Different Types of Funding Opportunities
What is your education financing strategy 🤔? For most people, it is simply savings. However, there are numerous other opportunities that you can take advantage of!! Woohoo!!
Here are other opportunities that you should be taking advantage of:
- Grant: an amount of money that is given to someone by a government, company, school etc. to be used for a particular purpose (such as scientific research or education). To be eligible to receive a grant, you may need to demonstrate financial need by taking out a loan.
- Bursary: an amount of money that a student is given to help pay for education. Bursaries are designed by schools to bridge the gap to help students pay for their education. For example, if my education for the semester is $5,000 and I received a $3,000-loan, I would be eligible to apply for a bursary from my school for $2,000.
- Scholarship: an amount of money awarded based on merit. They're given for all sorts of reasons! This may include financial need, your academic average, community leadership, heritage, the field of study, and so on.
- Loans (most commonly used loans by students are student loans): an amount of money lent (usually) by the government of Canada. To qualify for a loan from the government, you must be a Canadian citizen or permanent resident. This amount of money must be paid back. (Pro tip: GrantMe can help you manage and take full advantage of student loans!)
- Job: A part-time job is a great way to earn money while you are going to school or to save up for school! It will take some budgeting, but don't worry! We're here to help!