Awards and Financial Aid

Parent's Zone

When it comes to saving for your child's university education, it is best to know your options and to start planning as early as possible.

Types of Savings

What is an RESP?

A Registered Education Savings Plan (RESP) is a special savings account that can help you, your family or your friends save for your child’s education after high school. When you open an RESP, the Government of Canada can help you save by adding money to your RESP through special savings incentives – the Canada Leaning Bond and the Canada Education Savings Grant.

What is the Canada Learning Bond?

The Canada Learning Bond (CLB) is money from the Government of Canada to help modest income families start saving early for their child’s education after high school. You can get the CLB if your child was born on or after January 1st, 2004 and you receive the National Child Benefit Supplement as a part of the Canada Child Tax Benefit (cheque received on the 20th of the month). If you qualify, the Government of Canada will deposit an initial $500 into your child’s RESP, and then $100 each qualifying year until the child is 15. The CLB can add up to $2000 plus interest!

What is the Canada Education Savings Grant?

The Canada Education Savings Grant (CESG) has been designed to encourage long term savings for your children’s future education. With the CESG, the Government of Canada will match 20%-40% of the contributions you make into the RESP, depending on your income level. Any child under the age of 17, with an RESP opened before the age of 15, will qualify for the CESG!

More information is available from:
1. Service Canada: 1-800-O CANADA (1-800-622-6232)
2. www.canlearn.ca
3. The bank, credit union, or other financial institute with which you are a customer.

Funding Sources

Government Student Aid

Most post-secondary students who are Canadian citizens and who have demonstrated financial need are eligible to obtain government student aid which is a combination of loans and grants.  Loans must be paid back after you graduate or if you withdraw from University. Grants are money that you do not have to pay back. Canada Student Grants are available for students from middle or low income families as well as for students with dependents, and your eligibility for these grants is automatically assessed when you apply. Visit www.manitobastudentaid.ca or www.canlearn.ca for more information.

Private Lending Institutions

Most banks and credit unions offer personal loans and student lines of credit for which you and/or your child can apply. If your child qualifies for a private loan/line of credit, he/she will usually be responsible for all the interest that accrues as soon as the loan has been negotiated. In contrast, if your child qualifies for a government loan and is registered as a full-time student, he/she will not have interest accruing on the loans for as long as your child remains in full-time studies.

Due to the advantages offered by the government student loan program, it is recommended that your child try to qualify for government student aid first before looking at private loans. However, if you do decide to pursue private funding sources, be sure to shop around and be aware that you may have to co-sign the loan or the line of credit.

Awards/Sponsorships

If you work for a medium to large corporation or belong to any private organizations (such as the Lions Club or a public union), you should inquire to see if there are any scholarships, awards and/or bursaries that are available for your child. Sponsorships can also be provided by First Nations band councils, The Manitoba Métis Federation, and other various governmental and independent organizations. High school guidance counsellors should have some information regarding independently-offered post-secondary funding, as well as funding provided by Universities/Colleges.

The University of Winnipeg offers a comprehensive program of scholarships, prizes and bursaries. The scholarships, prizes and medals administered by the Awards Office recognize academic excellence in a variety of ways. University bursaries, a Work Study Program, emergency loans, and the government financial assistance programs delivered through the Awards Office serve to address, in part, the accessibility efforts of our institution.

Surfing for Dollars? 

Try these two websites:	www.studentawards.com
	www.scholarshipscanada.com

Budgeting Tools

The Post-Secondary Education Community Outreach Program (PSECOP) office staff made some budgeting tools you might find helpful when trying to save for your child's education. (PSECOP was a HRSDC funded term program at The University of Winnipeg set up to provide information on RESP’s and the Government of Canada Saving Incentives.) Feel free to download them for your use. Please note that you will need Microsoft Excel to open.

Monthly Budgeting Tool

Savings Motivator Tool