Students at the Toronto Film School have a variety of options open to them when it comes to financing their education.
Financing Options and Programs:
Canada Student Loans and Grants Program
The Government of Canada offers students financial assistance in the form of both loans and grants to make it easier to earn a post-secondary degree or diploma.
Grants do not need to be repaid, while loans are typically interest-free during the education period and then repaid after students finish their post-secondary program. The Grants program offers funding for students who demonstrate specific needs (e.g. students from low- or middle-income families, students with disabilities, students with dependents and part-time students).
Students from most provinces and territories are eligible for these programs (some provinces and territories offer their own, comparable programs).
Ontario Student Assistance Program (OSAP)
The Ontario Student Assistance Program (OSAP) is a government-based financial aid program for Ontario resident students that can help to pay for college or university.
OSAP offers funding through:
- grants: money you don’t have to pay back
- a student loan: money you need to repay once you’re done school
Students may be eligible to receive assistance to meet the cost of post-secondary education, including tuition, books, supplies and basic living expenses.
Additional information about OSAP can be found here.
Out-of-Province Financial Aid
Students from most provinces and territories are eligible for Financial Aid programs
Canada Student Grants and Loans – Apply with your province or territory by clicking here.
Student lines of credit through Canadian banks
Most major banks in Canada offer lines of credit and other programs specifically for students.
Usually full-time students are eligible for student lines of credit. Although most banks give these loans to Canadians studying at Canadian institutions, they are sometimes available for students who are studying abroad. While most banks require that undergraduates have a co-signer for their line of credit, this is not usually required for graduate students.
For any line of credit program, students typically must visit their local branch to apply.
Information on programs for students through major banking institutions:
The following is an example of a TD Bank student line of credit:
Amount available: maximum available is $10,000 per year for a maximum of four years ($40,000).
||Maximum available is $10,000 per year for a maximum of four years ($40,000).
||The interest rate is prime plus 1% set monthly.
||An interest-only repayment begins while a student is in school and continues for 12 months after graduation. After that students begin monthly principal plus interest payments that will repay their loans in up to 20 years.
The Registered Education Savings Program (RESP) is a program from the Government of Canada that helps Canadians save for a child’s post-secondary education. Both degree and diploma programs at Toronto Film School are eligible under the RESP.
Students with an RESP typically require a letter of acceptance from their faculty to have funds released for their use.
Lifelong Learning Program (LLP)
The Government of Canada’s Lifelong Learning Plan (LLP) allows Canadians to withdraw up to $10,000 in a calendar year from their registered retirement savings plans (RRSPs) to finance a full-time training or education program for themselves or a spouse or common-law partner. (Canadians may not use the LLP to finance the training or education of their own children, or those of their spouse or common-law partner).
Students who meet the LLP conditions every year may withdraw up to the maximum LLP RRSP amount until January of the fourth year after the year they make their first LLP withdrawal. The maximum amount that can be borrowed from an RRSP under this program is $20,000 in total.
Students at the Toronto Film School who are Ontario residents may be eligible for funding for Toronto Film School post-graduate diploma programs through Employment Insurance (EI). The EI program provides temporary financial assistance to unemployed Canadians who have lost their job through no fault of their own, while they look for work or upgrade their skills. Students who are on EI or have recently been receiving it may be eligible. For more information please visit Human Resources and Skills Development Canada.