Financing Student Education

Overview

 Long-term Planning

1. Cost of an Education

2. RESP’s & Other Savings Plans

3. Teaching kids to save, invest and manage money

Budget Planning

1. Factoring in all the costs

2. Using a budget planner (on-line)

 

Financing the Education

1. Government Financial Assistance

2. Scholarships

3. Bursaries

4. Loans

5. Summer Jobs

6. Part-time Jobs

Scholarships and Bursaries

1. Definition

2. Types
            a) open
            b) institutional
            c) affiliation
            d) high school exit (government)
            e) local

 3. Preparation
            a) marks
            b) involvement -significant, over time, breadth
            c) leadership
            d) references 

4. Applying
            a) awareness of potential awards
            b) gathering information - Internet, counselling centre

5. A good application procedure 

6. Key awards
            a) Abbotsford Foundation Awards 

7. Parental help
            a) encouragement

            b) research

                       

Long-term Planning

 1. Cost of an Education

  • Tuition 4000+
  • Books & Supplies     1000-1500
  • Accomodation           0 - 3500                                 
  • Miscellaneous -personal, health costs, clothing    2500??
  • Food   2000??          
  • Recreation & Entertainment    ???    
  • Local Transportation             160

 

 2.  RESP’s etc

  • Canada Education Savings Grant
  • RESP’s - regular, self-directed, scholarship trust      
  • Other - informal in-trust accounts, living trusts, cash value life insurance

 

 3. Teaching kids to save money

  • games, books, chats
  • opening an account when child is young  

Budget Planning

  • Factoring in all the costs (see cost of an education)
  • Using an on-line budget planner
  • www.canlearn.ca   (Financing)
  • www.ucfv.ca 

Financing an Education 

  

Scholarships & Bursaries

 Definition: 

  • Scholarship  -award based on academic accomplishments
  • Bursary   -award based on financial need

Types of Awards

Open

  • can be used at many institutions

Institutional

  • to be used at one institution, student must have applied
  • i.e.  UBC Entrance Awards

 Affiliation

            -for parent or child who ‘belong to something’

 

High School Exit (Government)

  • Passport to Education  
  • gr 9 -12  -top 18% of class (changing for new grad)
  • Provincial Scholarships
  • marks on provincial exams SMS 1700
  • District Scholarships
  • projects/performances in non-examinable subject areas

 

Local -Abbotsford Foundation Awards  

            -awarded at grad -last year $38,000

  

Preparation -what are the donors looking for

  • Achievement - marks - over time
  • Involvement - service, sports, arts
  • Community service - and in school service, true volunteerism
  • Leadership - over time
  • References - school officials, employer, service supervisor, mentor

Applying  ‘casting the net wide’

Awareness of ‘what’s out there’

Internet           

  • Google search ‘scholarships in Canada’
  • www.yalesecondary.com
  • www.bcawardsonline.sd61.bc.ca (BC)
  • www.studentawards.com  (Canada)
  • www.finaid.org (US)          

Counselling Centre

  • chart on wall - available in booklet form
  • table in counselling centre -applications

 Other sources

  • parents-employer, union, financial institution
  • affiliation - parent, child, other relatives
  • sport groups, service clubs, Legion
  • Apply!!!! 

Application procedure

  1. Start early.
  2. Ask your referees early.
  3. Collect your documents early.
  4. Use word processor.
  5. Save your information, rework it for the next application form.
  6. Send it away in plenty of time.
  7. Try on-line application forms.
  8. Resumes & letters of application

- use information learned in CAPP                       
- check internet sites                            
www.workinfonet.ca  (Youth site)
 has an on-line resume tutorial - English teachers

  

Key Awards

 Abbotsford Foundation Awards 

  • Applications            
  • available mid February (beginning of second semseter)
  • due Mar 1, 2006
  • one application form for book full of awards 
 Parent Help

 1. Encouragement & support

 2. Big picture planning

 3. Research assistant.

  www.bced.gov.bc.ca/careers/planning/plan/parents 

                                        

Provincial Examination Scholarships *

(*from Handbook of Procedures)

  Students can earn a $1000 scholarship if he or she:

•  meets basic eligibility requirements

• passes English 12

• receives a Standard Ministry Score (SMS) of at least 475 on each of his or her three best grade 12 provincial exams

•  achieves a total SMS of at least 1700 combining the three best individual grade 12 exam scores

Students can win a $2000 scholarship if he or she:

 Scholarship scores do not have to be earned in one year. When a student has two scholoarship scores for one subject exam, the higher score will be used.

 

 SMS Calculations

 A student must achieve at least 70% on an examination.

 A percentile rank is determined for each of the possible raw scores. The normal score equivalent to the percentile rank is computed, multiplied by 10 and added to 500.

This creates a score with a mean of 500 and a standard deviation of 100.

 The minimum score is 200 and the maximum 800. A score of 100% on a provincial exam will generate an SMS of 800.

 The net result is that the better that the majority of B.C. students do on a provincial exam, the faster the SMS scores drop off. The SMS is calculated each exam session and varies with the student results in each session.

 

Example 1.

 In June 2005 an exam score of 95% generated the following SMS scores

Exam mark of 95%

Biology 12    - SMS   643
Chemistry 12  - SMS  679
English 12    - SMS   678
Principles Math 12   - SMS   621

 

Example 2 June 2005
 Japanese 12.  An exam mark of 100% generated an SMS of 800. An exam mark of 99% generated an SMS of 613.