Financing education - what education costs - when to pay

Financing education: what it costs, sources of help and when to pay
It is possible to finish post-secondary training debt free. But it does take a lot of planning ahead of time. Students are expected to use personal savings and get parental contributions. They may also work part time. There's also government student loans and grants as well as taking out personal bank loans. Scholarships, awards and bursaries also help finance post-secondary education.

You'll probably want to start with what it will cost. Try our fee calculator to determine approximately how much it will cost for a semester or year. That will help with your budget.

You should also check out all the tax incentives and deductions either you or your student are eligible to use.

Check the drop down below as a starting point for sources of information.

Scholarships, bursaries and awards
Lakeland College also has a wide range of bursaries, awards and scholarships. Encourage your student to apply. The financial aids and awards office advertises deadlines in the student newsletters. In academic 2010-11, $655,728.00 was awarded to 726 students. Check out our financial aids and awards page for more details. They should also apply for external awards. There may be awards in your own community. Also check these helpful websites: http://www.studentawards.com/ http://www.alis.gov.ab.ca/ http://www.scholarshipscanada.com/
Student loans
The federal government offers loans to all eligible citizens via the Canada Student Loans Program (CSLP). Eligibility is based on financial need. Students may also qualify for grants. *Apply early.* Processing may take up to six weeks. If you need assistance with the application, please contact the financial aids and awards office. 1 800 661 6490 ext. 8418 for all inquiries In Vermilion 780 853 8418 In Lloydminster780 871 5723
Tax incentives and deductions
Are you eligible? Effective in 2007, changes to taxes on student scholarships and bursaries Awards greater that $2,000 these are no longer taxable. However the deduction for the cost of moving expenses to the college location may not be deductible unless they have no net income at the new location, (i.e. not working part time while attending college). Tuition fees greater than $100 are fully tax deductible. Students receive a federal tax credit of $400 a month x the length of the academic term for full time studies and $120 for part time studies. Students can claim a text book tax credit of $65 per month for full time studies and $20 per month for part time studies. There may be some provincial tax breaks as well – so please check with the Provincial tax credits in your respective province. For example – Alberta residents can claim $600 per month tax credit. If a student does not use the full tax credits to reduce their tax payable to zero, they may transfer up to $5,000 in unused tuition, education and textbook amount per year to a spouse, common-law partner, a parent or even a grandparent. Note: Tax credit can also be claimed on the yearly interest paid once a student begins repaying student loans, however to make this claim these loans must be kept separate and can not be combined or rolled in with other loans, such as a car loan, or interest “is no longer deductible”. Please see Revenue Canada's website for the most up-to-date information. This information is supplied only to provide you with some of the ideas of the possible tax credits that students may qualify for as a student at Lakeland College. These breaks may not apply to all students nor will all students necessarily qualify for any or all of these tax benefits. This information is strictly supplied to you as a reference point to start your inquiry. Please contact you local or federal government agency and/or a tax accountant to get the exact details and to see if these tax credits apply for you. Since these educational tax programs are constantly changing, Lakeland College does not assume any responsibility for their accuracy of personal applicability to your situation. We provide this simply as an additional bit of information and service to our students and/or parents. We trust that you will perform due diligence in researching this information and it application to your situation.
Is it worth it?
Student spending results in 16% return on their investment...The money students pay out now to attend college will result in increased earning over the life time. For every $1 students invest in a Lakeland College education, they receive a cumulative of $4.50 in higher future earnings over their working careers. From an investment standpoint, Lakeland College students enjoy a 16 per cent annual rate of return on their investments of time and money. Lakeland College students will see their annual income increase by $142 per year for every credit completed at Lakeland College. Studies demonstrate that average annual earnings of a student with a one-year certificate will earn $44,100 or 13% more than someone with a high school education. The average earnings of a student with a college diploma are $50,200 or 54% more than someone who didn’t complete high school and 28% more than a high school grad. Source: Alberta Association of Colleges and Technical Institutes study released Nov. 21, 2007
Fees and paying them
Fees are due at the beginning of each semester. In September, that's registration day. In January, it's the first day of classes. There is a $100 penalty for late fee payment. Besides tuition, your student has to pay mandatory fees covering comprehensive fees for various amenities and insurance. Other fees include the student association fee as well as specific program and course fees. These do vary by course. Books, supplies, field trips and practicum expenses are all extra. Making a payment Students can pay their Lakeland College fees: in person--drop by student services Monday through Friday, 8:15 am to 4:30 pm. Payments can be made by cheque, money order, VISA, MasterCard, debit or cash. phone--call student services to make your payment with your credit card online--use Mylakeland and your credit card to make your payment Residence fees are also due at the beginning of each semester. Payments can be made at the residence office or at student services on both campuses.
Enhancements to Saskatchewan Student Financial Assistance Program
Saskatchewan post-secondary students can benefit from the new "Go Further Faster" program of student financial assistance. The campaign includes a range of available non-repayable grants, bursaries and scholarships, better interest terms and an online application that streamlines the process. The 2010-11 budget provides for enhancements to the Student Financial Assistance program which helped to make post-secondary education accessible to more Saskatchewan students. These enhancements include: Full-time students can earn as much as they choose during their study period without affecting their eligibility for financial assistance; Interest rates will be reduced to prime on repayable Saskatchewan loans; and Ownership of vehicles by students is allowed without affecting the level of financial assistance. More information on the Saskatchewan Student Financial Assistance program can be found at www.aeei.gov.sk.ca/student-loans/ or by calling 1 800 597 8278.

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Financing education: what it costs, sources of help and when to pay

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