Paying for school should be a top priority during your time in University. What many students don’t know is that there are lots of financial opportunities available.
Below are some options to think about.
The best kind of funding is the kind you don’t have to pay back! While non-repayable funding often involves an application process, this is an important option to consider, especially if you are eligible for bursaries, scholarships or awards.
One common misconception is that you need high grades to be eligible. Of course, your average is important when you’re in school, but many of these opportunities consider the big picture. Are you managing school with a job? Do you have an interesting idea? Do you have an experience that makes you unique? Don’t count yourself out before learning about what’s out there.
A bursary is a non-repayable grant for students who have financial need. Bursaries are available to help with education-related expenses and are usually funded by the University and generous donors.
Learn more about bursaries available at McMaster by visiting the Office of the Registrar website.
Scholarships and Awards
Scholarships and awards are a great way to make money and also gain recognition for your achievements. There are all kinds of scholarships, though it does take some effort and perseverance to apply. Browsing search engines, preparing your essays or personal profiles and collecting valuable references are a personal and financial investment.
Visit the Office of the Registrar website for a full list of scholarships available through McMaster University.
University is a big financial investment and repayable funding, like OSAP, is a reality for most students.
Remember, you have to pay your repayable funding back one day. Take advantage of our services through Mac’s Money Centre so that you have a plan.
The Ontario Student Assistance Program (OSAP) provides eligible Ontario students with loans and grants to help pay for education-related costs such as tuition, books, compulsory fees, transportation and associated living costs. An integrated program offered by the Ministry of Advanced Education & Skills Development and Canada Student Loans, OSAP is intended to supplement a student’s (and family’s) financial resources and contributions towards their education.
Please visit the Office of the Registrar website for more information on part-time and full-time student OSAP funding.
Did you know: Students who self-identify as having a permanent disability through OSAP are automatically assessed for eligibility for the Canada Student Grant for Persons with Permanent Disabilities worth $2,000 a year.
Student Lines of Credit (SLOC)
Student Lines of Credit are another avenue available to students who are in receipt of OSAP or who have not met the eligibility requirements for government funding. You can have both at once so it doesn’t hurt to consider all of your options.
A Registered Education Savings Plan (RESP) is a savings tool for parents that can help them save money for their child’s education. If you have a RESP, here are a few helpful hints when using your RESP funds to pay for school:
- Only the amount withdrawn from the RESP for the current year of school needs to be reported as income on the OSAP application
- The RESP Confirmation of Enrollment form or request for a letter confirming enrollment can be completed by the Office of the Registrar
- Your request can be dropped off in person (GH-108) or faxed to 905-527-1105.
- Students must have registered for courses and received both academic and financial approval for the session registration for the form to be signed.
- More information about confirming enrolment can be found on the Office of the Registrar website.
In need of emergency assistance? Visit the Office of the Registrar website to learn about emergency financial support.