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Algonquin College |
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| Information For Parents |
| The OSAP need assessment process determines which category most closely fits a student's living situation.
Parents' income will be a consideration unless your son or daughter has been out of high school for four or more years. If a student has been out of full-time secondary school studies for 12 consecutive months on at least two different occasions he/she can apply as an independent student without parents' income. Financial Planning for College or University Financial planning should be discussed before applying to a post-secondary program of studies. Education is a key factor in shaping your child's future. With the rising cost of education it is imperative to a child's long term educational success to start planning early. The primary responsibility for meeting the cost of post-secondary education rests with the student and family. The best way to save for your child's postsecondary education is to start early. Enroll your child in a RESP) Registered Education Savings Plan) as early as possible in a child's life. RESPs will earn compound interest - tax free- until the student withdraws funds from the plan. In addition to your son/daughter's own savings and parental/family contributions it may be necessary to access loan funding from either the government (OSAP) or a private financial institution (Bank). Other funding sources such as scholarships, bursaries and work-study opportunities should be considered. Students should be taught strategies for spending and budgeting money and the principles of spending and borrowing and the value of saving or investing. Teach young people the difference between 'wants' and 'needs' and develop strategies to make the right choices to obtain both without relying on credit to get either. Prioritize 'needs' so that they come first. Students need to eat so food comes first. Eat sensibly and within budget or below budget to save for that special purchase that can wait. Explain how CREDIT really works. Discourage your child from borrowing from friends to pay back later. Believe it or not ...this can be the start of the take now/pay later cycle. Reinforce the fact that items purchased using credit will significantly increase in cost... through interest payments. Influence your student's personal habits and behaviour as much as possible through discussion and by example. Related Links: Financial Aid has information pamphlets available that you can print from your computer. These pamphlets are also available in hard copy form from our office. List of Information Pamphlets: To view or to download a copy of the Related Links and Information Pamphlets click on the links provided above for each topic. |