Student Aid in Manitoba: How Does It Work?

Getting a post-secondary education is a significant milestone in your life. Unfortunately, it can also be a significant financial commitment, which can sometimes be a barrier to pursuing a meaningful career. 

Finances shouldn’t hold you back from getting an education, which is why financial support exists!  Here are a few of the more commonly sought financial assistance programs; we are happy to discuss these options and your eligibility, with you in more detail!

Manitoba Government Student Aid Program (Manitoba Student Aid)

Student loans are typically calculated based on your financial need and you will have to pay interest as you pay it back. Student loans are both federally and provincially funded, but you are only required to complete one application.  Depending on your situation, you may be eligible for loans and grants.

Who’s Eligible? 

You may be wondering who is eligible for Manitoba student loans. These are some of the initial requirements: 

• You must be a Canadian citizen, permanently resident (landed immigrant) or protected person. 
• You must be considered a Manitoba resident (have resided in Manitoba for 12 consecutive months). For individuals who recently immigrated to Canada, you are able to apply for Manitoba Student Aid (MSA) even if you haven’t lived in Manitoba for 12 months provided Manitoba is the only province you have resided in.
• You must be studying at a designated school and in a designated program. If you’re not sure if your school is designated, check here.
• If you are 22 years of age or older and applying for the first time, you can pass a credit check.
• You are not in default of previous federal or provincial student financial assistance. 

How Much Funding Can You Get? 

There is a maximum amount of funding available for each student who applies. If you are a full time student, the maximum amount of loans available is $350 CAD per week of study. You must also be attending a program that is no less than 12 consecutive weeks in length.

Most applications can be completed online and take 15-20 minutes as long as you have all of the required information.  For first time applicants, assessment results can be viewed within 3-5 business days, however the release of student loan funds is based on your start date and meeting our new learner intake requirements.

Bank Student Loans 

Aside from Manitoba Student Aid, banks also offer student loans – they just work a little differently. 

A student loan from a bank is typically called a student line of credit. It’s very similar to the Manitoba student loan but it’s granted to you by a bank. You must pass a credit check and meet their specific lending requirements however you have more flexibility on the payment term and amount borrowed.

Typically banks will have a variety of credit limits to offer based on your program of study, education costs and your current financial resources. They usually offer affordable interest rates and in some cases you may only be paying interest while attending studies.  All banks are not created equal, so it is encouraged to shop around and find a financial institution that is best suited to your needs. 

The great thing about a student line of credit is you have the flexibility to use it towards a variety of education-related expenses. Alongside tuition, this could include housing, books, transportation and more. Most banks don’t track where you’re spending the money as long as you pay it back.  You can also use it in conjunction with a Manitoba Student Loan to provide even more financial assistance while you study.

Other Student Aid Options

While student loans are common, there are other ways you can pay for your education.

RESP

A Registered Education Savings Plan (RESP) is a savings account parents can use to save for their child’s education after high school. Typically the one receiving the funds will be paid by the person who is contributing to the RESP.  It is important to select the RESP that is best suited for you and your family so be sure to check out the information available through the Government of Canada, found here.

RRSPs and the Lifelong Learning Plan

Another financing option is a Registered Retirement Savings Plan (RRSP). The government’s Lifelong Learning Plan allows you to withdraw up to $10,000 per calendar year from your RRSPs to put towards yours or your spouse/common-law partner’s education costs.  This is applicable to full time studies only.

RRSPs are savings plans designed to fund your retirement and are typically a long-term investment. In certain cases, such as the Lifelong Learning Plan or if you purchase a home, you may be able to use your RRSP funds early, and without penalty.

Employment Tuition Reimbursement Programs

Some employers offer training assistance to their long term employees.  These costs are generally reimbursed to you upon successful completion of your program.  Be sure to speak to your employer to see if you qualify.

 

Student Aid for International Students in Manitoba

Unfortunately, most government student loans require the student to be a permanent resident of Canada, landed immigrant or protected person. However, international students studying in Manitoba for a shorter period of time may be able to get a student line of credit with a Canadian cosigner. Students should check with their chosen bank for more information. 

 

Tips For A Successful Financial Plan

Finding the right financial assistance program can take some time but it’s worth it – it could be the difference between going to school or not. Here are some tips when you’re searching and applying for financial assistance.

• Research. Do your research! 
• Apply online. When you can, apply online. Not only is it better for the environment but it generally cuts down on processing times and allows you to apply from any location, anywhere.
• Read all application terms. It’s important to read through everything on the application before you apply. Your lender may require different signatures or documents throughout the loan process so it’s important to pay attention. For example, students applying for Manitoba Student Aid will receive a list of required documents to sign and submit once the loan has been assessed. If you don’t fill out and return the requested documents, your loan process will stop; make sure you hand everything in on time!
• Consider the amount of debt you will be taking on when applying for loans. You don’t want to borrow an amount of money that you’ll have a really hard time paying back. It’s a smart idea to evaluate what you’ll realistically be making in your career after you graduate including your living costs and how much of your income you’ll be able to put towards paying off your loan. Estimating these numbers will give you an idea of what kind of loan you can afford to pay off.  As Manitoba Student Aid is a needs based program, they will not fund you more than what they believe you will need to cover your expenses, keeping your debt load at a reasonable level.
• Choose a college that supports you. Another consideration when making decisions about your education is the college! How will they support you? At Robertson, we have a dedicated team of student financial administrators that will walk you through each step of the financial aid process.  When in doubt, reach out!

 

Get Started

Robertson offers lifelong career services through the Workforce Team. This team provides lifelong career support and will help you with everything from resume writing, networking and practicum placement research, whether you graduated yesterday or 20 years from now. You can check out our student success stories to hear about our alumni and their experiences at Robertson.