Government Financial Aid
Financial assistance is available for eligible full-time students (those taking 60% or more of a full course load), who are Canadian citizens or landed immigrants, through the Canadian and provincial government student loan programs. Students must apply for loans through the province in which they have established residency.
Residents of British Columbia apply for loans through the StudentAid BC (SABC), which combines the Federal Canada Student Loan Program and the Canada Study Grant for Students with Dependent Children with the Provincial BC Student Loan Program. Eligibility is determined by those agencies, which are independent of The Art Institutes.
Student loans must be repaid at interest rates established by the government through the National Students Loan Service Centre, starting six months after the borrower ceases to be a full-time student. However, the government pays interest to the bank on the student’s behalf while they are engaged in full-time study. Student who are actively seeking work but are unemployed at the end of the six-month grace period may apply for Interest Relief on their Canada and BC Student Loans through their lending institutions.
Details: For more information about student loans, visit the Human Resources Development Canada Web site.
Other Options
Lifelong Learning Plan (LLP)
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.
Details: Revenue Canada Web site at www.ccra-adrc.gc.ca.
Bank of Montreal’s Brain Money Program
The Bank of Montreal’s Brain Money Program is a suite of products and services designed to meet the financial needs of post-secondary school students. Through the Brain Money Program, students are eligible for a maximum credit line of up to $30,000. Students may also be eligible for a Special Discount Program and a Student MasterCard®* card.
Details: For more information on this program, please visit a Bank of Montreal branch or call 1.800.665.9665.
Royal Bank - Royal Line of Credit
The Royal Bank offers a Royal Credit Line for Students which is similar to the Bank of Montreal’s Brain Money Program. Through the Royal Line of Credit program, students are eligible to apply for a maximum credit line of up to $30,000 for a two-year program.
Details: For more information, contact a Student Financial Planner.
Student Lines of Credit
Financial institutions offer lines of credit for students enrolled in full-time programs. Credit amounts are based on individual approved credit limits with monthly interest-only payments required while attending school. Amounts vary at each institution.
Details: For more information, visit your financial institution for a list of their financial aid and criteria.
Registered Education Savings Plan (RESP)
RESPs are registered education savings plans that permit savings to grow tax-free until the beneficiary is ready to enroll full-time into a qualified post-secondary institution. Contributions 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.
Canada Education Savings Grant (CESG)
The CESG is a grant from the Government of Canada paid directly into a beneficiary’s RESP to a limit of $7,200.
Details: For more information, about RESPs and CESGs, visit the Human Resources Development Web site at www.hrsdc.gc.ca.
Sallie Mae - Creative Education Loan (CELP)
The Sallie Mae Creative Education Loan is applicable to US students wishing to receive post secondary training at The Art Institutes. The interest rates and fees are determined by the applicant’s credit score.
Details: To apply for the pre-approval process, call 1.800.984.2944.
Scholarships and Bursaries
These are scholarships or other benefits that do not need to be repaid. Most scholarships are based on criteria set out by the affiliated organization. Retraining funding may also be available to some applicants currently collecting social assistance or employment insurance through Human Resources Development Canada.
To assist with your search for external funding, StudentAwards.com provides a unique service that matches awards with eligible candidates and institutions. Membership is free, and you can choose to receive updates of new awards via email.
Details: For more information, and to register for this service, visit their Web site at www.studentawards.com.
Myschool.com is a site where students can learn about career and educational opportunities. The site also features a custom search for students looking for scholarships that suit their personal profile.
Details: For more information, visit www.myschool101.com.
Scholarships Canada is another comprehensive scholarship portal. The site includes a database of scholarships, student awards, bursaries and grants, as well as information about student loans, applications and budget planning.
Details: For more information, visit their Web site at www.scholarshipscanada.com.
The Canada WorkInfo Net also provides links to a variety of Web sites with financial aid resources and educational funding.
Details: Visit their Web site at www.workinfonet.ca.
WCB and ICBC Retraining
Some individuals may qualify for assistance from the Workers’ Compensation Board (WCB). The WCB may help with rehabilitation, retraining and educational upgrading.
Details: Contact the Rehabilitation Consultant at the WCB. Information is available at www.worksafebc.com.
The Insurance Corporation of British Columbia (ICBC) also runs retraining programs.
Details: Contact the ICBC Rehabilitation Coordinator directly. Information is available at www.icbc.com
Payment Plans
Subject to credit approval by the Student Financial Services Department, payment plans are available in some circumstances. Payment plans require proof that the student has the financial capacity to make payments and in some cases will require additional guarantees or co-signers. Payment plans are available and are subject to an interest rate of 12% per annum, calculated on a monthly basis.
The Art Institute Early Payment Incentive Credits
This program rewards students for making an earlier financial commitment to their education. It is a risk-free financial incentive to make early monthly payments towards the cost of education so that future monthly education expenses at The Art Institute are more affordable.
For every five on-time monthly payments made to the school before a student starts classes, they will receive a credit equal to the lowest monthly payment of those five payments. The credit is posted to the student’s account upon 30 days attendance once in school at The Art Institute. If for some reason the student does not start school, all payments received under this program will be refunded in full within 30 days of the request to return the funds.
Details: For more information, contact a Student Financial Planner.