Budgeting for Post-Secondary

Once the decision has been made to attend college, the next thought is often - “How will I pay for school and still pay my bills”? There are a number of options available for funding your post-secondary education. It is important to identify sources of income and determine which will best suit your needs.

Education funding falls into 4 categories:

1. Personal
2. Financial Institutions
3. Government Programs
4. Awards, Scholarships & Bursaries

Personal Funding

Savings

New and returning students are expected to invest in their education, even if they are applying for a government student loan. Depending on the type or level of funding you require, you may have to meet a certain amount criteria. It is best to research this to assist you in your job search. This may also include such things as RRSP’s, GIC’s, RESP’s, etc.

Employment

Part-time employment can provide an excellent source of additional income while attending school. Depending on the program and the amount of your earnings, you may be able to retain most or all of your income.

Parental Contribution

If you have recently graduated or left school, parental contribution is expected. The contribution will be assessed based on parental income. Even though you may be 18 or older, you may still be considered a dependent of your parents.

Financial Institutions

Most of the major financial institutions have funding for students in the form of a personal student loan or line of credit. The loans are required to be paid back to the financial institution and often require some form of payment while attending school. This is a good alternate if you are choosing not to access a government student loan. Contact your financial institution for more information. Links to their websites are listed below for convenience.

Royal Bank
Credit Unions
CIBC
Bank of Montreal
TD Canada Trust
Bank of Nova Scotia
Citizens Bank of Canada
Hong Kong Bank of Canada

Government Programs

Great Plains College works closely with a number of government funding programs and can assist you navigating the required forms that must be completed as part of your application. In addition we provide the necessary documents to confirm enrollment when attending our institution.

Saskatchewan Student Financial Assistance

As a resident of Saskatchewan, student loans are provided as a combination between the Government of Canada and the Government of Saskatchewan. Application packages are available at all regional college locations. In addition, you can access the required application forms on-line at www.student-loans.sk.ca
Student loans are generally available to students who have been accepted as full-time students (min. 60% of full course load), although part-time loans may be available to those with a course load between 20% and 59%. Students must have a Course Information Form completed by Great Plains College and submitted with their application. The assessment is done through the Student Financial Assistance Branch in Regina, SK and a schedule will be sent directly to the student. Once the schedule is received, the student must bring it to the college to be signed to confirm enrollment. Under the new regulations, these forms must be taken to a specified Canada Post Outlet or National Student Loan Service drop-off kiosk.

National Student Loans Service Centre

The Canadian and Saskatchewan governments offer a combined student loan system for those loans issued after August 1, 2001. The website offers information on how to process, manage, and repay your student loan. The Canada and Saskatchewan Integrated Student Loan Program is designed to assist those students entering a post-secondary program and is not intended for high school upgrading.

National Student loans website

Provincial Training Allowance (PTA)

The Provincial Training Allowance (PTA) is grant funding with the costs of living for low income adult students enrolled in basic education and bridging programs. In addition, the PTA provides assistance for Quick Skills Training of four to eleven weeks for program not funded by student loans.

PTA is assessed based on financial need and family size. A student is eligible to apply for PTA assistance after being accepted into a PTA eligible program.

Skills Training Benefit (STB)

The program may provide financial assistance for current employment insurance (EI) recipients and those that have received EI benefits within the last three years (5 years for maternity leave). STB offers financial support to assist in training related costs and to obtain training that will lead to employment. More information on this program can be found here.

Employability Assistance for People with Disabilities (EAPD)

The EAPD program provides funding to assist adults with disabilities to prepare for, secure and maintain employment. Various supports are offered, including training-on-the-job, vocational and work assessments, psycho-educational assessments, job coaching, support for employers and disability-related costs in a wide variety of post-secondary education and training programs.

Funding must support residents of Saskatchewan ages 18 to 64 who, because of a disability, will require extraordinary supports to secure or maintain employment.

Applications will be received from a Career or Vocational Counselor, working with or on behalf of an individual. Please contact Student Services for more information.