Financing your studies
Take advantage of a wide range of options
Money doesn’t buy happiness, but it can sometimes give you a big boost. A university education can be a real challenge financially, because you have to learn to make every dollar count as you deal with an often highly variable income and multiple incentives to consume. The team at the Student Awards and Financial Aid office at Université Laval offers comprehensive services to help you find financing and draw up a budget.
Loans and bursaries
Loans and bursaries are a great way to obtain financial assistance with many advantages:
- Amount granted in the form of a loan and sometimes a bursary portion based on your needs and income.
- Loans with a very advantageous interest rate, repayable at the end of full-time studies.
- Tax-deductible interest throughout the loan repayment period.
- Option of requesting deferred repayment in the event of financial difficulty to allow you to repay your student debt according to your means, with the possibility of qualifying for a 15% loan remission.
- Possibility of obtaining bursary funding that doesn’t have to be reimbursed at the end of your studies.
Benefits of Loans and Bursaries compared to a line of credit
Line of credit
Loans and Bursaries
||Determined by the government, usually lower than rates offered by financial institutions|
|Interest during studies||Must be paid during school or added to the debt||The Ministère pays the interest during Full-time studies|
|Acquisition||Credit check required||No credit check|
||Amount determined by the Ministère to fulfil students’ everyday needs|
|Other benefits||Total amount must be repaid after the end of studies||
It is important not to confuse scholarships with loans and bursaries. You may be eligible for a scholarship even if you are not eligible for government financial assistance. Contrary to popular belief, scholarships are not awarded exclusively for academic excellence. There are a multitude of scholarships in amounts that vary as much as the eligibility criteria established by the donor.
Working part-time during the school year and full-time during the summer has many advantages:
- Gives you financial autonomy
- Helps you avoid excessive debt
- Provides great work experience for the future