Career College Scholarships
Need money for school? Students applying to career colleges in Canada are eligible for an array of student scholarships, bursaries and loans for studies.
Scholarships and Bursaries
Scholarships typically range in value from $250 - $1,000 and are awarded to outstanding new students. Bursaries may also be available to students and are more typically based on a combination of academic achievement and financial need and/or achievement in other areas such as leadership and community service. These awards may be offered by high schools, colleges, professional organizations, local businesses and national chains, and charitable foundations. Many private career colleges also have internal scholarships and bursaries. This is made possible often thanks to monetary gifts and endowments from former grads to support the school: enrolling in a career college means becoming part of the community feeling and pride associated with it.
Student Loans
Student loans and grants are other types of financial aid to be considered. In Canada, there is no federal ministry for education; rather, education is governed at the provincial level. However, federal student financial aid is available across the country. Often payments do not begin until the student finishes the program, and the interest rate is commonly lower than for other types of loans. For students with no established credit record, it is usually easier to get student loans than other kinds of loans. The Canada Student Loan Program (CSLP) maintains a national list of private career colleges eligible for student assistance (schools must apply to become CSLP designated). You can obtain information on the Canada Student Loans Program from your high school career counsellor or the college's student services or financial aid department.
As well, each province has a program that offers financial assistance to students, and provincial aid may include special programs for students who are unemployed, financially disadvantaged and need training to find employment (for instance, Alberta's Skills Investment Program). Students may also be able to access EI Retraining Programs if they have been on unemployment insurance at any time during the previous three years. Provincial loans are available only to those private career colleges registered with their provincial education ministry.
In addition to government loans, some private career colleges either offer bridging loans for those waiting for their funding or have agreements with certain banks that offer special lines of credit for students.
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