There are several financial assistance options available for students who, although they have decided to pursue their training, do not necessarily have the funds on hand to cover their education costs.
We’ve listed a few options below, and we also welcome you to speak with your OMNI advisor who can help determine which ones you may or may not be eligible for.
OMNI College is designated by StudentAidBC, which means that financial assistance may be available to eligible students.
Please visit their website at www.studentaidbc.ca for more details.
Students may apply online at https://studentaidbc.ca
Employment Insurance (EI)
There is funding available through Human Resources Development Canada. Contact your local Service Canada office to find out if you are eligible.
Borrow from a Bank or Credit Union:
Most of the major banks in Canada offer low interest student lines of credit, with favorable terms. Contact the lending department of your bank to see what options they may offer you and what you may be eligible for. Credit Unions are also a good option to consider as they often offer more competitive rates than the large banks.
Borrow from friends or family
This is a feasible option if your friends or family are in a financial situation to help support you. Borrowing from friends and family could potentially give you more flexibility for repayment and lower interest rates.
Borrow from RRSP:
If you have some personal RRSPs, you may borrow from it to help pay for your education tax-free. Read more about this Lifelong Learning Plan (LLP) by visiting Service Canada’s website at http://www.servicecanada.gc.ca/eng/goc/llp.shtml
Save first, train later
The advantage of saving the money for your education yourself is that you will not have to worry about any debt once you’ve completed your training. The downside is that it will mean delaying your training until you have been able to save up the funds needed. Generally, by upgrading your skills through training, you will be able to earn a greater income enabling you to pay off any associated debts faster than if you had that same debt before training.