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 private 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, the chart below summarizes 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.
* Applying for a student line of credit with Scotiabank means you could be eligible for a $1000 student bursary draw
**HSBC has a personal line of credit option but it is not tailored for student, please see their website for more information
Vancity Back to Work Microloan
Vancity Credit Union provides term loans of up to $7500 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 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.
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 advisor before pursuing these options.