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Financial Assistance
There are a number of financial options that may be available to students. These include, but are not limited to the following:
Ontario Student Assistance Program (OSAP)
OSAP is a joint federal and provincial government-sponsored loan program designed to provide post-secondary students with financial assistance. The purpose of OSAP is to supplement, not replace, the financial resources that the student contributes to his or her post-secondary education. The level of funding for which you are eligible depends on your individual circumstances. If you are planning to apply for OSAP, please contact Elmcrest College’s financial aid administrator in order to help you complete your application. In addition, please see the OSAP website at http://osap.gov.on.ca for further details.
Who is eligible for OSAP funding?
- Canadian citizens, permanent residents, or protected persons
- Ontario residents (as defined by OSAP)
- Students enrolled in a program approved for OSAP funding
- Students in good standing with respect to any previous student loans
OSAP consists of several programs:
- Canada-Ontario Integrated Student Loan
- Canada Study Grant for Students with Dependents
- Child Care Bursary
- Bursary for Students with Disabilities
- Canada Millennium Foundation Bursary
- Aiming for the Top
For more information on which financial option would best suit your needs, please contact the Admissions Department at 416-630-6300 to arrange an appointment.
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Government Assistance for Non-Residents of Ontario
Each province or territory in Canada or outside Canada administers its government student financial aid program. If you reside in a province or territory outside Ontario, you must apply for government student financial assistance through your home province. The amount and type of such funding varies according to the respective provincial or territorial guidelines. Most provinces now have online applications. The links below will take you directly to provincial or federal student loan web sites:
For more information on which financial option would best suit your needs, please contact the Admissions Department at 416-630-6300 to arrange an appointment.
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For more information on which financial option would best suit your needs, please contact the Admissions Department at 416-630-6300 to arrange an appointment.
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Workplace Safety and Insurance Board of Ontario
(WSIB)
Some individuals may qualify for assistance from the Workers’ Compensation Board (WCB). The WCB may help with rehabilitation, retraining and educational upgrading.
For more information on which financial option would best suit your needs, please contact the Admissions Department at 416-630-6300 to arrange an appointment.
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Life Long Learning Program (LLLP)
The LLP allows eligible students to withdraw up to $10,000 per year, tax-free (up to $20,000 over a four-year period) from their RRSP. Withdrawals are repayable over a 10-year period.
For more information on which financial option would best suit your needs, please contact the Admissions Department at 416-630-6300 to arrange an appointment.
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Student Loans and Lines of Credit
Several lending institutions (banks/credit unions) have developed loan programs specifically for students. In some cases, it may be a loan or it may be a line of credit. The amount you can borrow varies from bank to bank and the interest rate is normally quite favourable. Lending institutions are usually willing to lend money if they have adequate security (i.e., a co-signatory). You may find it necessary to approach more than one lending institution before you are successful in obtaining funding for your education.
To be eligible for the student loans or lines of credit, you must:
- Show proof that you are enrolled in a recognized post-secondary institution
- Be a Canadian citizen or landed immigrant
- Have a satisfactory credit rating
- Have adequate security or a co-signatory to support your application
For more information on which financial option would best suit your needs, please contact the Admissions Department at 416-630-6300 to arrange an appointment.
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