What are the payment options and plans?
Your pursuit of higher education is one of the most important investments you’ll make. The first step for financing your education starts with self-reliance – exploring personal and family resources for funding your dreams. After you’ve identified your personal resources, the next step is to investigate financial aid opportunities, as well as other financial assistance programs that can supplement your financing.
Employer and Union Sponsored Education Program:
Some employers and unions provide education assistance and tuition re-imbursement programs for employees and children of employees. Check with your employer, or your parent’s employer(s), to see if they offer any education assistance or tuition re-imbursement programs that you may qualify for.
Student Loans and Lines of Credit
Most major banks and credit unions offer student lines of credit to finance post secondary education. You can apply online (in most cases), over the phone or at your local bank branch.
Second Career program
The Ontario Ministry of Advanced Education and Skills Development administers programs, such as Employment Ontario, to assist individuals who are unemployed or who have qualified for Employment insurance. Students may qualify for post secondary education financing through Employment Ontario or other programs managed by Ministry of Advanced Education and Skills Development.
Workplace Safety and Insurance Board of Ontario (WSIB)
Some individuals may qualify for assistance from the Workers’ Compensation Board (WCB). The WCB may help with rehabilitation, retraining and educational upgrading.
External Scholarships and Funding
A favorite option for many of our students because of the low and manageable monthly payments. A credit check is required and some conditions apply and you may require a co-signer from a family member or friend.
Canada – Ontario Job Grant (COJG)
On March 28, 2014, Ontario signed the Canada-Ontario Job Fund Agreement with the federal government. The grant provides direct financial support for employers who wish to purchase training for their workforce.
- Provide up to $10,000 in government support per person for training costs.
- Require employers to contribute one-third of the total costs. There will be additional flexibility for small businesses to provide an in-kind contribution towards their share of the costs.
- Require training to be delivered by an eligible, third-party trainer
Medicard iFinance Canada INC:
Medicard iFanance Canada Inc is our in-house non-bank financial services company that assists with student financing. Medicard offers many lending options with a fast on line approval system to those who may qualify for a student loan. (Available only at Chellsey Institute of Beauty and Health Inc.)