Paying for School

A post-secondary education is one of the greatest investments you can make in yourself. Below we've compiled a list of some valuable tools you can use to save and plan for school.

Family Support

RESP Incentive 

An RESP combines flexibility, tax-deferred investment growth and direct government assistance to help you reach your education savings goals.

Visit the Government of Canada (opens new window) website for valid, up to date information. Don’t forget to check out the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB), as they are additional benefits of RRSP’s.

Saving Tax Free - TFSAs

  • Short-term and long-term goals
  • No tax deduction for contribution
  • Withdrawals are tax-free
  • Withdrawals can be re-contributed in a later year
  • Each calendar year, you can contribute up to the TFSA dollar limit for the year; unused contribution room can be carried forward.

 

Awards

Mohawk Awards

Awards are a fantastic way to supplement paying for school. Mohawk bursaries are awarded on financial need and specific criteria. Full-time students are required to complete the Financial Needs Assessment Profile (FNAP) in order to be eligible for bursaries. 

Mohawk is fortunate to have various donors who support students so make sure to take full advantage of these opportunities!

External Awards

It may take a bit of work applying to awards through external websites but where else can you receive money for school with less than 30 minutes of your time?  We've done some of the homework for you and highlighted the most popular awards sites below so check them out and be sure to apply! 

Helpful Award Sites

Government Support

Full-time and part-time students are considered for several grants and bursaries automatically upon submitting their OSAP application. Visit OSAP (opens new window) to see what you may be eligible for!

Close to Home

Don’t forget to check out mom’s and dad's place of work! They may have awards that can help support you!

 

Loans

Government Loan (Including OSAP)

Students have the opportunity to borrow money to help pay for their post-secondary studies. The Ontario Student Assistance Program (OSAP) still expects students to work in the summer when calculating the amount of assistance, they are eligible to receive. Therefore, if you cannot find work, you are able to ask for a review of your OSAP application.

Tip: Say "yes" to redirect so that your OSAP funding pays your tuition first.  Just be sure to check your student account to ensure the full amount has been paid!

Student Line of Credit

Unlike a traditional student loan, where you borrow all the money up-front, a Student Line of Credit (SLOC) lets you access a specific amount of money each year. You can use all or a portion of the funds in the credit line at any time—and you can reuse it as soon as you repay what you've borrowed. This makes it easier to manage your debt and can even help reduce your interest costs. 

    OSAP vs Student Line of Credit

    Should you apply for a student line of credit (SLOC) or OSAP or both? Check out our summary below. When weighing your options be sure to consider things like:

    • Type of program you are in,
    • The length of the program
    • Employment opportunities when you graduate.  

    Remember that interest rates can differ when comparing the products based on short and long-term use.

    Download the OSAP vs SLOC infographic PDF (opens PDF, 3.14mb)

    OSAP

    SLOC

    What is it?  
    OSAP is a government funded financial aid program. SLOC is a loan that can be applied for through your financial institution.
    Eligibility  
    Canadian citizen, permanent resident or a protected person Canadian citizen or permanent resident
    Must be enrolled in undergraduate, diploma or certificate program Must be enrolled in undergraduate, graduate, diploma or certificate program
    Assessments  
    Education expenses, parent’s income, student’s income and other factors. Student’s income, co-signer’s income, credit report
    Parental Support  
    Family financial status assessed if you graduated high school less than four years ago. Undergraduates will require a co-signer.
    Parents are not financially responsible for the loan. The co-signer will be required to pay the loan if the student is unable to do so.
    Students are deemed independent after four years of completing high school or for at least 12 consecutive months on two or more occasions were not a full-time student at a high school or postsecondary school (i.e., you were in the labour force on a full-time basis).  There are other factors where students can be deemed as independent so check ontario.ca/osap for more information. Graduate students can apply on their own.
    Interest Rates  
    Interest free loan while you are a full-time student. Students have the option to choose between a fixed or variable rate. Please visit the Government of Ontario (opens new window) website to learn about interest rates. Interest will accrue once funds are used. Please check with your financial institution about interest rates and payment options.
    Repayment  
    The federal portion will begin to accrue upon graduation. Required to pay off the interest every month while in school.
    The provincial portion will accrue after six months and payments will then be required. Students typically have 12 months before they have to start to repay the principal. The financial institution may set up a fixed payment schedule with a revised interest rate to help you repay your loan.
    Reapplying  
    Eligibility is based on a yearly application. See your financial institution for details about reapplying.
    Payment Support  
    The Repayment Assistance Program (opens new window) will help borrowers with repayment issues. No programs for payment support.

     

    Self-Funded

    Job Hunting

    Knockdown that student debt with a little bit of elbow grease! There are many opportunities on and off campus to work so you can pay off some of those expenses. Not only that, it is a great way to network and build a resume with concrete experience.

    Campus Student Employment Program (CSEP)
    Work where you study! Convenient and cuts down commute time!

    Student Engagement and Employment
    Take advantage of the helpful services and job postings!

    MCACES Career Coaching
    The Mohawk College Association of Continuing Education Students (MCACES) offers workshops, seminars and employment advice for Continuing Education students.

    Community Employment Services
    Check out these fantastic resources and services!

    Employment Resource Centre
    Free community resource open to anyone looking for work.

    Co-op Services

    Ontario Summer Jobs (opens new window)
    Build connections and network prior to finishing your studies at Mohawk.

    City of Hamilton Student Summer Jobs (opens new window)
    Transition into a potential career of interest with the City of Hamilton! Fantastic opportunity to have on your resume.

    Additional Work Opportunities