FINANCING YOUR QUEEN S EDUCATION

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1 FINANCING YOUR QUEEN S EDUCATION

2 AT QUEEN S, WE WANT YOU TO SUCCEED. That s why we focus on supporting you, in many ways, throughout your education here. While you are at Queen s we want you to focus on the really important things learning and discovering, thinking big and doing things that just might change the world. We want you to have the information you need, and the help you require, to finance your education because we know that even though all Queen s students have the ability to achieve their academic goals, not all students share the ability to fully finance their Queen s education on their own. Please take the time to explore all your options and develop a financial plan that works for you, so you can focus on learning and on your academic success. THERE ARE 3 STEPS TO CREATING YOUR FINANCIAL PLAN 1 DETERMINE YOUR BUDGET 2 3 RESEARCH THE OPTIONS CREATE YOUR FINANCIAL PLAN Approximately 58% of undergraduate students at Queen s receive some form of student financial assistance. Financial Fact Effective financial planning and budgeting are excellent ways to prepare yourself each year for the education and living expenses associated with your post-secondary education. Our Awards Officers are available for appointments to discuss your financial situation. Sessions offer tips on budgeting as well as a review of the various options that may be available to assist you in financing your education. 2 awards@queensu.ca PHONE

3 Start Here This educational costs table will help you decide how much money you will need for your first year of university. We think it s helpful to put all of this in a budgeting spreadsheet. You ll find many examples online. Make sure to include tuition, living expenses, books and supplies and don t forget some spending money. 1 DETERMINE YOUR BUDGET Educational Costs Program Tuition* Canadian Citizens and Permanent Residents Tuition* International Students $CAD + Student Activity Fees** Books and Supplies*** Arts and Science $6,304 $30,528 $997 $1,100 Commerce $16,245 $37,505 $1,169 $1,830 Computing $6,304 $30,528 $997 $1,100 Concurrent Education $7,222 $30,899 $1,022 $1,100 Engineering and Applied Science $11,903 $34,692 $1,091 $1,700 Fine Art $6,304 $30,528 $997 $2,215 Kinesiology / Phys & Health Ed $6,304 $30,528 $997 $1,575 Music $6,304 $30,528 $997 $2,380 Nursing Science $6,304 $30,528 $1,049 $1,595 BISC First Year Program in England The inclusive fee for this program is $37,276. This includes tuition and field studies ($11,182) and residence (double room) with meal plan ($26,094), required for completion of courses for Fall and Winter terms. PLEASE NOTE * First year tuition is based on tuition schedules for two terms tuition expected to be announced no later than May Tuition is charged on a per term basis, essentially 50% in Fall term and 50% in Winter term. ** Student Fees based on schedules fees expected to be announced no later than May 2016 *** Depending on the program of study, students may be either required or encouraged to have access to a personal computer. If purchasing a computer, students should additionally budget approximately $750 $1, The mandatory UhiP (University health insurance Plan) is $612 CAD (based on schedules, for one person). Living Expenses Residence Room and $12,526 $13,605 2 Meal Plan 1 Add l Meals $ 680 $ 850 Telephone $ 200 $ 440 Personal $ 320 $ 680 Clothing $ 240 $ 560 Recreation $ 400 $ 700 Return trips home variable Total Living 3 $14,366 $16,835 Expenses Room and Meal Plan based on residence cost for Additional residence fees for Residence Student Government $106 High-speed internet access (ResNet) $160 Snack Plan $150 2 Visit the University Residences webpage at residences.housing.queensu.ca 3 Many students opt to live off campus after their first year. Living costs will typically decrease by 20 25%, without meal plans and residence life programming. queensu.ca/studentawards 3

