Do you dream of graduating college or university debt free? Well, when you begin applying to post secondary institutions of your choice, you can make your dream a reality by also applying for as many scholarships, grants and bursaries as possible. This is the best way to ensure you finish college and university with little or no debt at all.
Scholarships, grants and bursaries are offered by universities, colleges and community organizations and groups. They do not have to be paid back. The criteria for obtaining scholarships varies. Typically they are awarded for academic achievement. However, other criteria can include things like extra curricular activities and ethnicity. Grants are usually based on financial need.
Students may be eligible to receive Ontario Student Assistance Program (OSAP) funds. When a student applies for OSAP funds, OSAP considers family income, how many children the parents are supporting, how many of those dependents are enrolled in post-secondary education and the applicant’s savings. Based on all that criteria, OSAP will determine how much funding a student is eligible to receive.
OSAP does not have to repaid for as long as you are a full time student maintaining a 60 percent course load. You don’t have to make any payments or incur any interest. As soon as you stop being a full time student, the loan will start to accrue interest, but you are given a 6 month grace period before you have to start making payments.
Visit the following websites for more information about scholarships, grants, bursaries and loans.