Financial Plan

How Can I Pay for School Without Loans?

Student loan debt in Canada has reached over $28 billion collectively with the country’s students owing to all levels of government.  To boot, borrowers typically take between nine and 15 years to fully pay off their loan, with the period usually coming at a time when Canadians are most likely to start a family, according to a report by Global News.

It’s no surprise – university is expensive and the price of post-secondary education is continuing to increase annually.  While student loans can be a great way to help pay for school, they don’t always cover the entire cost and can leave students graduating with thousands of dollars in debt.

Fortunately, there are alternative ways to fund post-secondary education without becoming buried in debt.

Here are some suggestions:


There are plenty of scholarship opportunities out there based on your qualifications including academics, athletics, background, area of study and location.

High schools typically have resources for students to help them find scholarships they may be able to qualify for. Plus, there are tons of resources available on the internet.

Registered Education Savings Plans

For Canadians, Registered Education Savings Plans or RESPs are savings vehicles that can help to offset a child’s future education costs and are offered through organizations like Children’s Education Funds Reviews (CEFI).  Anyone can open an RESP for a child: parents, grandparents, guardians, relatives and even friends.

When you open an RESP, the Government of Canada will help by adding funds to the RESP through programs that encourage people to save.

Apprenticeship and Co-Op Programs

Students who enter co-operative education programs or apprenticeships will find these programs helpful in offsetting some of the costs associated with tuition. That’s because they will be able to earn a paycheck while finishing their degree or program of study. The other benefit to working with a co-operative or apprenticeship program is that students can learn important job skills that will give them a head-start in the job market upon graduation.

When it comes to saving for school, it’s important to start as early as possible. Learn about all of the different savings plans and scholarships available.  After all, it’s up to you to make your future happen.