FINANCING YOUR EDUCATION Your Guide to Awards, Scholarships, Bursaries and Loans
HELPING YOU PLAN YOUR EDUCATIONAL INVESTMENT The value of your education will last a lifetime. Financial barriers should not be obstacles towards achieving your dreams: explore the numerous awards, scholarships and bursaries available to you. The Financial Aid and Awards Office can help you find the resources, make sense of terminology, and assist with applications. Whether you are starting your very first semester or continuing your studies, a student award in the form of a scholarship or bursary can help you achieve your goals. Awards are available for full-time or part-time students in certificate, diploma or degree programs.
DEFINITIONS - WHAT DOES IT MEAN? Scholarship
Entrance
Scholarships are awarded to domestic students (Canadian citizen or permanent resident) and some international students based primarily upon their academic achievement. Other conditions such as financial need, community involvement, and extracurricular activities could be used to make award selections.
Entrance awards are for students who are entering their first semester of post-secondary study at Okanagan College.
Bursary
Current and Returning Current and returning awards are for students who have completed at least one semester of postsecondary study at Okanagan College.
Bursaries are awarded to domestic students (Canadian citizen or permanent resident) based primarily on financial need. Other secondary criteria could be considered in making award selections.
Academic Achievement
Grant
Financial need is determined by assessing a student’s income and expenses for the academic term. Students receiving student loans may still be considered to be in financial need.
A grant is money given by a government program or foundation, which normally requires demonstrated financial need (similar to a bursary).
Award An award is money given in recognition of accomplishment or affiliation in a particular field.
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A pre-determined Grade Point Average (GPA).
Financial Need
Community Involvement Participation in community events, volunteer commitments with non-profits and/or charities, and involvement in extracurricular activities such as sports.
HIGH SCHOOL ENTRANCE AWARDS These awards are for students graduating in the current year from a secondary school within the Okanagan College region (Revelstoke to Princeton) and entering Okanagan College in September. Visit okanagan.bc.ca/financialaid and select High School Entrance Awards for more information.
Each year Okanagan College and the Okanagan College Foundation distribute over $1 million in awards to more than 850 students.
Each campus also has High School Awards available. Okanagan College President’s Entrance Scholarships
Eight awards offered as a tuition credit (up to a maximum of $5,000 each)
Okanagan College Community Spirit Awards
Up to 40 awards offered as a tuition credit of $1,000 each
Okanagan College Board of Governors Entrance Awards
Three or more awards of $1,200 each
Rick and Yasmin Thorpe & Friends Scholarships
Up to four awards of $2,500 each for students graduating from a secondary school in Penticton or Summerland
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TIPS ON APPLYING Review the Criteria
Documents
Each award has specific criteria that successful applicants must meet. Before selecting which awards you are applying for, read the criteria carefully.
Some awards require additional documentation which are clearly stated in the award criteria. To be considered for these awards, you must provide the required documentations prior to the application deadline. Documents could include reference letters, statements, or essays. Make sure you submit the documents to awards@okanagan.bc.ca in WORD or PDF format.
Personal Information Provide as much detail as you can when answering questions regarding your career and educational goals, community and school involvements. Answer fully, do not leave items blank; be specific and elaborate as these answers are used in the selection process.
Financial Information For the budget section, complete the budget for the period you will be a full-time student during the current term. For most programs, the period of study will be four months (September to December or January to April) but may vary depending on your program of study. Make sure you include only the costs and expenses for the study period, not the entire program with the exception of trades and health programs. If you are unsure of the amount, you can estimate. Over 400 awards are available for Okanagan College students
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References Choose your references with care. Employers, religious leaders, community leaders, teachers and instructors can serve as excellent references. Make sure you advise your references about the award that you are applying for and inform them of the specific criteria so they are prepared to explain why you are a suitable candidate. Avoid using family members, best friends or roommates.
Apply Early Plan ahead and apply early. Make sure to check the application deadlines for each semester because deadlines are firm.
EXTERNAL AWARDS Irving K. Barber Scholarship Society The Irving K. Barber British Columbia Scholarship Society supports post-secondary education by providing scholarships for students attending public post-secondary institutions achieve their educational goals. Visit ikbbc.ca for more information on Aboriginal, International and Transfer Scholarships.
Yconic Yconic offers more than $180 million in scholarships, prizes and contests across Canada. For more information on other external awards, please visit okanagan.bc.ca/financialaid and select “Awards Available Through Other Organizations.”
Recipients of the Okanagan College Board of Governor’s Entrance Award. Left to right: Blake Monro, Charity Gerbrandt (presenter), Melissa Kozin and Erum Ahmad.
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STUDENT SPENDING PLAN WORKSHEET For study period ______________ to _______________
(Starting Month)
(Ending Month)
Estimated Expenses for Study Period (Self and Spouse if Applicable) Estimated Expenses Books and Supplies Tuition and Fees Mortgage Rent Food Clothing Home Insurance Phone Utilities Property Taxes Gas Rental Insurance Vehicle Insurance Transportation Child Care Medical / Dental Child Support / Alimony Credit Card Payments Loan Payments Miscellaneous
TOTAL EXPENSES
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Monthly Cost
# of Months
Total Cost
STUDENT SPENDING PLAN WORKSHEET For study period ______________ to _______________
(Starting Month)
(Ending Month)
Estimated Resources for the Study Period (Self and Spouse if applicable) Estimated Income
Monthly Income
# of Months
Total Income
Savings Student Loans / Grants Scholarships / Bursaries / Awards Employment Income Parental Contribution Spousal Income Sponsored Tuition / Books First Nation Band Funding Child Support / Alimony Child Care Subsidy GST Credit Other Resources Child Tax
TOTAL INCOME The differences between your total expenses and your total income is your financial need.
