Consider the following resources as you do your financial planning for post-secondary education.  Use  the worksheet on the next page to calculate your expenses.

Money and youth

1. O.S.A.P.

The Ontario Student Assistance Program may assist you whether you are applying inside or outside of Ontario.  Applications are available in May and should be sent directly to the school of your choice once you have been accepted.  Your application will be assessed on your ability to make a financial contribution, based on the income and assets of both you and your parents.  Any money received from OSAP will be in the form of a LOAN which you will have to eventually repay.  Listen for announcements regarding Financial Planning and OSAP Information Sessions.  The OSAP Session is usually held in May.  If you have any questions about OSAP, contact Fanshawe 452-4280, U.W.O. 661-3775 or OSAP 807-343-7260. Website.

2. SCHOLARSHIP AND BURSARIES:

The universities to which you are applying offer scholarships and bursaries.  Scholarships are usually based on marks and participation.  Bursaries are based on need or participation. Advise your counsellor of each scholarship or bursary for which you would like to be considered.

University Entrance Scholarships are of two types: those that require applications and those that do not.  Many entrance scholarships are based strictly on marks and need no application.  You will be notified with your offer of admission.  The most prestigious scholarships usually require a very complex application and often have deadlines within the first semester.Bursaries are sometimes very obscure.  Ask your parents and relatives, your part-time employer, or the place where you volunteer.  The Service Clubs, companies, churches and social organizations to which you and your parents belong are often untapped sources of assistance.

Contests such as the Descartes given by the Mathematics Department may be important criteria for some scholarships.  Make sure that you write them.
 

TO APPLY FOR A SCHOLARSHIP:

a. Obtain an application (from the university, college, company, your guidance counsellor)
b. Prepare a list of awards, certificates, letters of reference, work experience, etc.
c. Prepare a resume to include chief interests, extracurricular activities, community achievement, significant accomplishments, paid jobs, volunteer work.
d. Do all your work in rough copy.  Check spelling, grammar and sentence structure.
e. Be aware of deadlines!  These are YOUR responsibility!
 
 

CALCULATING YOUR POST-SECONDARY EXPENSES

Use the following chart to research the costs of attending a post-secondary institution.  There is a space to compare three schools.  Your can find this information in INFO, college and university catalogues, and from liaison offices.
 
 

EXPENSE ITEM	DESCRIPTION	1ST	2ND	3RD
Tuition	This varies from school to school and varies with program.
Student Activity Fee	Usually includes student government and athletic fees.
Books	It will depend on whether you buy new or used ($500-$1000).
Additional Program Costs / Supplies	Photography / art supplies, etc.
Housing	Will you live at home, residence, apartment, room and board?
Telephone	Do not forget long distance calls.
Utilities, Cable TV	Heat, electricity, water
Food	Cost of meal plan if you live in residence, groceries.
Laundry, Dry Cleaning	Washers and dryers take a lot of loonies.
Transportation local and travelling home	Bus pass?  Your own car? How will you travel home?
Entertainment	Movies, restaurants, concerts, etc.
Gifts, Hobbies	Cards, birthdays
Personal items, other	On what else do you spend money? eg. clothing, gifts
TOTALS	Compare the total for each of your choices.

Scholarships - In determining eligibility for scholarships , colleges/universities look at your secondary school marks and, in some instances, extracurricular involvement.  Several colleges/universities require that you apply and participate in competitions for entrance scholarships.  At a number of colleges/universities you are automatically considered for entrance scholarships.

What type of scholarship plans are offered at the colleges/universities I am considering: automatic and/or applied; entrance or continuing?
 
 

Co-operative Education Programs - Co-op Education offers you a unique opportunity to gain valuable work experience while earning money to help finance your college/university education.  Check out the availability of these programs at different colleges/universities.

Which colleges/universities offer me a Co-op program with YR 1 entry or by re-application?
 
 

Answers to Frequently Asked Questions ...

Who can help me to plan my finances for college/university?
Colleges/universities have financial aid offices staffed by counsellors to help you and your family with any questions about the financial side of things.

Will I be able to find a part-time job?
You may find that a part-time job can help to balance your budget at college/ university.  We recommend that, when possible, you delay looking for a part-time work until you’ve settled into your academic program.  You’ll have a better sense of “free” time. If you are interested in a work study bursary, however, you will have to apply during September.
 

Back To The Grad Planning Guide