By Ryan O’Connor
University is the central hub for building careers, making connections and forming friendships. But the investment in a degree comes with steep tuition that can put a hole in students’ pockets. Luckily, there are financial services available to help students manage costs throughout the school year. Here are some of those resources that are available for eligible Toronto Metropolitan University (TMU) students.
Ontario Student Assistance Program
The Ontario Student Assistance Program (OSAP) is the main student loan program in Ontario that provides students with financial assistance throughout their postsecondary education. The program offers money through grants, which can be kept, and loans, which need to be repaid once you’ve graduated or finished attending school. Once your application is completed, the OSAP website will automatically consider you for both grants and loans. Once their funding has been calculated, students have the option of taking just the grant, or the grant and the loan.
First-year TMU students can apply by creating an OSAP account online and filling out the required criteria. Returning students can repeat their application process on the website as well. OSAP applications are currently open for full-time and part-time students heading into the 2022-23 school year.
AwardSpring is a scholarship management platform that allows students to apply for and receive money through scholarships, grants and bursaries. Last year alone, $20 million in postsecondary awards were administered to over 25,000 students through the platform, according to the website.
From academic achievement awards to background-based grants, scholarships in all program categories are available to students. Even if you aren’t confident that you will receive a scholarship, shoot your shot at some applications if you are eligible! The application period for 2022-23 school year begins in September.
Personal Banking Services
Most banks in Canada offer financial services for students studying in the country. Banks such as TD and RBC provide flexible services to those studying in Canada, offering unlimited everyday banking and interest-free lines of credit.
CIBC even offers a chance to win $35,000 toward tuition when you open a CIBC Smart for Students account or a line of credit with the institution. If you aren’t already taking advantage of these student services, visit your local branch or check if you can apply for a student account through your bank’s website.
TMU Student Financial Assistance
TMU also offers online and in-person assistance to help broaden your external search for financial aid. The school offers in-person appointments at the Service Hub during the school year, as well as round-the-clock help with TMU’s Student Financial Assistance.