Managing the expenses and reducing costs of your university education can be challenging. Fortunately, there are numerous options available to help you handle expenses and minimize costs while enjoying a fantastic university experience. Below is a list of available funding options to explore in order to finance your educational expenses:
Current funds
These are existing resources you already possess, such as savings, investments, gifts, etc.
Family support
Other relatives may be able to lend or give you money to assist with your education.
Registered Education Savings Plan (RESP)
An investment plan utilized by parents and/or caregivers to save for the post-secondary education of their learners.
Registered Retirement Savings Plan (RRSP)
If you are enrolled in full-time post-secondary studies for at least three months per year, you can make tax-free withdrawals of up to $10,000 per year from RRSPs, up to a maximum of $20,000 over four years.
Repayments must be completed over a 10-year period, starting the year after your last year of enrollment or six years after the initial withdrawal (whichever comes first).
Assets
Evaluate your assets and determine assets that can potentially be liquidated to fund your education.
Part-time employment
Save earnings from part-time and/or summer jobs. Check out VIU’s on-campus student employment and off-campus student employment. The Canada Summer Jobs program also offers opportunities for youth between 15 and 30 years old to gain work experience and earn funds.
Higher Ed Points
Through Higher Ed Points, students can utilize loyalty points from anyone to fund tuition and student loans.
Scholarships, awards, and bursaries
At Vancouver Island University, the Scholarships, Awards, and Bursaries program, organized by the Financial Aid and Awards office, offers financial assistance, incentives, and rewards to eligible students. It is important to update your profile each year between early September and March 30, as the information is not automatically carried over from year to year.
External funding
External funding encompasses scholarships, awards, and bursaries available to all students through organizations not affiliated with VIU. The categorized list of external funding contains over $21.2 million in resources to assist in minimizing student debt. Many scholarships often go unclaimed due to lack of applications, so don’t miss out on this excellent opportunity to fund your education!
Bank loans
Many financial institutions offer lines of credit specifically for students.
Student loans and grants
Did you know that when you apply for a student loan, you may also qualify for grants? Grants are essentially free money that does not need to be repaid. Students applying for student aid at BC public post-secondary institutions in British Columbia will automatically be assessed for these non-repayable grants.
BC residents can apply for student loans at StudentAid BC. If you are not a BC resident, you must apply for a student loan through your province of residence.
Loan applications are typically available starting from June 1 every year and usually require 4 to 6 weeks for processing, so be sure to apply early.
Adult Upgrading Grant
The Adult Upgrading Grant (AUG) is funding from the provincial government that does not require repayment. It is available to students enrolled in Adult Basic Education (ABE), Workplace Essential Skills Training (WEST), or English as a Second Language (ESL) programs.
Canada Learning Bond
The Canada Learning Bond helps you start saving for your child’s post-high school education. For more information, email CLB@viu.ca.
Student loan estimators
The Canada Student Financial Assistance Program offers custom planners and estimators to help you determine the cost of your education, the amount of government loans you may receive, and the potential repayment amount upon completion. The estimator tools include:
- Education Savings Calculator
- Parental Contribution Calculator
- Student Financial Assistance Estimator
- Loan Repayment Estimator
- Repayment Assistance Estimator
Former youth in care
Vancouver Island University is pleased to announce that former youth in care in British Columbia of any age are now eligible for a tuition waiver for post-secondary education. The BC government has eliminated the age requirement for the BC Provincial Tuition Waiver Program for former youth in care, making it available throughout their lifetime.
In 2017, the B.C. government introduced the Provincial Tuition Waiver Program, waiving tuition and fees for former youth in care between the ages of 19 and 26. Effective from August 1, 2023, this extended tuition waiver will be accessible to all BC former youth in care at any age as part of StrongerBC’s Future Ready plan to enhance the accessibility and affordability of education and training.
To apply for the BC Provincial Tuition Waiver Program, obtain more information, and explore other funding options for Former Youth in Care, visit Youth Aged out of Care Funding.
Financial assistance and awards
The VIU Financial Aid and Awards Office is committed to assisting students in finding financial support through provincial and federal loans, grants, internal and external scholarships, awards, and bursaries.
Have any questions? Email FinancialAidInfo@viu.ca.
