Other Financing Options

Students are encouraged to consider the following options as they develop their plan to fund their education.

1. Contributions from Family and Friends

Connect with your parents, grandparents and other relatives and friends who may be open to assisting you with your educational plans, especially around birthdays, Christmas or other special events.

2. Contribution from your Church

Check with the leadership in your church regarding the possibility of your church supporting you financially.

3. Registered Education Savings Plan (RESP)

Check with your parents to see if you have an RESP.

4. Scholarships and/or Bursaries from your Parents’ Employer

Ask your parents check with their employer to see if they provide financial assistance for dependents who attend a post-secondary institution. This is frequently an untapped resource that you should consider.

5. Part-Time Employment

In addition to teaching you some valuable skills, part-time employment can also provide you with some money to assist you in meeting your educational expenses. Students are encouraged to check out part-time jobs at the campus (e.g. library, cafeteria) or at the various businesses in Peterborough, or in the city where you live if you are a Distance Education student. If you are doing full-time studies (i.e. four or more courses), you should probably limit yourself to 10 -12 hours of employment per week, maybe less, depending on your course load and the extracurricular activities you are involved in. If you are considering summer employment, you should start checking with prospective employers in late February or early March to see what is available.

Remember that if you are receiving government student loans, you must report any earnings from your part-time and/or summer employment. If you are unsure as to how you can report your earnings, check with our Financial Aid Officer.

6. Student Line of Credit

Check with your financial institution to determine if they offer a Student Line of Credit at a reasonable interest rate. A Student Line of Credit must generally be co-signed by a parent or guardian. The funds are normally only available during the study period and you only access the funds on an as-needed basis. Unlike the Canada Student Loan Program, however, interest charges start to accumulate as soon as you access the funds.  Be sure to check various financial institutions to ensure that you obtain the best line of credit for your situation. At times it may be advisable to take a semester off if you do not have sufficient funds to cover your expenses, rather than apply for a Student Line of Credit.

7. External Financial Aid Sources

Check the following sites to see if you qualify for some of the millions of dollars of financial
aid that students do not apply for each year.

8. Funding for Indigenous Students

  • Qualifying First Nations students may be eligible for financial assistance from their band council since Master’s is recognized by the First Nations as a degree-granting institution. Additional information is available at the Financial Aid Office.
  • Also, Indspire disburses bursaries and scholarships through its Building Brighter Futures program to Indigenous students who are enrolled in post-secondary programs. Since 1985, Indspire has disbursed bursaries and scholarships to First Nation, Inuit, and Métis post-secondary students. It is the largest funder for Indigenous education outside of the federal government. Check the Building Brighter Futures program found at the following site to see if you qualify for funding as an Indigenous Student:
  • http://indspire.ca/for-students/bursaries-scholarships/

9. Workers’ Compensation

Individuals who are receiving Worker’s Compensation are encouraged to speak with their Workers’ Compensation Counsellor to determine if they are eligible to receive any assistance under their retraining program.