Funding college and university can be a challenge. HigherEdPoints and ScholarshipsCanada created a presentation for high school counsellors, parents and students on all the sources of funding available in Canada from scholarships to using loyalty points (Aeroplan and TD Points)
2. 2
Full time, part time or co-op?
Canada or International?
What program? What school?
Go on to higher ed or take a gap year?
Live at home? In residence? Off campus?
College or university?
The common denominator:
How will you pay?
Decisions, Decisions
3. 3
Common Sources of
Higher Education Funding
Students cobble together multiple
sources of funding for higher education:
1.Government loans & grants
2.Help from family
3.Personal savings
4.RESPs
5.Private loans (banks, etc.)
6.Scholarships & awards
7.Working while at school*
The funding gap for the
first degree or diploma, on average:
$27,000
*Source: ScholarshipsCanada/HigherEdPoints Study: “Not your parents higher ed”
$28,300,000,000
Outstanding student debt
Source: http://www.statcan.gc.ca/daily-
quotidien/140225/dq140225b-eng.htm
The funding gap explains why
this number is so high!
4. A Funding Feast and Famine
4
Merit-based:
10%-20%
High marks
& high
achievers
Financial
need-based:
10%-20%
All the rest
60%-80%
THE “MIDDLE SIXTY”
Parent income too high for needs-based
&
Marks too low for merit- based
5. Additional Sources of Funding
*some digging required*
Campus Financial Aid
Officers are your friends!
“You can’t meet a deadline
you don’t know exists!”
UNB has ONE application you
can fill out to be considered for
over 850 awards
85,543 awards
worth
$193,531,556
StuckAtProm.com
including this one:
6. Scholarship Facts
Did You Know?
• There is an award for you
– There are over 85,000 scholarships, bursaries and awards worth over
$190 million available on ScholarshipsCanada.com
• You don’t need to have high marks
– Many awards do not require an academic average
• You don’t need to be in financial need
– Only 32% require you to be in financial need
• Your community service is important
– 10% of all scholarships require school/community service or
leadership (that’s over $10 million worth of scholarships!)
7. Scholarship Facts
Did You Know?
• There is no “scholarship season”
– Deadlines occur all year round
– (7% have deadlines in May; 6% are in October or April)
• Scholarships come at different stages of your academic life
– Entrance scholarships are for student going into college or university (19%
in our ScholarshipsCanada.com database)
– Graduate scholarships are for students doing their master’s or doctoral
studies
– Automatic consideration scholarships mean you will be automatically
considered just by applying to the school (24% in the ScholarshipsCanada
database)
– Some scholarships are awarded during your studies (years 2, 3 or 4) and
some are awarded at the end of your studies (upon graduation)
9. Advice:
For Scholarship/Award Applications
• Create a master list of all the awards and
scholarships you are interested in applying for—
and calendarize deadlines
• Read the details—criteria, Terms and Conditions
and note the deadline(s)
• Apply for the awards best suited to your personal
profile—and interests (they will be easier for you to
complete because of your interest)
• Re-visit the sites regularly to see what’s new
9
10. The Anatomy of a Scholarship
Application
“We believe that leadership deserves recognition. Tell us how you’ve been a
community leader and you could be one of 20 students to receive a full TD
Scholarship worth up to $70,000.”
TD Scholarships for Community Leadership are open to students across
Canada who:
•Are in their final year of high school or CEGEP
•Have a minimum overall grade average of 75% in their most recently
completed school year
•Have demonstrated community leadership
•Are a Canadian citizen or Permanent Resident
10
11. 1. A 600-word essay (three copies)
describing your community leadership
experience.
Tell us:
•Why you got involved.
•How your involvement shows initiative
and innovation.
•The ways your efforts have
strengthened others.
•How long you have been involved.
•What you think the long-term impact
will be.
•How your community has affected you.
•In addition, include a brief description of
the range of your other community
activities.
2. A letter of recommendation from
your school.
3. Two letters of support from
community groups.
4. Your academic transcript
You also have the option of including:
-A 250-word essay (three copies)
describing your family and personal life,
for example your family’s employment or
economic situation.
-A 250-word essay about your life
experiences if you have taken a year or
more away from high school or CEGEP.
11
12. Finding money on campus
Before you go:
•Visit campus website’s Financial Aid pages
•On campus tours, be sure to visit the Financial
Aid and Career Centers!
Once you’re there:
•Visit the Financial Aid office, introduce yourself
to an Officer and check regularly for new awards
(Go Dumpster Diving!)
•Ask about campus Work-study programs
12
17. Jobs
www.Riipen.com
Complete projects, gain experience, earn cash, and build your
virtual portfolio with recommendations from real companies at
Riipen.
http://www.magnet.today/
Over 3,500 businesses, small and large, are using Magnet to
find qualified candidates for their job openings.
17
18. HigherEdPoints:
Suzanne Tyson,
Founder & CEO
suzanne@higheredpoints.com
416-551-8941
We’d love your feedback!
ScholarshipsCanada:
Chris Wilkins,
CEO
cwilkins@edgeip.com
416-494-3343
Notes de l'éditeur
There are so many decisions you need to make before graduating from high school. No matter where and what you decide to study, every student will need to answer one common question: How will I pay for my education?
This presentation has been created by HigherEdPoints.com and ScholarshipsCanada.com for students and parents (and educators) and provides information about how to dig up sources of funds—the free kind—to help you pay for your education.
The average student (and his or her family) will pull together the money for university or college from at least seven different sources.
The number one source (where the highest amount of funding comes from) is government loans and grants.
Families are the next highest source of funding
Interestingly while the number of students with RESPs has grown since the government started giving a 20% to 40% credit, only 50% of students going in to university or college in September of 2016 had RESPs. Also interesting is the fact that most RESPs lasted only during first year…
It’s no surprise then, that the average university or college graduate in Canada will end up with $27,000 of debt to pay back.
