There are several financial assistance options available for students who, although they have decided to pursue their training, do not necessarily have the funds on hand to cover their education costs.
We’ve listed a few options below, and we also welcome you to speak with your OMNI advisor who can help determine which ones you may or may not be eligible for.
STUDENT LOANS
OMNI College is designated by StudentAidBC, providing OMNI students with access to student loans and funding.
StudentAid BC helps eligible students with the cost of their post-secondary education through loans, grants, bursaries, scholarships and special programs. This is available to Canadian citizens, landed immigrants and permanent residents of Canada.
Provincial and national student loans are all administered through your home province. Loan repayments and interest are put on hold until after you have completed your studies.
To find out if you are eligible, book an appointment with OMNI College and your advisor will help you through the process.
The Nurses Education Bursary Program (NEB):
Depending on your financial situation, when you apply for a student loan through StudentAidBC, you may be eligible for the Nurses Education Bursary. This provincial program awards up to $1 million in bursary funding a year to nurses and nursing students. Bursaries are awarded to the applicants who demonstrate the greatest financial need. Family size is also taken into consideration. This bursary is not a loan, which means that if awarded, the funds from the bursary do not need to be repaid.
Employment Insurance (EI)
There is funding available through Human Resources Development Canada. Contact your local Service Canada office to find out if you are eligible.
Borrow from a Bank or Credit Union:
Most of the major banks in Canada offer low interest student lines of credit, with favorable terms. Contact the lending department of your bank to see what options they may offer you and what you may be eligible for. Credit Unions are also a good option to consider as they often offer more competitive rates than the large banks.
Borrow from friends or family
This is a feasible option if your friends or family are in a financial situation to help support you. Borrowing from friends and family could potentially give you more flexibility for repayment and lower interest rates.
Borrow from RRSP:
If you have some personal RRSPs, you may borrow from it to help pay for your education tax-free. Read more about this Lifelong Learning Plan (LLP) by visiting Service Canada’s website at http://www.servicecanada.gc.ca/eng/goc/llp.shtml
Save first, train later
The advantage of saving the money for your education yourself is that you will not have to worry about any debt once you’ve completed your training. The downside is that it will mean delaying your training until you have been able to save up the funds needed. Generally, by upgrading your skills through training, you will be able to earn a greater income enabling you to pay off any associated debts faster than if you had that same debt before training.
