Almost all good institutions have financing available and specialists on hand to guide you through your options. Contact the institution of your choice directly if you have financing questions you need answered. Here's a look at types of financing available:
Public funding (government)
Funding is offered by various levels of government towards the costs of training. Examples include:
- The Canada Student Loan program offers students the benefits of an interest-free loan while they are in school. These are coupled with provincial programs such as the Ontario Student Assistance Program and the Nova Scotia Student Loan Program. For more information, visit www.hrdc-drhc.gc.ca/student_loans.
- Funding is available to eligible individuals through programs supported by Human Resources Development Canada, the Department of Indian Affairs, the Workplace Safety and Insurance Board (WSIB) and Vocational Rehabilitation Services (VRS), as well as Ontario Works for Social Service/Welfare recipients
- Canada's Lifelong Learning Plan (LLP) allows you to withdraw a maximum of $10,000 per year from your RRSP without any tax implications to pay for your education
Various plans are offered by a number of financial institutions, sometimes in partnership with iT colleges, whereby loans are available at reduced rates to pursue schooling or loans are reduced upon graduation. As each institution has its own criteria and interest rates, you should research all your options before you make your final choice.
Many schools offer student scholarships, as well as self-payment loan plans that can be a cost-effective way to pay for your education. For example, you may be able to arrange to pay your tuition fee incrementally by postdated or certified cheque, credit card or cash, without incurring any interest charges. Some schools also offer innovative plans to students that enable them to pay back a portion of their tuition from earnings in their new iT career.
In many instances where a professional is already gainfully employed, his or her employer will finance the costs of iT training. This often applies for evening programs where the employee invests their time and the company pays the tuition and materials.