Financial Aid
Bank Solutions
Many Canadian financial institutions offer student lines of credit for students who may not be eligible for student loans or who need additional financial aid. Eligibility, interest rates, and credit limits may vary between banks.
Key Features:
– Only interest payments are required during your studies.
– Most banks offer a 12-month grace period after graduation where interest on the principal is not required.
– After the grace period, monthly payments on the principal will begin.
Where to Apply:
Visit your bank (e.g., BMO, TD Bank, RBC) for more details. You can also contact one of our Financial Aid Officers for guidance.
Canada Ontario Job Grant
The Canada Ontario Job Grant (C.O.J.G.) helps employers invest in their workforce through government funding. If you are working for an employer who is participating in this program, you may be eligible for training support.
Grant Details:
The grant provides up to $10,000 per employee for training costs.
More Information:
Learn more by downloading the guide from the C.O.J.G. website.
College Interest-Free Financing
For students who have no other available financial options, Academy of Learning Mississauga West and Kingston offers interest-free financing. This option is available to students who meet specific criteria. Our Financial Aid Officers can assist you in determining your eligibility and help guide you through the process.
OSAP
The Ontario Student Assistance Program (OSAP) is the most common option for Ontario students to finance their education. OSAP provides loans, grants, and awards to help eligible students with the cost of their education.
Eligibility:
Based on financial need and residency requirements for Ontario residents.
Learn More:
Visit the Ontario government’s OSAP page or contact our Financial Aid Officers for assistance with your application.
Lifelong Learning Plan (LLP)
The Lifelong Learning Plan (LLP) allows individuals to withdraw funds from their Registered Retirement Savings Plan (RRSP) to finance education or training for themselves, a spouse, or a common-law partner.
Eligibility:
Must be enrolled in a qualifying educational program at Academy of Learning College.
Requirements:
You must complete an income tax return each year until the LLP withdrawals are repaid or included in your income.
More Information:
Speak with our Financial Aid Officer to determine if you qualify and how much you can withdraw. For more details, visit the Canada Revenue Agency website.
Registered Education Savings Plan (RESP)
If you are a beneficiary of a Registered Education Savings Plan (RESP), you can use the funds to finance your education at Academy of Learning College.
Eligibility:
Once you enroll in a qualifying program, you are eligible to receive payments from the RESP to cover your education costs.
Qualified Programs:
All Academy of Learning College diploma programs are eligible under the RESP guidelines.
Better Jobs Ontario
Better Jobs Ontario is a government program designed to help individuals who are unemployed, under-employed, or looking to upgrade their skills for a new career.
Program Benefits:
Provides financial support up to $28,000 for tuition and other expenses like books, living costs, travel, transportation, and disability supports.
How It Works:
- Visit an Employment Ontario assessment centre for an initial consultation.
- A counselor will work with you to develop a training plan.
- Our career consultants will assist you throughout the application process and provide ongoing support.
Eligibility:
Based on work history, skills, and career goals.
For more information, contact Academy of Learning College, or visit an Employment Ontario assessment centre.
Out-of-Province Students
Financial assistance may also be available for out-of-province students. For more information on provincial student grants and loans, please visit the Government of Canada Student Grants and Loans page.
At Academy of Learning College Mississauga West our Financial Aid Officers are here to assist you in navigating your financial options. Whether you need guidance on applying for loans, grants, or other financial aid programs, we’re here to help.
Use our online form to get in touch with one of our Financial Aid Officers.