4 2 RESEARCH THE OPTIONS QUEEN S ADMISSION AWARDS Most students who receive an admission scholarship, bursary or award will be notified with their offer of admission. If you missed our February 15 admission bursary deadline, we ll continue to accept applications until your admission response deadline. Should you accept your offer of admission to Queen s, we ll review your final grades to assess if you are now eligible for a scholarship, or a scholarship of higher value. We will notify you in August. Last year 60% of students in the entering class received a Queen s scholarship, bursary or award. All admission awards will be applied to your student account by mid-august. Additional details regarding eligibility and criteria for admission scholarships and bursary consideration are on our website. GENERAL BURSARIES Unlike scholarships which are solely based on academic excellence, bursaries are non-repayable grants available to registered students in all years of study including first year who have demonstrated financial need. Demonstrated financial need is based on, but not restricted to, the following factors: student and family income, number of dependants in the family, applicant s assets including savings, the full cost of the program of study, books and supplies, and basic living expenses. Students are also expected to access government student financial assistance. Each year you are a registered full-time student, you may apply on-line for a Queen s General Bursary on your SOLUS Student Center. The deadline to apply is October 31 each year. WORK STUDY PROGRAM The objective of the Work Study Program is to provide an opportunity for students in financial need to receive priority for certain part-time jobs, generally on-campus, during the academic year. The maximum you may earn for the fall/winter academic term is $2,000. Students of international citizenship may earn up to $3,000 for the fall/winter academic term. If you did not indicate you wished to be considered for Work Study on your Admission Bursary Application, you may complete a separate Work Study Application that enables the Student Awards Office to determine the extent of your need. Students are encouraged to submit the Work Study Application at any time during the summer. The deadline for submission to the Student Awards Office is September 15. OTHER SCHOLARSHIP OPTIONS (EXTERNAL AWARDS) Many agencies, employers and organizations offer awards for post-secondary students. These external awards (not administered by Queen s) require separate applications, and application dates vary. Check the Student Awards website for links to sites that may be of interest to you. UPPER-YEAR SCHOLARSHIPS These scholarships are available to students who have completed at least one year of study at Queen s. At the end of each academic year, faculties review student achievement during that year. Top students are then selected to receive one (or more) of many upper-year scholarships, prizes and other merit-based awards. Your faculty grants most upper-year scholarships automatically, however, some scholarships do require a separate application. Financial Fact In the maximum amount of OSAP assistance available to a single student from Ontario was $15,793 (combination of grants and loans). The repayable loan amount will not exceed $7,400 per year.* 4 awards@queensu.ca PHONE

5 OSAP Aid Estimator Get an immediate on-line estimate of the government assistance you may be eligible to receive. osap.gov.on.ca GOVERNMENT STUDENT ASSISTANCE CANADA/ ONTARIO INTEGRATED LOAN PROGRAM (OSAP) The federal and provincial governments provide student financial assistance for Canadian citizens, permanent residents, and protected persons studying at the post-secondary level. Students from Ontario may access government student financial assistance through the Ontario Student Assistance Program (OSAP). The purpose is to supplement, not replace, the financial resources that you (and your family, where applicable) are expected to contribute. Assistance is based on demonstrated financial need as established by the federal and provincial governments and is offered in the form of non-repayable grants and repayable loans. The Governments of Canada and Ontario offer nonrepayable grants to students from low and middle income families. *The Ontario Student Opportunity Grant limits a student s annual repayable loan amount to $7,400 per year for a two term (fall/winter) academic year. The loans remain interestfree while you are a full-time student. You should submit your OSAP application by late June to ensure your OSAP funding is available for the fall when your fees are due. Ontario students not applying for OSAP but who may be eligible for the Ontario Tuition Grant should also apply late June. Visit osap.gov.on.ca. GOVERNMENT STUDENT ASSISTANCE PROVINCES/TERRITORIES OUTSIDE ONTARIO Every province/territory within Canada provides repayable student loans and non-repayable grants to Canadian citizens, permanent residents, and protected persons studying at the post-secondary level. This need-based assistance is intended to supplement, not replace, the financial resources that you (and your family, where applicable) are expected to contribute. You must apply for government student financial assistance through your home province/territory. Application forms and detailed information about these programs are available by linking to the appropriate government websites. Links to these sites are accessible from the Student Awards website. STUDENT LINES OF CREDIT Most lending institutions offer a line of credit for students. While you are in school, interest payments are required each month. Generally, a co-signer (e.g. parent or guardian) is required. For more information contact your lending institution. Queen s University and RBC Royal Bank are pleased to make available the RBC/Queen s Student Line of Credit Program for students enrolled at Queen s University. Queen s upper year students may qualify for the Queen s guarantee feature of the RBC/Queen s Student Line of Credit. INTERNATIONAL STUDENTS International students may hold student loans that have been secured through their home country. Contact the appropriate agency in your country for further information. Queen s University participates in the William D. Ford Federal Direct Loan Program, in which borrowers obtain loan funds directly from the U.S. Department of Education. Please visit the Student Awards website for further details, queensu.ca/studentawards American students may also utilize Section 529 savings plans at Queen s. REGISTERED EDUCATION SAVINGS PLAN (RESP) RESP providers will require Queen s to verify student enrolment. Students can print off a completed Verification of Enrolment form from their SOLUS Student Center in July. Visit our website for FAQs! queensu.ca/studentawards 5

