Financing a University Education
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The document discusses financing a university education, including: 1) Typical annual costs of tuition, housing, books, and other expenses range from $16,585 for on-campus housing to $23,185 for off-campus living. 2) Common sources of funding include scholarships, bursaries, OSAP student loans, bank loans, and part-time work. Scholarships are based on merit while bursaries and loans are needs-based. 3) OSAP is Ontario's student loan program which provides repayable loans and non-repayable grants. The work-study program offers on-campus jobs to OSAP recipients for up to 15 hours per week.
Financing a University Education
- 1. FINANCING A UNIVERSITY EDUCATION
- 2. Costs Sources of Funding Work Study and Part-time work Presentation Overview
- 3. Tuition & Ancillary Fees* $5,500 - $7,700 (depending on the program) Room and Board $7,485 - $8,190 (Double room in traditional residence; includes meal plan; telephone; internet) Off Campus Living $7,600 (estimate based on 8mos rent; shared accommodation; food; utilities; cable; laundry) Books and Supplies $1,200 (varies according to program) Personal Expenses $2,000 (Clothing; toiletries; hair cut; entertainment) Transportation (local) $400 Minimum Cost for One Academic Year $16,585 (if living on campus) * Tuition fee for International Students $14,841- $17,124 Costs
- 4. Sources of Funding Scholarships Bursaries OSAP Bank Loans Part-time work
- 5. Carleton University recognizes academic achievement by awarding entrance, in-course and departmental scholarships. Entrance Scholarships 80% average or higher when entering University Available for transfer students from other Canadian Universities No application required; if eligible - students will receive a scholarship offer with their offer of admission. Scholarships
- 6. In-Course and Departmental Scholarships If not awarded entrance scholarship and have A- average, awarded in-course scholarship for the year There are also numerous Departmental Scholarships awarded to students based on their academic standing and year of study How Scholarships are paid? Scholarships are first applied to your tuition fees provided you register for the full academic year Scholarships are paid/ issued in two installments: half in the fall session (issued on August 16th) and half in the winter session (issued on December 16th) Scholarships
- 7. Renewable Entrance Scholarships Paid over the first four years of undergraduate studies Must register in a complete full course load (min 4.0 credits in the fall-winter sessions) Maintain an A- standing (10.0 GPA or better) If lost one year, the scholarship can be regained in a subsequent year of your first four years of study Calculation of GPA for Scholarship purposes For the 2009/2010 academic year we will use grades from: Summer 2009 Fall 2009 Winter 2010 Based on your GPA, we determine if you will renew your scholarship for the 2010/2011 academic year. If you did not take any courses in Summer 2009, we will only use grades from the 2009/10 Fall-Winter study period. Scholarships
- 8. What is a Bursary? A bursary is a monetary award similar to a scholarship – the value does not have to be repaid. It is awarded primarily on financial need rather than academic achievement. All applicants who receive an offer of admission received information on “Financing Your Studies”, and the Entrance Bursary Program. The Entrance Bursary Application deadline is June 30, 2009 (students who have not applied by this date may still be considered for a bursary by completing the general bursary application available as of September) Bursaries
- 9. OSAP is the student assistance program administered by the Ontario Ministry of Training, Colleges and Universities Funded by the provincial and federal governments. OSAP provides loans, grants, scholarships and bursaries. A needs based program calculated by comparing your financial resources to costs Money can be used to assist with tuition, books, mandatory fees, living costs and transportation. osap.gov.on.ca OSAP
- 10. Step 1 Apply Early! Apply Online. Complete the online OSAP application at osap.gov.on.ca. and print out the Consent, Declarations and Signatures sections. Step 2 Send us your Consent Forms. Sign the Consent, Declarations and Signatures sections of your OSAP application and send the signed forms to the Awards Office as soon as possible. We cannot begin processing your OSAP application without them! Step 3 Respond to Information Requests. Once you have submitted all the necessary paperwork to the Awards Office, you should frequently check the status of your application until it has completed processing and a Loan/Grant Certificate has been issued for you. Respond promptly to any requests we may have for additional information or documentation. You can monitor the status of your OSAP application online at both Carleton Central and the OSAP website. You should also check your MyCarleton email account at least once a week for messages concerning your OSAP. How do students apply for OSAP?
- 11. Step 1 Confirm your Loan/Grant Certificate has been issued. Check the status of your OSAP application on Carleton Central. If your status is shown to be “Loans Received. File Processed” then your initial OSAP Loan/Grant Certificate is ready for you to pick up from the Awards Office as of September. Step 2 Consult the Release Schedule. To find out when you can come in to pick up your loan/grant certificate, consult the Loan/Grant Release Schedule posted on the Awards Office website early August. Step 3 Pick up your initial OSAP Loan/Grant Certificate. You must pick-up your Loan/Grant Certificate in person at the Awards Office (202 Robertson Hall) so that we may confirm your registration and review the document with you prior to releasing it. You will need to bring with you your Social Insurance Number (SIN) card and one piece of valid Federal or Provincial Government-issued photo-identification (e.g. driver’s license, age of majority card, passport). We must verify your identity with these documents before we can release your OSAP Certificate to you. You have applied and been approved for OSAP funding, but how will you access it?
- 12. Bursaries Based on Need Not Repayable Scholarships Based on Merit Not Repayable OSAP/PSL Based on Need Repayable No co-signer Interest free until you are no longer a ft student Bank Loans Based on Need Repayable Need a co-signer Pay small amount of interest on what you borrow Sources of Funding
- 13. What is work study? Where can a student find a part-time job? How much should a student work? Work Study & Part-time Work
- 14. What is Work-Study Program? For students receiving OSAP Multiple positions reserved on campus 15 hrs/week, capped at 200 hrs/year Comparable to a bursary that you work to earn
- 15. Part-time Job Locations On Campus Athletics Tour Guides Library The Bookstore CUSA RRRA Dining Services Off Campus South Keys Mall Bank St. Rideau Centre FSWEP
- 16. QUESTIONS?