For those individuals looking to provide their own funding for training. There are a number of options that may help ease the financial strain.
– Financial institutions offer personal loans for many reasons, including education. With interest rates being at an all time low, it is frequently cheaper in the long run, to take out a personal loan rather than deal with the hassle of OSAP.
– Many financial institutions offer student lines of credit. These programs are designed to give students help to cover the cost of such things as tuition, books and living expenses. Contact your local financial institution for more information.
– A registered education savings plan (RESP) is a contract between an individual (the subscriber) and a person or organization (the promoter). Under the contract, the subscriber names one or more beneficiaries (the future student(s)) and agrees to make contributions for them, and the promoter agrees to pay educational assistance payments (EAPs) to the beneficiaries. Click here for more information on RESPs.