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.
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:
For specific information by province:
- British Columbia
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Prince Edward Island
Student Line Of Credit
A line of credit through a bank differs from a loan, as money is withdrawn only as you need it, and interest is paid only on what you withdraw during your studies.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 is 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:
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.
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.
For Indigenous people in Canada, several financial aid options are available through the organization Indspire. Visit indspire.ca for information.
* 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.