Career Opportunity in the Eastern Townships, Quebec

Financial Aid

Note: This page is intended as a general overview of the resources in place to make your education/training affordable, such as government loans and bursaries as well as independent scholarships. For specific information regarding students attending cégep, university or a vocational education center as well as local artists, please visit: http://www.topportunity.ca/funding.aspx

Provincial Government Assistance
Did you know that the Government of Quebec has funds set aside for students who may have difficulty affording an education? If you are studying (or are thinking of studying) at any post-secondary or vocational institution (such as a cégep, university or vocational centre) then you may be eligible for loans and/or bursaries from the government. The money is deposited directly into your bank account during the school year, so you can be fairly sure that you'll have access to the necessary funds. In fact, funds are even available to help you buy a computer for your studies! More information on Quebec student financial aid can be found by visiting http://www.afe.gouv.qc.ca/en/index.asp or by calling 1-877-643-3750. Before contacting the government though, a good place to start would be the financial aid office of the institution that you are thinking of attending.

You may be surprised at the resources at your disposal. No matter the financial situation of you or your family, government loans and bursaries will ensure that the educational training necessary for your dream job is within your reach. Whether you're studying full-time or part-time, in English or French, inside Quebec or abroad, some form of assistance will be at your disposal!

There are also special considerations for students with dependent children. So even if you're a middle-aged adult with a family to care for, programs are in place to help you cover the cost of going back to school. For more information see: http://www.afe.gouv.qc.ca/en/pretsBourses/conciliationEtudesFamille.asp

While you are in school, the government will pay all the interest on your student loans. Repayment only begins 6 months after graduation, and you can postpone the repayment further if you then find yourself in a nasty financial situation. The government has a clearly defined table of what exactly constitutes insufficient financial resources to pay back a loan. For more information see: http://www.afe.gouv.qc.ca/en/autresProgrammes/remboursementDiffere.asp.

As of August 1st, 2007, the interest rate on Quebec student loans stood at 6.75% per year. However, you will be given the choice of a variable interest rate (equal to the corporate lending rate plus 0.50%) or a fixed interest rate (corresponding to the mortgage rate for the selected term). For more information see: http://www.afe.gouv.qc.ca/en/apresEtudes/tauxInteret.asp.

A publication from the government answering most common questions is available at: http://www.afe.gouv.qc.ca/CONTACT_UC/Publications/AFE/PUBL_Prets_reponses_questions_2006_2007_A.pdf

Federal Government Assistance
In Quebec, the provincial government runs the student loans program. However, Canadian students residing outside Quebec who wish to study in the Townships are allowed to make use of the loans and bursuries available at the federal level. For more information see: http://www.hrsdc.gc.ca/en/learning/canada_student_loan/index.shtml

As well, for those planning ahead, the federal government offers an enticing program called the Canada Education Savings Grants. Through this program, the government will match 20% to 40% (depending on your income) of your Registered Education Savings Plan (RESP) contributions. Bear in mind that the government will only match 20-40% on the first $2000 per year. However, this represents up to $400 or $800 of grant money per year depending on your income. Naturally, those with more modest incomes will receive the 40%, while those who are doing well financially will typically receive the 20%. For more information on the Canadian Education Savings Grant see: http://www.hrsdc.gc.ca/en/hip/lld/cesg/publicsection/CESP/Canada_Education_Savings_Grant_General.shtml

In fact, even aside from the Canada Education Savings Grants, any money put into a Registered Education Savings Plans is tax-sheltered and can be used to pay for expenses at university, cégep, community college, and even vocational/technical institutes. For children born after December 31, 2003, the government has another program called the Canada Learning Bond. Available for those receiving the National Child Benefit (typically families earning under $37,178 per year), the Canada Learning Bond provides for an initial payment of $500 into your child's RESP and potentially an additional $100 in each subsequent year to a maximum of $2000. So when it comes to saving for a child's education, it really does pay to save! For more information see: http://www.hrsdc.gc.ca/en/learning/education_savings/index.shtml

Private Sources
While the federal and provincial governments place many resources at your disposal to help you with your studies, there are independent sources of assistance as well. For one thing, many cégeps and universities (particularly the latter) offer scholarships to students who excel academically or are involved in their communities. Furthermore, there are many outside scholarships for which you may apply. A good place to start would be a guidance counsellor at your school (if applicable) or a scholarship search engine, such as www.scholarshipscanada.com. or www.studentawards.com.

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