The Dollars and Sense of your University Investment
Conversations about money can be tough. But there’s no better time than the New Year to sort out finances, especially when it comes to planning how to finance your university education.
Parents and students need to be upfront about expectations around money. In many cases, students are expected to contribute funding, whether from savings, employment income or other sources, so it’s important for families to be proactive and start talking about options and plans early.
Not everyone has been putting away money, whether into a Registered Education Savings Plan (RESP) or other savings account, but there are government grants and loans available to help families make postsecondary goals possible. The Ontario Student Assistance Program (OSAP), for example, offers a grant and loan program for Ontario students through a single application. Everyone is encouraged to apply as there is no cost to be considered for this funding.
Universities are here to help
Each educational institution also has their own programs for scholarships and bursaries, and Trent University has one of the best – in fact, Trent has been the #1 undergraduate university in Canada for scholarships and bursaries for an impressive 19 years in a row. Every year, we offer generous entrance scholarships and bursaries, as well as other prestigious scholarships and awards to students across our programs.
Trent also has on-campus employment opportunities in all areas and departments specifically set aside for students in need of additional financial support. These positions also provide students with key skills and prepare students for life (and career success) after Trent.
Establish and stick with a financial plan
The best advice for students? Spend time discovering the funding opportunities that are out there, such as eligibility requirements for grants and awards available in your program or paid internships, and take advantage of what is available. The earlier you know what funding is available, the sooner students and their supporters can identify and address any gaps, and then focus on the university learning experience.
Arriving at university with a financial plan will help you be successful in other areas of your educational journey. It is always great to hear from students who earned a scholarship or a bursary when they really needed it, or managed a part-time job in their field that they enjoyed.
Trent University is here to help. Contact our financial aid office (financialaid@trentu.ca or toll-free at 1.855.698.7368 x1524) or make a visit to campus. We will help you piece your unique puzzle together to give you a clearer look at your future.
Christopher Rooney is the associate registrar of operations & client services in the Office of the Registrar at Trent University. This article was originally published in Durham Metroland.
Posted on January 16, 2020