Financial Assistance

Financial Assistance

Ashton College is a post-secondary institution dedicated to providing you with the certifications, licensing and continuing education required in the workplace. In pursuit of making quality education available to all, we honour various education loans, grants and other financial options to assist you with funding your education.

Government loans and grants are available for full-time, part-time and online programs that fall within their criteria and conditions. Private financial institutions such as banks provide financial assistance services specifically catered towards students.

Please use the drop-down options below to explore the financing options for all our program formats.

Full-Time Programs

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.

For current information regarding Canada Student Loans, please visit: 

https://www.canada.ca/en/services/benefits/education/student-aid/grants-loans.html

Part-Time Programs

For current information regarding Canada Student Loans, please visit: 

https://www.canada.ca/en/services/benefits/education/student-aid/grants-loans.html

Online Programs

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.

Private Sources of Funding

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.

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Eligibility

  • Canadian citizen or permanent resident that has reached the age of majority
  • Enrolled student, part-time or full-time, at Ashton College
  • Must not have been declined for credit by CIBC in the last six months, nor declared bankruptcy in past seven years; must meet standard CIBC credit criteria; must have minimum annual gross income of $20,000 OR
  • Have a cosigner who earns at least $35,000 a year and is a Canadian citizen or resident

Assessed Need

  • Worth $5,000 – $40,000
  • Covers tuition, fees, books, living costs
  • A specific amount of line of credit based on projected ability to repay, including assets and credit-worthiness

Term

Open-ended, amortization up to 20 years.

Interest Rate

Prime & Variable Rate.

Repayment

  • Monthly
  • During study & 12 months, pay off interest only

Eligibility

  • Canadian citizen or permanent resident
  • Enrolled student, part-time or full-time, at Ashton College
  • Requires a good credit history, or if lacking a credit history, a cosigner

Assessed Need

  • Worth $5,000 and up
  • Covers tuition, fees, books, living costs
  • Specific amount of line of credit based on projected ability to repay, including assets and credit-worthiness

Term

Open-ended, but credit line is resolving so that a set amount is available each year instead of up-front; when you receive your loan you will set up a fixed payment schedule.

Interest Rate

Prime & Variable Rate, as low as Prime + 1%.

Repayment

  • Monthly
  • During study + 12 months, pay off interest only

Eligibility

  • Canadian citizen or permanent resident
  • Enrolled student, part-time or full-time, at Ashton College
  • Requires an unstated minimum income, or if lacking, a cosigner

Assessed Need

  • Worth up to $10,000 per year
  • Covers tuition, fees, books, living costs
  • Specific amount of line of credit based on projected ability to repay, including assets and credit-worthiness

Term

Open-ended, amortization up to 20 years.

Interest Rate

Prime & Variable Rate.

Repayment

  • Monthly
  • During study + 12 months, pay off interest only

Eligibility

  • Canadian citizen or permanent resident
  • Enrolled student, part-time or full-time, at Ashton College
  • Requires an unstated minimum income and good credit history, or if lacking, a parent/guardian cosigner (called “supporting borrower” by Scotiabank)

Assessed Need

  • Worth $1,000 – $5,000 per year if full-time, $1,000 – $2,500 per year if part-time
  • Covers tuition, fees, books, living costs
  • Specific amount of line of credit based on projected ability to repay, including assets and credit-worthiness

Term

Open-ended, amortization up to 15 years.

Interest Rate

Prime & Variable Rate, as low as Prime + 1.50%.

Repayments

  • Monthly
  • During study + 12 months, pay off interest only

Eligibility

  • Canadian citizen or permanent resident
  • Enrolled student at Ashton College taking at least 20 hours of instruction a week for at least 12 weeks
  • Requires a cosigner if you do not have sufficient income and credit history

Assessed Need

  • Worth up to $6,500 in your first year
  • Covers tuition, fees, books, living costs
  • Specific amount of line of credit based on projected ability to repay, including assets and credit-worthiness

Term

Open-ended, amortization up to 6 years.

Interest Rate

Prime & Variable Rate.

Repayment

  • Monthly
  • During study + 12 months, pay off interest only
* 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 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. Windmill Microlending provides microloans of up to $15,000 for skilled immigrants and refugees to pay for their Canadian licensing or training needed to restart or advance a career in Canada. Their loans can cover tuition, books, materials such as software or laptops, child or caregiving costs during the study period, and other expenses related to advancing their career. To find out if you are eligible for a Windmill loan please visit: https://windmillmicrolending.org/applicants/apply-now/

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.

Need Help?

Our Admissions Office can help with your available options for financial assistance, including provincial and federal student loans, as well as private funding through banking institutions. Ashton College Admissions Officers have in-depth knowledge of various financial assistance options for Ashton students, and they are happy to walk you through the application process.

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