And, there is over $28 Billion in outstanding loans to be paid back to the government.
HigherEdPoints and ScholarshipsCanada want to decrease those numbers…which is why we’ve put this presentation together
There is a LOT of money out there for students. But it’s a bit of a funding feast…while still a famine for many.
The top 10-20% of students—the ones with the really high marks, or the ones who are very innovative, entrepreneurial or otherwise uber-human will always be in the top list of finalists for the Merit-based awards. There’s lots of money out there for those students—they will win the Loran awards, the TD Canada Trust Scholarships and lots of entrance awards.
Canada has a very generous student aid program—and there’s enough money from provincial and federal student aid programs to help the 10-20% of students from low income families go to school.
But that leaves between 60% and 80% scrambling to close the funding gap---there are additional sources of funding that every student should explore!
The very first place students as early as Grade 10 should register is at ScholarshipsCanada.com—it’s free.
The site is a matching site---students enter their personal profiles and are matched with the awards that are most suited to them. As you can see—there are over 85,000 awards catalogued at the site, worth over $190 million!! And no---you don’t have to be an uber-human for most of the awards listed….the “Stuck at Prom” award is a contest—for students who make their prom outfits out of Duct Tape!! The outfits in the picture are made entirely of Duct Tape! More on other non merit-based awards in a minute.
The second place to invest some serious time is looking at (and visiting, when you get to campus) the Financial Aid departments---the awards to be found on your campus will all be catalogued through the Financial Aid office---and your chances of winning them are greater, because the application pool is smaller!
The picture above is Shelley Clayton from UNB with a student who received a gift from HigherEdPoints. Shelley says students often don’t know about all the awards that are available through the Financial Aid department—and miss applying (hence her quote “you can’t meet a deadline you don’t know exists!”). At UNB, they actually have something called a OneApp—once a year students fill in the application, and as new awards are added at the school, students who’ve filled in the application are automatically considered---many have received an unexpected windfall just because they took a half an hour to complete the One App! Check with your school to see if they have one too.
HigherEdPoints is the most recent innovative source of funding for higher ed. You can convert your parents (and grandparents, employers, neighbor who’s dog you looked after…) loyalty points for tuition and even student loans, at over 100 institutions in Canada.
This slide contains information about all the awards and scholarships that are listed within the ScholarshipsCanada database—and busts some common myths about the criteria students often think are necessary to win financial awards.
The points are pretty self-explanatory
Additional information on some common myths about scholarships
This slide shows what a completed ScholarshipsCanada profile looks like—parents and guidance counsellors can also create profiles and help students with their search for the right awards
Once you’ve completed your registration at ScholarshipsCanada, you’ll have a long list of awards in your personalized dashboard. Here are some tips on how to make the most of your limited time, to increase your chances of landing some free money!
-You won’t have time to apply for everything, so create a short list of all the awards that really fit your profile. Be sure to put notes on a calendar for the due dates of the awards you really want to apply for---time flies, and there are often extra elements you will need to collect—such as transcripts, or recommendation letters from teachers or employers.
-Before you decide you’re going to apply, take a look at the award terms and conditions, or criteria—there is a lot of “gold” in those details---you’ll often find out what the judging criteria is for the award and how important each element is that judges will be looking at.
-Again—make a note of the deadline!! If you have to mail something—it often needs to arrive by that date, or it won’t be considered (it’s not fair to the applicants who did make the deadline)
-When you’ve created that master list of all the awards that suit your profile---put them in priority order based on your interest level. The ones you are drawn to will be easy to apply for….then, if you still have time (and energy!) apply for the rest.
-Companies are always creating new awards—so be sure to revisit both the ScholarshipsCanada site and the campus financial aid department to see what’s new.
And ask the financial aid department if there are any awards with no applicants…even if you don’t fit the criteria, often you’ll be able to apply—because companies want the money to go to a deserving student. There was an example of an award open only to females…but nobody applied…so a male applied and was granted the award!
We use the TD Scholarships for Community Leadership as the gold standard example---because if students complete all the application criteria for this award, they are set with all they will need to apply for pretty much any other award. It also helps students articulate their personal statement—which comes in handy for applications to programs at university, for jobs etc…
And this award is a very good example of not needing high marks—the cut off is just 75%!
The essay question is excellent—and the words “community leadership” can be exchanged for anything—sports, music, any other extracurriculars and the points afterward are a great guide to use when answering personal statement questions in other applications. By spending time thinking about these things, it will make answering essay questions in other awards simple—and will help create impactful applications, which stand out from the crowd!
-one pedantic note—always (ALWAYS) have someone proofread your submissions. First to be sure spelling and grammar are all correct (many many awards eliminate submissions on this element in order to reduce the numbers reviewed) and secondly, to be sure that what’s on paper comes across to the reader the way you intend it to. Are you hitting the essence of the questions asked?
Here are some tips on how to find funds before you get to campus…and then once you’re there
Most schools will have what’s called Work-Study programs which are run by Financial Aid or the Career Center. The program has paid jobs for students who have qualified for government loans (OSAP, etc). The hours are manageable and the work is usually on campus and can be coordinated with your class schedule. Demand is high, though, so get in there early and get a position before they are all gone!
If you know anyone who collects loyalty points—you should tell them about HigherEdPoints.com…there have been students who’ve had thousands of dollars offset just by asking parents, grandparents, employers and donors know about the Program….every dollar you can find is one you don’t have to pay back when you graduate
This is how HigherEdPoints works
Pretty much anywhere a student wants to attend participates in HigherEdPoints!
The CanLearn site is where you’ll find everything you need to know about OSAP and the Federal student loan and grants programs….