Education is the only area where you can control the outcome of your investment. When you combine skills training appropriate to your career goals, the confidence gained through successful completion, and a little initiative, you will have the factors required to become successfully employed in a better job.
Canada and BC Loans
Full-time and part-time student loans are designed for those who could not otherwise afford to continue their education beyond high school. Details can be found at www.bcsap.bc.ca. As well, please feel free to contact us - we are happy to answer any questions for you regarding your application. If approved for a full time student loan, you do not have to make any payments until 6 months after graduation. A repayment calculator can be found at www.canlearn.ca that will show how reasonable your payments can be for this investment.
Bank Loans or Student Lines of Credit
Most major banks offer loans for educational purposes at a preferred interest rate. You do have to make monthly (interest only) payments while you are in school, and begin repaying the principal 6 months after graduation.
Government Training Funds
If you have been on Employment Insurance in the past three years, you can meet with a consultant at an HRDC office. If you are unable to find work and require retraining, you may be eligible to receive funds for training. If you have formal training but are unable to find a job because you lack work experience, you may be eligible for a targeted wage subsidy. For more information on other government benefits for students go to www.canadabenefits.gc.ca.
Personal Loans
You may have a relative who would be willing to help finance your education if they see you have researched your options, made a sound decision on a specific career, and are committed to successfully completing your education.
RRSPs
You can withdraw RRSP funds on a tax-free basis to finance full-time studies for at least 3 continuous months at a designated educational institution. You can withdraw up to $10,000 per year from your RRSP to a maximum of $20,000 over a period of up to 4 calendar years. Please check with your financial institution to confirm.
Part Time Employment
With our flexible training schedules, many students find that they are able to work and continue their education at the same time without quitting their current job. You do not have to commit to a specific study time or day when you enroll so if your shift changes, you can simply change your study schedule. Courses can be paid for one at a time.
Corporate Sponsorship
Many organizations are willing to pay for employee education if it is to the benefit of the company. Check into your company's policy in this matter. You could consider offering to pay up front if your company will agree to reimburse you after successful completion.
After Completion
Tax Receipts
Official receipts are issued at the appropriate time because tuition fees qualify for a federal tax credit. The cost of all of our course material including workbooks is included in our tuition fees which is a benefit over schools where books are purchased separately. Students may also be entitled to an educational status credit based on their attendance. Students are requested to talk to their tax consultant if they require any additional information.
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