How to get the hidden benefits of student loans

So, if you’ve ever looked at the cost of university, books, and living costs – you’ve probably thought “how in the world am I going to pay for THAT?”. Student loans are usually the first option that student choose when paying for these costs. But, student loans have a bad reputation among students – and rightfully so! High interest, debt, and just a general lack of knowledge surrounding the student loans process are all factors in what make student loans so elusive. Watch our video below for advice on how to get the hidden benefits of student loans!

Student Loan Grants

In Canada, when applying to student loans, you’re most likely eligible for a grant as well. This grant is not a loan, so you will not need to pay it back. If you apply for a loan, keep the portion of the grant, and do not touch the loan, you can easily get $1400-$1800 in grants! This way, you will not be using the student loan. You will only use the grant portion of the loan that you do not need to pay back! This is a common technique that students use to obtain financial aid for schooling that isn’t a scholarship, and that is interest-free!

If you’d like a more in-depth explanation on how to graduate from university debt-free, check out this video!

Apply to Bursaries

Before I explain the benefits of applying to bursaries, here’s a snippet from our “What is a Student Bursary” blog post for a quick definition:

 “A bursary is a type of scholarship with the main purpose of providing financial support for students who aren’t able to cover the cost of their education even with the help of their parents. A student bursary helps by giving students money to pay for their education.

You can call bursaries a need-based scholarship because the main focus of a bursary committee is to assess the financial situation of the student.”

Applying for bursaries goes hand in hand with applying for student loans. This is because bursaries are given to students based off of their financial need. Students applying to bursaries are usually eligible if they’ve exhausted all other financial need options, including student loans. This is why applying to student loans can be beneficial for you in obtaining other types of financial aid!

If you’re still curious about the ins and outs of bursaries, check out our video!

Apply to Scholarships

Last, apply to scholarships! While this is not a tip for the hidden benefits of student loans, it is our top tip for graduating debt-free! Applying to scholarships in addition to the student loan grant and applying to bursaries will help you cover the cost of school! Even if you do not think that you have a high GPA or adequate experience, apply anyway! Taking the opportunity is the most important part in applying to scholarships! The more you apply, the better you will get at applying, and the more you apply to, the higher chances you have to win!

If you’re interested in how this worked out for one of our students, check out Mattie, the winner of the Schulich Leader Scholarship Award’s story here!

If you’re exploring your finance options to pay for school, and  interested in seeing how many scholarships you’re eligible for, you can take our Scholarship Eligibility Quiz!

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