Student
FinanceYour education is an investment in your future. Every student comes from a unique financial background. That’s why we offer a full range of financial solutions that will ensure you have the means to finance your education in art and design.
At VCAD, we are proud to offer you the personalized support of a Student Financial Planner, who will provide you with information on financing options and help you work out a payment plan that meets your educational needs.
Options available to you may include:
Government Student Loans
Financial assistance may be available for full-time students who are Canadian citizens or landed immigrants through the Canadian and provincial government student loan programs. Students must apply for loans through the province or territory where they have established residency. For more information, contact your Student Financial Planner.
Lifelong Learn Plan (LLP)
The LLP allows eligible students to withdraw from their RRSP, a maximum of $10,000 per year (tax-free for up to $20,000 over the period you are participating in the LLP). Withdrawals are repayable over ten years. For more information, visit the Canada Revenue Agency website.
Student Lines of Credit
Financial institutions offer lines of credit for students enrolled in full-time programs. Credit amounts are approved based on an individual's approved credit limit and monthly interest-only payments required while attending school. The amount may vary at each institution.
Registered Education Savings Plan (RESP)
RESPs permit savings to grow tax-free until the student beneficiary is ready to enroll full-time in a qualified post-secondary institution such as VCAD. An RESP also allows the student to apply for the Canadian Education Savings Grant.
Scholarships, Grants, & Bursaries
From time to time, VCAD offers scholarships for specific programs to eligible students. Ask your Student Financial Planner if you qualify for one or more of these programs. It is important to note that many private businesses and community groups offer grants and scholarships to eligible students. There may be additional sources of third-party funding available to you. Inquire with organizations in your area for more information.
Payment Plans
Subject to credit approval by the Student Financial Aid department, payment plans are available in some circumstances. Payment plans require proof that the student has the financial capacity to make payments and, in some cases, will require additional guarantees or co-signers.
Tuition
During the admissions process, we will inform you of all fees related to your program of study. Program costs may include fees for tuition, registration, learning guides, kits, and course materials. Tuition payments are paid through student loan disbursements, cash, cheque, VISA, MasterCard, or Interac.
Contact your Student Financial Planner to set up an interest-free payment schedule that fits your needs and budget.
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