What Is a Student Grant and What Do They Offer?
Don’t have sufficient financial resources for your studies?
Don’t worry, you can always obtain a student grant!
A grant is the money given to you so that you can complete your education without having it to pay back.
Grants are needed by the students because some of them are unable to bear the expenses of education on their own.
What Is a Student Grant?
A student grant is a kind of financial aid provided to students to pay for their education based on their capabilities. Federal and state governments commonly fund student grants, which are typically based on things like economic need, ability to pay, student status, and academic requirements.
The Canada Student Grant Program provides grants to both full-time and part-time students belonging to lower to middle-class families to help them continue their post-secondary education in colleges or universities. In addition, this program also aids persons with permanent disabilities and persons with dependents.
Main Difference Between Student Grants and Student Loans
Want to know the main difference between a student grant and a student loan?
The answer is:
Repayment!
A student grant provides you with money that you won’t have to pay back. It is basically a gift aid awarded to students often based on financial need to help them pay for school.
Whereas:
A student loan is money you borrow for the educational expenses that you have to pay back — with interest and within a deadline laid out by your lender.
Factors That Contribute to Having a Student Grant
Here are the 5 factors that contribute to having a student grant:
1. Location
If you live in an area with low participation of young people in higher education, then you’ll be likely to get a student grant.
2. Cost of Attendance (COA)
Your COA is the estimated amount of money it will cost you to go to a particular school. It includes your tuition and living expenses cost. The more your expenses, the more you’ll be eligible for a student grant to pay those expenses.
3. Family Income
Getting a student grant is also determined by how much your total family income is. A lesser income means that your financial need is higher and hence you can qualify for a student grant to meet the expenses.
4. Number of Dependents
The number of dependents you have also contributed to having a student grant as it will help you to bear the cost of their accommodation and other needs.
5. Disability Status
If you have a disability or a long-term health condition for which Disability Living Allowance (DLA) is not available, then a student grant will be provided to you to continue your studies.
How to Find Student Grants?
You can find student grants in the following ways:
- Reach out to academic advisors
- Hit up your local authority
- Skim through your university’s website
- Research federal loans
- Research provincial grants
1. Reach out to academic advisors
Contact academic advisors in your school’s student aid office as they deal with grants and funding opportunities on a regular basis and can help you to find suitable grants that you may get your hands on.
2. Hit up your local authority
Talk to your local authority (council) as some will have lots of money set aside to help students from the local area go to university.
3. Skim through your university’s website
Spend some time examining your university’s website as it will have a list of grants that are on offer, along with eligibility and deadline info.
4. Research federal loans
Financial assistance is provided by the federal government for students who are in need. Like, the Canada student grant for full-time students is an option for full-time post-secondary students.
5. Research provincial grants
Do research on provincial grants as your provincial government also offers grants to help students in need.
How to Apply for Student Grants?
You can apply for a Canadian student grant in the following ways:
1. Submit the FAFSA
The first step to applying for grants is completing a Free Application for Federal Student Aid (FAFSA). Submit the FAFSA as early as possible, as this is what the federal government, states, and schools use to determine your eligibility for various forms of financial aid, including grants.
2. Complete the CSS Profile
The CSS Profile is used by a number of schools to decide if you’re eligible for grants from sources other than the federal government. It is an additional student aid application beyond the FAFSA.
3. Apply ahead of a deadline
Some grants have detailed application processes and strict deadlines. Make sure you submit your information ahead of the organization’s deadline so that you’re properly considered.
Student Grants in Canada
A total of seven grants are available for full-time students, part-time students, and students with permanent disabilities in Canada.
Canada Student Grant for Full-time Students
Grant for Persons from Low-Income Families
Low-income students can receive a grant that provides them up to $250 per month of study; that grant will max out at $3,000 annually.
Students must belong to a low-income family based on their financial records, and they must be enrolled in a program that lasts at least 60 weeks in order to qualify for this form of financial assistance.
Grant for Persons from Middle-Income Families
Middle-income students can receive a grant of up to $100 per month of study and they’ll hit their limit at $1,200 annually.
To become eligible, students must demonstrate financial need as a middle-income family, and they must be enrolled in a program of at least 60 weeks duration.
Grant for Persons with Dependants
Students who attend a university full-time and have at least one dependent under the age of 12 at the time of study are entitled to government grant money if they can demonstrate financial need as a low-income family.
In this case, the government will provide a grant of up to $200 per month for each dependent child under the age of 12.
Canada Student Grant for Part-Time Students
Grant for Part-Time Studies
Part-time students can qualify for a separate program, based on financial need, which provides them $1,200 annually to cover academic expenses.
Students must belong to a low-income family based on their financial records, and they must be enrolled in a program that lasts at least 12 consecutive weeks within a traditional 15-week program in order to qualify for this form of financial assistance.
Grant for Part-Time Students with Dependents
Part-time students with dependents under the age of twelve can receive a grant of up to $40 per week in situations where the student has two or fewer dependents, or $60 per week when the student has three or more dependents. This program maxes out at $1,920 per year of academic study, and the student must demonstrate financial need.
Canada Student Grant for Students with Permanent Disabilities
Grant for Persons with Permanent Disabilities
University students who have a permanent disability can qualify for a grant amount of up to $2,000 per academic year.
In order to receive this grant, students must be able to qualify for a Canadian student loan, and they must be enrolled either in a full-time or part-time program of at least 32 weeks duration. They also need to provide proof of permanent disability in order to be considered for this particular grant.
Grant for Service and Equipment for Persons with Permanent Disabilities
Permanently disabled students with exceptional equipment needs are entitled to receive a grant of up to $8,000 per year to cover the expenses.
To obtain this grant, students must be able to qualify for a Canadian student loan, enroll either in a full-time or part-time program and provide proof of permanent disability. In addition, students requiring exceptional accommodations on campus will need to provide a written statement describing how the campus will have to accommodate their needs, as well as the expenses associated with any special equipment.
Frequently Asked Questions:
1- What is a Canadian student grant?
The Canada student grant is the money provided by the Canadian government to students to continue their education. Federal and state governments commonly fund student grants, which are typically based on things like economic need, ability to pay, student status, and academic requirements.
2- What are the Canada student grants and how much would you be eligible for?
The Canada student grant is financial aid provided to students to pay for their education. It is available to students from low and middle-income families, students with permanent disabilities, and students in special circumstances.
The amount that you would be eligible for depends on several factors, including:
- your province or territory of residence
- your family income
- if you have dependents
- your tuition fees and living expenses
- if you have a disability
3- Can international students get grants in Canada?
As the minimum wage in Canada for students is not that much, international students can get grants in Canada on the same terms as Canadian citizens or permanent residents through a wide range of financial aid options offered by the Canadian government to assist them with the costs of studying.
4- Are Canadian student grants repayable?
Canada student grant is typically awarded on the basis of financial need and generally do not have to be repaid as long as you meet all of the obligations.
5- Is the Canada Student Grant for full-time students taxable?
Post-secondary school Canada student grant is not taxable if you received it in 2020 for your enrolment in a program if you are considered a full-time qualifying student for 2019, 2020 or 2021.
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