Financial Aid & Resources

VanArts is a designated institution and financial aid is available for all qualifying Canadian or Permanent Resident students.

In addition to any funds you or your family already have saved up for your education, the most common options are Government Student Loans and/or a Student Line of Credit. In addition, for those who have them, there is the option of withdrawing funds from RESPs or RRSPs for education.

International students from the USA or other countries outside Canada should either research a student line of credit option or search for study-abroad options with the Department of Education in their home country.

Scholarships

We are always on the lookout for talented students, and partial merit-based scholarships are offered by VanArts for all students, domestic and international.  When applying to VanArts, mention to your advisor that you’d like to be considered for a partial scholarship.  Once all of your required materials have been received, your advisor will forward your application to our scholarship committee for review.  A strong letter of intent detailing why you are deserving of a scholarship is recommended. Based on the strength of your portfolio, letter of intent and overall application, a partial scholarship would be considered to reduce your tuition cost. VanArts does not offer full scholarships or free education.

Canadian Student Aid Estimator

The Student Aid Estimator is a helpful online tool which we highly recommend using.  Enter in your personal & financial information and use this as a guide to estimate how much you could potentially receive from Student Loans. The actual grant and loan amounts are determined once you apply through your provincial student aid office.

Use this link: https://certification.esdc.gc.ca/lea-mcl/eafe-sfae/eafe-sfae-h.4m.2@-eng.jsp

Tip: for the field Number of Semesters Per Year, be sure to select ‘3 Semesters’ for 12-month programs and ‘2 Semesters’ for 6-month programs. Contact us if you have any questions about using this form.

Canadian Government Student Loans

All Canadian provinces participate in the Canada Student Loans Program and have their own loan and grant programs to supplement your tuition and/or living costs.  For further information, contact the Student Financial Assistance Program in the province where you live. Applicants should allow a minimum of three weeks before the program start-date. For general information on the Canada Student Loan program:

• Government of Canada – National Student Loans Service Centre (NSLSC)

For specific information by province:

• Alberta
• British Columbia
• Manitoba
• New Brunswick
• Newfoundland and Labrador
• Northwest Territories
• Nova Scotia
• Nunavut
• Ontario
• Prince Edward Island
• Quebec
• Saskatchewan
• Yukon

 

Student Line Of Credit

A student line of credit through a bank differs from a loan, as money is withdrawn only as you need it, and interest is paid only on what you withdraw during your studies. The minimum amount is typically $5,000, and can go up to at least $15,000, based on your need, ability to repay, and possible required co-signer. Check with your bank to see if they provide this service, or visit these other banks:

• Royal Bank of Canada
• Bank of Montreal
• HSBC
• CIBC
• Scotiabank
• TD Canada Trust

LLP – Lifelong Learning Plan

Revenue Canada’s LLP allows Canadian residents to withdraw funds from RRSPs, without penalty, to fund education. You must first have a letter of acceptance to a full-time program from VanArts to apply. The LLP allows eligible students to withdraw up to $10,000 tax-free from their RRSP, repayable over 10 years.

• Revenue Canada LLP Information
• Withdrawal Form

RESP – Registered Education Savings Plan

An RESP is a tax-deferred savings plan used by parents to save for their children’s post-secondary education. It also allows you to apply for the Canadian Education Savings Grant. For more information, visit the Government of Canada website.

Indspire

For Indigenous people in Canada, several financial aid options are available through the organization Indspire. Visit indspire.ca for information.

Education Budget Worksheet

Use this worksheet from StudentAidBC to help plan how much money you will need for your education and work out a budget:

https://studentaidbc.ca/sites/all/files/form-library/budget_worksheet.pdf

* The data on the Financial Aid Pages is provided for informational purposes only and is not in any way to be interpreted as a recommendation, warrantee or representation of any kind. It is each student’s responsibility to exercise due care in reading all policies and regulations regarding their finances.