Financial Realities for PostSecondary Students: Challenges

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Financial Realities for Post-Secondary Students
Challenges Opportunities
Presented by Leanne Tielmann UFV Financial Aid
Awards Office
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Questions Decisions

• How am I going to pay for school?
• What do I need to consider when planning a budget
  for my education?
• Tuition
• Books
• Transportation
• Living
• Quick easy budget planner atwww.canlearn.ca

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Budgeting

• Keep a simple notebook for expenses and income
• Savings, savings, savings
• Use budget website
• Canlearn website www.canlearn.ca
• Enter accurate figures for costs
• Recalculate as needs change
• Use this site to get an idea of what you may be
  eligible for from student loans

Read the Debt Free Graduate by Murray Baker
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(No Transcript)
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What will it cost?

• Tuition 116.63 per creditusually 3 or 4
  credits per course
• Full Time Tuition average
  3600/year 2 semesters
• Books, Supplies, Feesaverage 1350/year 2
  semesters/full time
• Save hundred - buy used books,
  share rent or live at home

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Paying for it all
Paying for it all

• Thousands of in UFV Scholarships
• Deadlines usually April or May
• Visit your Counselling Centre for apps
• See www.UFV.ca/scholarships for listings
• UFV Financial Aid Awards Office
• Info about grants loans demonstrate need
• Application process when? where?
• Online applications at www.studentaidbc.ca

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Government Funding Opportunities

• SABC Student Aid BC
• CSG HNPT Canada Study GrantHigh Need
  Part-time
• CAG PD Canada Access Grant for Students with a
  Permanent Disability
• ABESAP Adult Basic Education Student
  Assistance Program

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Pathways to Funding

• Scholarships
• Bursaries
• Passport to Education
• RESP Registered Education Savings Plan
• RRSP Retirement Savings Plan
• Employment
• Student loans
• Student Line of Credit through your bank or
  credit union

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Scholarships

• Based on Merit
• Demonstrated academic excellence
• Other specified qualities
• Service
• Leadership
• Research

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Scholarships

• UFV Presidents Entrance Scholarships
  Available to graduating students from BC high
  schools 4 available
• 4000 2,000 towards tuition in the first
  semester and 2,000 towards tuition in the
  second semester
• Renewable for up to three additional years to a
  maximum of 16,000
• Must be accepted to UFV - see website for
  criteria
• Applications submitted to Financial Aid and
  Awards Deadline is April 2009
• UFV Excellence Entrance Scholarships
  
  Available to graduating students from FV high
  schools 31 available
• 3000 1,500 towards tuition in the first
  semester and 1,500 towards tuition in the
  second semester
• Must be accepted to UFV see website for criteria
  
• Applications submitted to your Counselling Centre

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Scholarships

• Millennium Excellence Awards
• Up to 5,000
• May be renewable for up to 3 years
• Deadline December 2008
• 80 UFV course load required
• www.millenniumscholarships.ca
• Garfield Weston Merit Scholarships
• Tuition at UFV for diploma programs some
• applied degrees, plus up to 8000 per year
• May be renewable for up to 2 years
• Applications available January 2009
• Deadline April 2009
• www.gwmsc.ca

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Bursaries

• Based on Financial Need
• UFV Bursaries
• Must be attending UFV
• Must have UFV GPA of 2.0 or C average
• Must have made use of all other sources of
  funding
• Fall applications Sept 30 until Nov 30
• Winter applications Jan 30 until March 31
• Summer applications May 30 until July 31

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Other Sources of Funding

• Passport to Education
• Earned in Grade 10 to 12
• Worth up to 1000
• Must be used to pay tuition at the Registration
  Office
• May be used up to 5 years after high school
  graduation
• Provincial scholarships
• 1000 based on provincial exams
• Bring to Financial Aid to process

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Registered Education Savings Plans

• Paid into by parents, relatives or friends
• May be taken out after classes start
• Obtain form from the company holding the RESP
  and take it to the Registration Office for
  signature
• Need to be in a minimum of 9 credits or full
  time studies

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Registered Retirement Savings Plans

• Lifetime Learning Plan
• Borrow money from your RRSPs
• May be used to fund your education
• Interest free if repaid on time
• Must repay RRSP within 10 years

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Employment

• Try to work in the summer
• Make studies your priority
• Consider working on campus for flexible,
  convenient jobs related to your educational goal
• Jobs posted first week of class
• Check out the Career Centre on the UFV website

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Student Loans

• Available to students in financial need
• Apply online at www.studentaidbc.ca
• Complete the information accurately
• Must be registered in at least nine
  post-secondary credits
• Keep a file of all information and documents
• Update address as needed
• Tip Keep vehicle purchase or lease under
  5,000 value

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Loan Reduction Program

• Introduced September 2005
• For programs of at least 2 years in length
• Students with an assessed need of over 225 per
  week will receive a loan reduction amount will
  vary each year
• Must have successfully completed 9 credits for
  each of 2 semesters

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How can parents help?

• Accommodation
• Food
• Computer internet connection
• Transportation
• Support
• Help out as you are able
• Encourage a debt free option as long as possible

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Contact Us

• Chilliwack [phone]
• Janet Robinson
• Abbotsford [phone]
• Carol Ambridge
• Lorraine Bingert
• Lisa Bohn
• Sandy Bishop
• Leanne Tielmann
• Web Site www.ufv.ca/fineaid