6 3 CREATE YOUR FINANCIAL PLAN There are many options to help you finance your education. Here s how two students with different financial backgrounds financed their first year at Queen s. Your own plan may not be identical to these, but they are good examples of how several funding options can fit together to help you finance your education. Jessica Admitted to Bachelor of Science (Honours) Class of 2020 Family Income: $50,000 Family size: 4 First of 2 children attending university Total cost of first year: $25,000 Queen s Summer Work Study Savings Queen s $2,000 $1,800 Scholarship $2,000 Queen s TOTAL Government Bursary Loan* RESOURCES $3,405 $7,400 $25,000 Government Grant** (OTG, OAG, OSOG) $8,393 Queen s Summer Scholarship Savings $2,000 $1,800 Government Family Loan* TOTAL Contribution $7,110 RESOURCES $7,300 $25,000 Government Grant** (OTG) RESP $1,830 $5,000 James Admitted to Bachelor of Arts (Honours) Class of 2020 Family Income: $120,000 Family size: 4 First of 2 children attending university Total cost of first year: $25,000 TWO STUDENTS TWO FINANCIAL PLANS These scenarios illustrate how two students have put together a financial package to finance the first year of their Queen s education. At the heart of our need-based student assistance program is the underlying objective that equality of opportunity exists for all students regardless of their financial background. There is an expectation that students and their parents will assume the primary responsibility for education costs. * The government loans and grants depicted in the above scenarios are based on assistance available to a single Ontario student qualifying for OSAP. Financial asistance from other provinces/territories will vary. **OSAP grants may be comprised of both up-front Grants [i.e. Ontario Tuition Grant (OTG) or an Ontario Access Grant (OAG)] and the Ontario Student Opportunity Grant (OSOG). Need help? If you d like help in creating your plan to finance your education, we are here to help. Please contact us, in the Student Awards Office, for an appointment. We ll either meet with you in person, or arrange for a telephone meeting. awards@queensu.ca PHONE

7 Money Talk! Money talk can take on a language of its own. This glossary will help you decipher some of the student financial assistance terminology. Admission Scholarship Is non-repayable an amount of money you receive to recognize your academic achievement. Based on academic excellence (your high school grades). Sometimes also referred to as a merit-based award. In some cases, there may be other criteria such as involvement in school and community. Award Is non-repayable an amount of money you receive to assist you in financing your education that you do not have to pay back. Is a general term used to describe a scholarship or bursary. In some cases, the term award is used when there is a blend of academic, financial need and/or other criteria associated with the terms of the award. Bursary Is non-repayable an amount of money you receive to assist you in financing your education that you do not have to pay back. Based on an assessment of your financial need Grant Governments, companies and organizations offer grants to students who meet certain conditions, such as financial need, academic skill, or special ability. Not a loan! An amount of money you do not have to pay back. Loan Money you receive that must be paid back, usually over a period of time. Loans under government student assistance programs are interest-free while you are a full-time student and are based on financial need. You will begin to repay loans when you cease to be a full-time student. Some provinces/territories within Canada may have programs which reduce the amount of repayable loans. A student line of credit is a loan from a financial institution (ie. commercial bank). You pay only the interest while you are in school. You begin repayment of the principal after you have graduated. Unlike government student loans, a student line of credit is not based on financial need. To qualify, you usually require a co-signer (eg. parent or guardian). You can apply for a student line of credit at most major Canadian banks. Renewable awards Is non-repayable. Renewable scholarships and awards are available to students as they enter the University. These awards are available to the recipients in future years as long as the renewal criteria are satisfied during each year of study at Queen s. RESP A Registered Education Savings Plan (RESP) is a special savings plan that many families have used to save for their child s post-secondary education. Work Study Program Provides students with demonstrated financial need, priority for certain part-time jobs on campus and for jobs with not-for-profit organizations. queensu.ca/studentawards 7

8 Questions? Contact us at the address below or check out our website at: queensu.ca/studentawards Student Awards Gordon Hall, 74 Union Street Queen s University Kingston, Ontario K7L 3N6 Tel Fax awards@queensu.ca queensu.ca/studentawards Queen s University Marketing