The least exciting thing about going off to post-secondary is planning how you are going to pay for it. While there are many options out there to pay for post-secondary, the most popular ways are either OSAP or a Student Line of Credit.
OSAP (Ontario Student Assistance Program) is a financial aid program that helps students pay for post-secondary. They offer both grants and student loans.
What OSAP can help with:
Who can get OSAP:
You may not be eligible for OSAP if:
The amount of money you get will depend on:
They also offer additional financial assistant for indigenous students, current or former crown ward, and individuals with a disability.
SLOC (Student Line of Credit) is a type of loan from a financial institution that is a defined amount of money that you can access as needed and then repay immediately or over a longer period. It is designed to help you cover expenses related to post-secondary but can also be used towards everyday expenses.
The differences between OSAP and SLOC:
When deciding how you’re going to pay for your education, you need to pick what financial payment plan fits best for you. If you are going to be working throughout school, it may be best to get a Student Line of Credit where you can stay on top of your payment. OSAP is a great option for paying for your education and repaying when you’re done your education.