Financial Wellness
Not sure where to start? Start Here!
Costs Vs Resources
These are words we hear all the time but what do they really mean? A cost is something that you spend money on like Tuition, Rent, Cell Phone bill, etc. Another word you can use for this is 'expenses'. On the other hand, there are resources. A resource is something you can use to pay for those costs. A resource can be your savings account, OSAP funding, part time job income, parent financial contribution, etc. Knowing the difference between what your costs and resources are will help you stay in charge of your finances and give you the ability to start budgeting. The costs of attending University can sometimes be daunting but understanding your resources can make the financial side of school a lot less intimidating!
Budgeting
What is it budgeting and how do I do it? These are questions we hear all the time! Budgeting, in simplest terms, is understanding how your money is earned, saved and spent. If you are a student receiving OSAP, it is incredibly important to develop basic budgeting skills to feel confident that will have enough funds to get you through the school year. Financial stress often stems from not being comfortable with budgeting and trying to ignore the reality of finances. Some students like to do a weekly budget where others may like to do a monthly or semester-based budget. Either way, you can access information on budgeting and navigating finances for students (https://www.canada.ca/en/services/finance/educationfunding.html) and an online Budget Planner (https://itools-ioutils.fcac-acfc.gc.ca/BP-PB/budget-planner-tool) to help you.
The financial aid team at Trent is happy to help discuss budgeting with you as well!
OSAP
The Ontario Student Assistance Program (OSAP) is a financial aid program for Ontario students that provides funding through grants and loans. Grants are FREE money that you do not have to pay back and LOANS are required to be paid back starting 6 months after you stop being a full time student. Our office encourages all students to apply so that they can see what they may be eligible for. You can apply at www.ontario.ca/OSAP and find more detailed information on our site at: https://www.trentu.ca/studentfinances/osap-out-province-work-study Students should be applying for OSAP before they start their classes and ideally as early as June for the September semester.
Scholarships
Scholarships are awarded to students based off of their grades. It is important to understand what makes you eligible for a scholarship, how to renew (keep) your scholarship as well as how to apply for scholarships outside of Trent University. You can find all of this information on our page at: https://www.trentu.ca/studentfinances/scholarships-awards-bursaries/entrance-scholarships.
Bursaries
Sometimes overlooked by students, a bursary is FREE money that comes from Trent and its donor community. Bursaries are awarded to students based on financial need and requires submitting a bursary application via the myTrent portal. The application is posted the first week of every term on the myTrent portal for students taking classes that semester. Bursaries are smaller amounts of money compared to OSAP or Scholarships but are a great opportunity for a little extra funding when students are in need. Our bursaries are open for application during these times:
- September (fall semester)
- January (winter semester)
- May (Summer term 1)
- June (Summer term 2)