Financial Assistance

Full-time students at Ashton College may apply for provincially and federally funded student loans and grants through their provincial student financial assistance office. A single application is enough to assess you for both sources of funding.

The basic eligibility requirements are:

• Be a Canadian citizen, permanent resident, or protected person
• Be a resident of the province to which you are applying for student aid
• Demonstrate financial need
• Be enrolled in at least 60% of a full course load if applying for a full-time loan
• Be enrolled in at least 40% of a full course load if you are a student with permanent disability
• Be enrolled in a degree, diploma or certificate program offered by a designated post-secondary school that runs for at least 12 weeks within a 15-week period
• If you are 22 or older, you need to pass a credit check
• Not have exhausted your maximum lifetime limit for financial assistance, including weeks in interest-free status, which is
  • 340 weeks for full-time students who received their previous loan(s) on or after August 1, 1995, or
  • 520 weeks for full-time students who have a permanent disability or full-time students who received their previous loan(s) before August 1, 1995
  • Not defaulted on any previous government student loans

Some programs may have additional criteria, which you may find on the student financial aid office’s website.

All full-time Ashton College students who are residents of any province or territory except Quebec, Nunavut and the Northwest Territories may apply for any federal funding programs.

• Canada Student Grant for Students with Dependents
• Canada Student Grant for Students with Permanent Disabilities
• Canada Student Grant for Services and Equipment for Students with Permanent Disabilities
• Canada-BC Job Grant (please note, employers must apply for this grant)

The following provinces also offer their residents some provincial funding options for full-time studies:

• BC – Student loans, BC Access Grant for Students with Permanent Disabilities
• Alberta – Student loans, Alberta Low Income Grant
• Saskatchewan – Student loans, Saskatchewan Student Grant for Students from Low-Income Families, Saskatchewan Student Grant for Students from Middle-Income Families

Quebec and Nunavut residents are not eligible for any of the federal programs, while Northwest Territories residents are eligible for the Canada Student Grant for Students with Permanent Disabilities and Canada Student Grant for Services and Equipment for Students with Permanent Disabilities only.

In order to qualify for part-time student funding across Canada, the government requires students to be enrolled in a program that is 20 hours or more per week and 12 weeks or longer in length but taking 20% to 60% of that program.

At Ashton College, this means part-time versions of programs which also have qualifying full-time versions are eligible for government student funding. We have part-time versions, in-class and online, of our Immigration Consultant Diploma program and Diploma in Human Resources Management program. These two programs thus qualify for student funding.

Students must also meet these basic eligibility requirements:

• Be a Canadian citizen, permanent resident or protected person living in Canada
• Be already enrolled at Ashton College in a qualifying program. A qualifying program at Ashton College must:
  • Be 12 weeks or longer
  • Have a full-time version of itself that is 20 hours or more per week
  • Not be in default on any previous provincial or federal student loans
  • Have successfully completed any study periods for which you have received any loans or grants

As of August 1, 2014, all part-time students must apply for part-time funding programs, including federal programs, through the province in which they are resident. Some programs may have additional criteria, which you may find on the student financial aid office’s website.

Part-time Ashton College students who are residents of any Canadian province or territory other than Quebec, Nunavut and the Northwest Territories are eligible for the following federal programs:

• Canada Student Loan for Part-time Studies
• Canada Student Grant for Persons with Permanent Disabilities
• Canada Student Grant for Part-time Studies
• Canada Student Grant for Part-time Students with Dependents

The following provinces offer their residents some provincial funding options for part-time studies:

• BC – BC Supplemental Bursary for Students with a Permanent Disability
• Alberta – Alberta Part-time Grant
• Saskatchewan – Saskatchewan Student Grant for Part-time Studies
• Northwest Territories – Course Reimbursement

Online programs qualify for student funding according to the same basic eligibility requirements as full-time and part-time in-class programs in most provinces. The program must be at least 12 weeks in duration. A full-time online program must contain a minimum of 20 instructional hours per week. A part-time online program must contain between 20 and 59% of a full-time program’s instructional hours per week. To qualify for full-time funding, students must show that they are enrolled in at least 60% of a full-time course load.

If student loans and government grants are insufficient to cover the costs of your education, there are many supplementary private sources of funding you may pursue. All the following options are reliable, trustworthy and frequently used by Canadian college students.

Bank Student Lines of Credit

Most of the major Canadian banks offer student lines of credit. Though they have many features in common, we have compiled the following information on a few differences between the banks’ respective offerings that may be helpful to you in deciding which is the best line of credit for you.

**HSBC has a personal line of credit option but it is not tailored for a student. Please see their website for more information.

Vancity Back to Work Microloan

The Vancity Credit Union provides term loans of up to $7,500 at a variable interest rate to cover the cost of taking courses to meet local standards or qualifications so you can work in your field. The Back to Work loans primarily support recent immigrants. To apply, you must prove you have previous experience in your field, whether in Canada or in another country, and plan to acquire Canadian certifications. Your assessed need will be based on your business, school or tool expenses and your savings and income. The loans are not intended to cover your living expenses. The application process is simple and quick.

Windmill Microlending

Windmill Microlending is a registered charity serving newcomers since 2005. They offer microloans to help skilled immigrants and refugees continue their careers in Canada. Windmill provides microloans of up to $10,000 to internationally trained immigrants so they can obtain the Canadian licensing or training required to work in their field. The loan can pay for professional exams, training, assessments, professional association fees, books and materials, living allowance and other expenses related to obtaining the required credentials or training.

RRSP, RESP, TFSA

If you or your parents have set up an RRSP, RESP, and/or TFSA in the past, you may withdraw from these investment options to help finance your education. For your RESP, you may withdraw from the principal or from the collected interest, referred to as Education Assistance Payments. For your RRSP, you may deregister from your RRSP, which is taxed at your marginal income tax rate, or make a Lifelong Learning Plan withdrawal. Make sure to speak to your financial adviser before pursuing these options.