TOTAL EXPENSES - TOTAL INCOME = FINANCIAL NEED
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STUDENT LOANS AND GRANTS Canada Student Loans and Grants StudentAid BC helps eligible students with the cost of their post-secondary education through loans, grants, bursaries, scholarships and special programs. It also has programs for borrowers who need help repaying their loans. Visit studentaidbc.ca for more information. Most provincial online applications are available in June. Apply at least six weeks before your program start date. Separate applications are required for the Fall and Winter semester. If you have any questions regarding student loan applications, visit the Financial Aid and Awards Office at each campus or email financialaid@okanagan.bc.ca
Part-time Funding Part-time funding is available to students enrolled in 20 to 59 per cent of a full-time course load or 20 to 39 per cent for students with disabilities.
Canada Apprentice Loan (CAL) Apprentices registered in a Red Seal trade apprenticeship program who meet the eligibility requirements for Canada Apprentice Loan (CAL) may receive up to $4,000 in interest-free loans per period of technical training. Visit canada.ca/apprentice for more information.
WANT TO SAVE THOUSANDS PER YEAR? • make coffee at home (save $600) • bring your lunch (save $2,600) • take transit or carpool (save $2,340) • pay off debt (accumulated interest)
Student Loans - Quick Tips • Apply early, check StudentAid BC website for details. • Complete one online application for each semester of study unless you are in a vocational program. • Students do not have to be admitted to their program or school before applying for government student loans and grants. • Application information is subject to audit by the Ministry. • Register in at least 60 per cent of a full course load, which is nine credits (students with a permanent disability may study at 40 per cent of a full course load). • Audited and previously passed courses are not counted toward 60 per cent course load. • Remember: You are responsible for paying your fees to Okanagan College.
Interest-Free Status What will it cost? okanagan.bc.ca/tuition
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If you decide that you do not need a loan, but have previous student loans, you can apply for interestfree status while you are studying full-time. You should apply before the study period start date as interest-free status will not be backdated. Visit studentaidbc.ca for more information.
Adult Upgrading Grant (AUG) Need to enroll in upgrading courses? AUG is available to assist eligible students with direct educational costs (tuition, supplies and if applicable transportation & unsubsidized child care) for students enrolled in programs such as: • Adult Basic Education (ABE) • English as a Second Language (ESL) • Adult Special Education (ASE)
Applications are available at Student Services or online through okanagan.bc.ca/financialaid and select “Funding For Adult Upgrading.” Once fully completed, submit your application to Student Services at the Kelowna Campus where eligibility will be determined. If you are attending a campus other than Kelowna, you may return your form to your campus administration office.
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MAKE MONEY AT OKANAGAN COLLEGE Okanagan College Student Employment Program Who Is Eligible to Participate? Okanagan College students who are Canadian or who have Canadian Permanent Resident Status enrolled in degree, diploma or certificate programs that are taking a minimum of two courses per semester and are in good academic standing. International Okanagan College students enrolled in degree, diploma or certificate programs that are taking a minimum of three courses per semester and are in good academic standing.
What Kind of Jobs are Available? There are approximately 300 students employed annually in a variety of jobs including Research Assistants, Learning Centre Assistants, Peer Mentors, Recreation Facility Assistants and Computer Lab Monitors.
How Much Can I Work? Students can work a maximum of 15 hours per week during the September to December and January to April terms. For summer term May to August, students can work a maximum of 35 hours per week.
For more information on student employment and co-op work opportunities, visit okanagan.bc.ca/coop
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IT’S EASY APPLY TODAY For Awards, Scholarships and Bursaries
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LOG IN TO MYOKANAGAN Visit okanagan.bc.ca and click on myOkanagan to log in. FINANCIAL AID & AWARDS Under the student tab, look for Financial Aid and Awards and select Apply Online for Awards. VIEW AWARDS Select View Awards to see all available awards under each category. *After you select awards that interest you, you will receive an email for your reference. Please note that this is not confirmation of award application.
START APPLICATIONS Select Start Application Now to begin your application. Make sure you provide as much detail as possible. *Remember to apply for Any Campus Awards as well as awards that are specific to the campus you are attending.
ADDITIONAL DOCUMENTATION If additional documents are required, submit them by email to awards@okanagan.bc.ca in either WORD or PDF format. CHECK YOUR APPLICATION STATUS Under Financial Aid & Awards, select View Online Awards Applied for to view your application status. *Due to the volume of applications received, only successful applicants are notified.
If you have any questions, please email awards@okanagan.bc.ca
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MEET WITH US Financial Aid & Awards staff are available in Kelowna, Penticton, Vernon and Salmon Arm Email financialaid@okanagan.bc.ca Phone
250-862-5419
Toll Free 1-800-767-5492
CAMPUS OFFICES Kelowna Campus
Room S111
Penticton Campus
Room 144
Vernon Campus
Room A307
Salmon Arm Campus Room 103
okanagan.bc.ca/financialaid