Budgeting for Students: Financial Aid for Private Schools

Are you considering attending a private school in Canada? If yes, then you’re probably looking up “budgeting for students,” or “financial aid for private schools.”

We get it; the financial aspect of education can be daunting. Whether you're a recent high school graduate or someone looking to change careers later in life, the cost of education is a significant consideration.

Our goal at Skilled Trades Colleges is to ensure that a person's financial situation should not be a barrier to their dream and ability to acquire valuable skills.

That's why in this blog, we'll explore the various types of financial aid available for private school students. Our goal is to help you as you prepare a college budget that not only fits your financial goals but also makes your educational aspirations a reality.

So, keep reading to discover how to make your education more affordable!

How Much Does It Cost to Go to a Private School in Canada?

Private education in Canada, including Ontario, offers a unique and enriching experience, but it’s essential to understand the associated costs before applying.

Tuition fees can vary widely, with factors like the school’s location, reputation, and facilities influencing the overall price. Another determinant of cost is the program; if a student is looking to get a Bachelor’s Degree at a private university, that cost is going to be much higher than a diploma program at a private college.

On average, tuition fees for private schools in Canada can range from a few thousand dollars to over $20,000 annually. While this may generally be higher than the cost of public schools, it can be difficult for many to afford post-secondary education regardless of where they choose to enrol; some young people even reportedly give up necessities just to afford school.

So it’s safe to say that without adequate financial assistance, higher education can be hard to access.

This is where financial aid comes into play.

A financial aid officer speaks to a college student about the budgeting process

How Does Financial Aid Work for Private Schools?

Financial aid is like a lifeline for many private school students, helping them bridge the gap between their educational dreams and the financial reality. But how exactly does it work?

Financial aid for private schools is designed to make higher education accessible to a more extensive range of students and alleviate the burden of student loan debt.

The government offers several grants, loans, and scholarships to help college students pay for their education. Additionally, private institutions usually have their own set of financial aid programs tailored to students' needs.

In fact, many schools have dedicated financial aid offices or departments that can provide guidance, resources, and support in navigating the financial aid application process.

Types of Financial Aid for Private Schools

Financial aid encompasses various forms of support to ease the financial burden of attending a private school. Here are the different types of financial aid available for private school students:

Scholarships

A scholarship is a merit-based award that doesn’t need to be repaid. Colleges grant them based on academic excellence, talents, skills, or specific criteria set by the school or organizations. Private schools often offer scholarships to attract top talent. To see if you’re eligible for a scholarship, check with your preferred school’s financial aid office.

Skilled Trades Canada, in particular, offers full-ride scholarships valued at $20,000 to four deserving students each year. The Scottie Barnes Scholarship covers tuition, tools, textbooks, and various other essentials.

Want to know if you’re eligible? Find out more about the Scottie Barnes Scholarship here.

Grants

Grants are financial awards given to college students based on a range of criteria that can either be merit-based or need-based. They can come from private institutions, the government, or other organizations.

Most grants don’t require repayment, although specialized grants may have specific terms that require recipients to fulfill certain obligations, such as research or community service.

Bursaries

Bursaries are similar to grants and are primarily designed to fund students who demonstrate financial need. They can be offered by private schools themselves or external organizations.

Loans

Loans are available to a broader range of students but come with the obligation to repay the borrowed funds. Government-backed loans, such as those through the Canada Student Financial Assistance Program, are often accessible to Canadian students attending private schools. Private loans may also be an option for students with additional financial need.

Repayment options for loans depend on other factors like the type of student loan and the lending institution.

Work-Study Programs

Work-study programs provide part-time job opportunities on or off-campus for Canadian or international students to earn income that can be used to cover total expenses for education and living costs. These programs are typically available to college students who are willing to work while pursuing college or trade school.

A Skilled Trade Colleges student drilling a hole in a wooden platform

Types of Financial Aid for Skilled Trades

Are you interested in pursuing a career in a skilled trade? If so, you may be eligible for various financial aid opportunities to help you with your training and certification.

Here are some of the government grants and deductions available for trade school students:

Apprenticeship Incentive Grant (AIG)
Apprenticeship Completion Grant (ACG)
Tradesperson’s Tools Deduction
Apprenticeship Incentive Grant for Women (AIG-W)

The Canadian federal government also offers up to $4,000 in interest-free loans per period of technical training through the Canada Apprentice Loan. The loan is available for apprentices registered in a designated Red Seal trade program.

Other Canadian provinces and territories may also offer their own financial aid programs and incentives for skilled trades students and apprentices. Check with the relevant provincial or territorial authority for information on available programs to see if you’re eligible.

Kickstart Your Skilled Trades Journey with Financial Confidence

With an ever-growing need for tradespeople, your investment in trades college is an investment in your future. At Skilled Trades College, we're committed to making your dreams a reality by providing top-notch education and support.

Our range of pre-apprentice courses in electrical work, plumbing, and home renovation are designed to equip you with the skills needed to excel in these in-demand fields.

But that's not all! We're here to assist you in navigating the financial aspect of your education as well.

Our team is well-versed in the diverse range of financial aid options available for private school students. Whether you're interested in scholarships, grants, loans, or work-study programs, we'll guide you through the process to ensure you can pursue your education with confidence.

What are you waiting for? Contact us today to kickstart your skilled trades career.