At Gateway College, we recognize both the importance of a post-secondary education as well as the challenges of financing your education. The following financing options are available to our students:
Gateway College offers payment plan for those who qualify. Please contact our admissions office at 604-738-0285 for more information.
Your home province administers both your provincial and Canada student loan. While you are a full-time student, you are not required to pay interest. You can devote yourself to your education instead. The program is available to Canadian citizens and permanent residents only. For more information, visit the Ministry of Advanced Education (http://www.aved.gov.bc.ca/studentservices ), BC’s financial aid division.
The Millennium Scholarship
Student Aid recipients with former post-secondary education may be eligible to receive this scholarship from the Government of Canada.
You may be able to apply for funding through Human Resources Development Canada.
A Line of Credit from a Local Bank or Credit Union
Many banks, such as Bank of Montreal, Royal Bank and TD Canada Trust, offer a student line of credit. Check with the loans department at your bank or credit union to see if you qualify.
Awards and Bursaries
Winning academic awards always looks great on the resume. The downside is that the awards can be competitive, and you will spend significant time and energy filling out forms and applications on top of everything else you have to do. Still, there are many awards that lack applicants every year. Check for awards that have unusual criteria that will decrease the applicant pool. For example, your parents may belong to a professional organization or a union that runs a special bursary fund.
A database of scholarships in Canada
Canada’s free scholarship service
BC Awards Online
A database maintained by Greater Victoria School District. Directed towards secondary school graduates going on to post secondary work.
This is one of the best ways to finance your education. You gain experience while working in the field. You finish with an education and experience and no debts and you have a career to boot. Does it get any better than that? The one problem is that you may be burning the candle at both ends and won’t have much of a life outside of studying and working. The other catch is that you usually have to be in the profession already and be someone that the firm wants to make a long-term investment. In other words, it is a difficult position to find yourself in. But if you are networking and calling up people in the field you hope to join, these opportunities may arise.
If you can manage to save for your education on your own, you will minimize or eliminate the burden of debt. The difficulty is that you may be saving for a long time before you can go to college. The more you work in your chosen profession, the more experience you get and the greater chance you have for advancement. Also, the longer you spend at earning a higher wage, the faster you will attain other financial and lifestyle goals. This is very important to remember if you are taking the education so that you can improve your earning ability.
Borrowing from Personal RRSP
You can borrow from your RRSP to help pay for your education.
Borrowing from Friends or Family
If you can make an arrangement with friends or family, it is a good way to go. The interest rate should be better and payment terms will be more flexible. The downside is that it may place stress on your personal relationships.
If you have questions about financing or any other questions about Gateway College,
please contact us at (604) 738-0285 or .