4.4.2 Financing your education

From: Financial Consumer Agency of Canada

When it comes to finding the money for your education, student loans are only one option. You may be able to draw on these other sources of income:

  • savings from employment, either during summers or during the school year
  • co-operative education programs, which combine periods of classroom instruction with paid work
  • sponsorship by your employer, in exchange for a commitment to work for him or her for a period of time
  • military programs through the Canadian Forces
  • contributions from parents or others
  • bursaries and grants from governments, educational institutions, community organizations and private organizations
  • personal bank loans and lines of credit
  • funds saved in a Registered Education Savings Plan (a savings plan that shifts the income the plan makes to a student; since students are usually in a lower income tax bracket, they will usually pay little or no tax on the money the plan earns).

Investigate which sources of income are available to you. Compare how much they will cost in the long run, how much flexibility they will give you and how much money they can provide.

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