Financial Aid & Making Payments

 

At Story Institute, we believe that paying for quality, industry-ready education shouldn’t hurt! That’s why we keep our tuitions affordable and make it easy to pay, including setting up instalment plans that work for you.

Taking Out A Student Loan: Is It Worth It?

Most of us think that debt is a four-letter word because, well, technically it is! But as any good financial advisor will tell you, not all debt is created equal. And knowing the difference between good debt and bad debt can spell the difference between pursuing your dreams or putting them off until who knows when.

One of the top three reasons students across Canada postpone their education, sometimes indefinitely, is because they don’t want to be in debt when they graduate. Many of them decide to work for a year instead and save up for school. Fair! We get it. But here are 6 FACTS about student loans that could change your mind and get your dreams moving faster than you think:

  1. Consumer debt is not the same thing as “Invest-in-your-future” debt: Most of us can agree that using a credit card to buy a burger or go to the movies is probably not the smartest financial decision. Why? Because you end up paying interest on those things (crazy!) and it’s too easy to put off paying that bill (uh oh!), which only adds more interest. But consumer debt like that is a totally different thing than borrowing money for things that will actually make you money. Investing in education or a home (usually at way lower interest than your average credit card) will result in you generating income in the end. (When was the last time you turned a profit on a Big Mac?) All bankers and financial advisors agree: investment debt is good debt because, unlike that night at the movies, it’s revenue-generating.
  2. The vast majority of students never save up enough, resulting in them unnecessarily postponing the start of their education: Only 7% of students on average ever actually save up enough prior to training. Time is money and the sooner you start your career of choice, the sooner you’re doing what you love and generating a real income doing it. Fact is, graduates typically make 2 – 3 times higher income after graduating from post-secondary than they ever could in a part time job before their training. And with student loan interest rates at an all-time low, you come way further ahead taking out a student loan now to finance your education and paying it back after you’re done with your higher income.
  3. Some provinces (including B.C.) now charge zero interest on provincial student loans. Check out the details here.
  4. You have 10 years to pay back your loan. And at way lower interest than a normal bank loan or credit card.
  5. You don’t have to start paying back your loan until six months after you graduate. That’s right, you don’t have to make payments while you’re in full-time studies. What a relief!
  6. You don’t have to start paying back your loan at all until you start making $25,000 a year. Check out the details here.

So if the only reason you’re not moving forward with your career goals now is because you’re afraid of student debt, we encourage you to take another look. The truth is better than you think. We’re here to assist you in building your plan, let us know how we can help.

To get more information about your province’s student loan process, check out the links below.

 

More Ways To Pay Than Just Student Loans

Story Institute offers several different ways to facilitate payment for your tuition, including:

  • Bank student lines of credit (see below)
  • RESPs (see below)
  • CST or other privately-administered education fund
  • Story Institute Scholarships (Ask us about our Purpose, Kindness, and First Class scholarships, valued at up to $1000 each)
  • High school, industry-based, and community-based scholarships and bursaries
  • Scholarships Canada

Call us and one of our Admissions Advisors can walk you and/or your family through each and every step of the process.

STUDENT LOANS

(for Canadian residents only)

Government of Canada – Student Financial Assistance …..1-888-815-4514

(for general information on the student loan program)

Information for each specific Province is listed below:

British Columbia          1-800-561-1818
Alberta                         1-855-606-2096
Saskatchewan             1-800-597-8278
Manitoba                      1-800-204-1685
Ontario                         1-807-343-7260
Quebec                        1-877-643-3750
Newfoundland              1-888-657-0800
New Brunswick            1-800-667-5626
Prince Edward Island   1-902-368-4640
Novas Scotia                1-800-565-8420
Yukon                           1-800-661-0408
Northwest Territories    1-800-661-0793
Nunavut                        1-877-860-0680

 

SAVINGS PLANS

Registered Educational Savings Plans (RESPs) are available for Story Institute students. We are a Designated Educational Institution (code: APUI) where you may redeem your RESP funding. Please contact your RESP provider or Human Resources and Skills Development Canada (HRSDC) at 1-800-622-6232 for further information.

Revenue Canada’s Life Long Plan (LLP) allows Canadian residents to withdraw funds from Registered Retirement Savings Plans (RRSPs), without penalty, to fund education. The LLP allows you to withdraw up to $20,000, tax-free, from your RRSPs ($10,000 Annually) to finance full-time training or education for you or your spouse. You must first have a letter of acceptance to a full-time program from Story Institute to apply. There isn’t any interest on these loans from yourself but you will need to pay it back or you will be taxed on it. The expectation is approximately 10% of the amount borrowed to paid back each year.

STUDENT LINE OF CREDIT

Scotiabank  

CIBC  

Bank of Montreal  

TD Bank  

Royal Bank  

HSBC

Vancity

METHODS OF PAYMENT

Phone: Toll Free 1-800-555-5555 or 555-555-5555 Credit Card.

Mail: Cheque, Money Order, Bank Draft

Email: Online Banking Email Transfer to admissions@storyinstitute.ca

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