I’m a BC highschool student, soon to be UoT student. My cost estimate is about 20k first year, and 35k for the next 4 years, 150k upon completion. My family has made it clear that they can’t afford to pay, which i respect and won’t be asking them for a contribution. I was late to the scholarship search, as I wasn’t planning to enroll in UoT till very recently. I am strong academically, and fairly week in the EC’s.
How can I fund my education?
Is there a limit to how much I can loan out?
How do I loan out this large amount of money?
How much help should I expect from UoT?
Is it a better idea to apply for the whole sum upfront, or over the years?
And any tips with this situation, or anything?
Cheers,
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hey there,
i’m almost certain that BC’s financial aid system is your best bet for funding almost all, if not all, of your education. i’m not an expert by any means, but BC’s setup seems to be similar to OSAP‘s (that’s the Ontario Student Assistance Program), so i think it’s safe to say that you will be assessed and allotted an amount every year based on your perceived need. read through their website and speak with your high school guidance counsellor(s) for more information about how to apply.
if you receive the maximum amount of aid from BC and you still need more, you can apply to UTAPS (UofT Advance Planning for Students), which will fill in the gap between how much assistance you’re getting, and how much you need.
apart from UTAPS, you get automatically considered for a $2000 entrance scholarship from the university if you have at least a 92% average in your final year. depending on your college, you can also receive up to $3000 in entrance scholarship money from your home college – again, you’re automatically assessed for this.
provincial financial aid and UTAPS function on a yearly basis. every year, you’ll have to reapply and be reassessed to receive your next set of instalments.
also consider the possibility of working, both before and during school. a part-time or summer job can save you a few thousand dollars coming in, and every $1k counts. and while i’d advise not working in your first year if you can at all help it, taking on a part-time job in university is great for your pocket AND your resume.
the only other tip i have is: research, research, research. find out where your money will be coming from, how to apply for it, and then take note of deadlines. and then keep doing that while you’re here. the search for scholarships does not end after you get into university.
there are many scholarships available from uoft for students at various stages of their studies, not to mention all the external scholarships that are available (tip: when i was in the twelfth grade, i would spend hours just googling major corporations with the word ‘scholarship’ attached. you can bet that most large companies that need to keep up a certain image will have a scholarship for high schoolers).
best of luck with all this, and i hope to see you at the university of toronto soon!
aska