f i nanc i al ai df ordomes t i cs t udent s At Pacific Institute of Culinary Arts (PICA), we understand that choosing your desired career and the right training Institute to learn the skills you need to be successful are big decisions, both emotionally and financially. Your education is one of the most important life investments you'will make in order to reward yourself with a satisfying career that will pay dividends for years to come. Aside from savings and family support, there are additional funding options to consider. These options can be used in combination to assist you in gaining the finances for your education and living expenses, which in turn enables you to reach your goals sooner.
GOVERNMENT&PROVI NCI ALFI NANCI ALAI D Financial assistance is available for eligible full-time students who are Canadian citizens or landed immigrants through the Canadian and provincial government student loan programs. Students must apply for loans through their home province in which they have established residency. As an example, residents of British Columbia apply for loans through the StudentAidBC (SABC), which combines the Federal Canada Student Loan Porgram and the Canada Study Grant. Please Note: The federal and provincial student loan maximum amount for your 6-month professional training period will not cover a student's full tuition, fees and living expenses. Students may need to consider a combination of saved money, family support, student loans, and a bank student line of credit to cover their total investment.
Provincial Student Loan Program Information BC - www.aved.gov.bc.ca/studentaidbc AB - http://alis.alberta/ca/ec/fo/studentsfinance/students-finance.html SK - http://www.aeei.gov.sk.ca/student-loans MB - www.gov.mb.ca/educate/sfa/pages/sfaFrontDoor_en.html ON - http://osap.gove.on.ca QC - www.afe.gouv.qc.ca/en/index.asp NB - www.studentaid.gnb.ca
Repayment While attending school, students will enjoy an interest free period on any money borrowed and used for their educational investment.
NS - http://studentloans.ednet.ns.ca
After graduation, student loans must be repaid at interest rates established by the government through the student Loan Service Centre, starting six months after the borrower ceases to be a full-time student.
NL - www.ed.gov.nl.ca/studentaid
For more information about student loans, visit the Human Resources Development Canada Website at: www.hrsdc.gc.ca/eng/learning/canada_student_loan.
PE - www.gov.pe.ca/ial
NT - www.nwtsfa.gov.nt.ca YK - www.education.gov.yk.ca/advanceded/sfa/loans.html NU - www.gov.nu.ca/education/eng/adult/fans/student_loans.htm
OTHER OPTIONS Lifelong Learning Plan (LLP)
Registered Education Savings Plan (RESP)
The LLP allows eligible students to withdraw up to $10,000 per year, tax free (up to $20,000 over a four-year period) from their RRSP. Withdrawals are repayable over 10 years.
RESPs are registered education savings plans that permit savings to grow tax-free until the beneficiary is ready to enroll full0time into a qualified post-secondary institution. Congributions to all RESPs are subject to a lifetime maximum of $42,000. An RESP also allows you to apply for the Canadian Education Savings Grant.
Details: Revenue Canada Website at www.ccra-adrc.gc.ca
Student Lines of Credit (SLOC) or Personal Line of Credit (LOC) Most financial institutions offer lines of credit for students enrolled in fulltime programs and amounts vary per institution. Credit amounts are based on individual approved credit limits with monthly interest-only payments required while attending school. After completing studies, students are entitled to a grace period for about six months while continuing to pay interest-only. For more information, visit your and other financial institutions for a list of their financial aid options and criteria. Most banking institutions require a student to have an eligible co-signer to vow for their credit. Below are a few options to consider: Bank of Montreal's Brain Money Program Eligible students can apply for a maximum credit line up to $15,000 for their first year. Students may also be eligible for a Special Discount Program and a Student MasterCard速. Repayment: Pay interest only on what you borrow while you're in school, and for one year post-graduation. For more information on this program, visit a Bank of Montreal branch or call 1-800-665-9665 or visit www.bmo.com/home/personal/banking/mortgages-loans/loans-loc/loc/ student-loc-student
CIBC - Education Line of Credit This line of credit is designed to help students with education costs by providing eligible students with up to a maximum of $15,000 for their first year. Repayment: Pay interest only while attending school and for 12 months after graduation. For more information on this program, visit a CIBC branch or call 1-800-5258622 or visit www.cibc.com/ca/loans/edu-line-of-credit.html
Royal Bank - Royal Line of Credit Through the Royal Line of Credit program, students are eligible to apply for a maximum credit line up to $10,000 for each school year. Repayment: Students pay interest only while attending school and for 12 months after graduation. For more information, visit a Royal branch or call 1-800-768-2511 or visit http://www.rbcroyalbank.com/personal-loans/student-line-of-credit.html
TD Canada Trust Bank - Trust Student Line of Credit The TD Canada Trust Student Line of Credit allows full-time students to apply or funding up to $10,000 per year. Repayment: Pay interest-only monthly payments for up to 12 months after you finish school. For more information on this program, visit a TD branch or call 1.866.222.3456 or visit www.tdcanadatrust.com/student/stline.jsp
ADDI TI ONALOPTI ONS Scholarships & Bursaries There are many scholarships available that are based on individual criteria set out by the affiliated organization that do not need to be repaid. The following links are comprehensive scholarship portals to search for ones that you may be eligible to apply for. Student Awards: www.studentawards.com Scholarships Canada: www.scholarshipscanada.com Les Dames d'Escoffier The BC Chapter Scholarship Committee of Les Dames d'Escoffier International is an administrative body that annually awards scholarships to women desiring to establish or further a career in the fields of food, wine, hospitality, nutrition, food technology, the arts of the table and other fields as they relate to these disciplines. Awards are based on merit and ability and will vary from year to year. These scholarships are offered to women of all ages who are keen to begin basic training in these areas and to women already skilled in these fields who seek to refine their expertise. Applicants must be BC residents. For more information, visit www.lesdames.ca/scholarship
EI / Retraining Funding Retraining funding may also be available to some applicants currently collecting social assistance or employment insurance through Human Resources Development Canada. To apply for such funding, you must meet with a caseworker through your provincial Employment Assisttance Services (EAS). If you are eligible to receive assistance, your casework will be working with you on submitting an application for funding. Maximum funding available through this resource is $7,500. A student would still be responsible for additional tuition, fees, and living expenses not covered by this program by using a combination of other financial aid resources like saved money, family resources, student loans, and/or bank student line of credit.