are another option and can be applied for throughout one’s education. Universities and trade schools have many financial awards available, as do a number of local service groups and companies. And, of course, she talked about the age-old tactic of working a summer job to prep some savings.
LaPointe has been hosting this information session for seven years at Vanier, and finds that those who attend usually walk away feeling more prepared.
“It just opened my eyes to things that I should be paying more attention to,” said Holly Beattie, a parent present at the session. “Like the fact that she won't be 18 so she won't be able to qualify for a [credit union] student loan until after [term has started]. So we will have to come up with her tuition ahead of time, so we've got a bit more time to prepare for that.”
One of the main points of the advice offered was to the students specifically: to be careful with your loan money, and only use what’s necessary because interest accumulates quickly and quietly.
“It taught me to be safe with my money during school and to work as hard as I can, and to apply for as many things as I can,” said Maddie Sills, a grade 12 student from Vanier. “I thought it was really useful and it'll be helpful in the future too, knowing that you can apply for things as well in the many years of your university experience.”
LaPointe continues to offer the session every year because she feels that having the information benefits parents and students alike.
“Hopefully we alleviate some of the stress and at the end of this, connect them with the organizations that could be very useful for them,” said LaPointe. “Any little tips that we can give these students about how to manage their money, how to utilize and approach their education as an investment in their future, I think will only give back benefits and rewards to them, going forward.”
Questions about financial aid can be directed to appropriate counselors at your school, to experts at your financial institution, or to the government Student Loans line, at 1 (800) 597-8278.
