Continuing Education

Fund your education

Six ways to fund your education

An education is an investment in your future, but finding the money to invest is often the first hurdle to overcome before you set out on your learning journey. Check out the sources of funding below to see if any apply to your situation.

1

Ask your current employer

Ask your employer about:

  • Professional development funds — Review the program's requirements: you may have to remain at your current job for a set amount of time after you complete the training.
  • Tuition assistance
  • Sponsorship (Use the Agency Sponsorship Approval form to submit your sponsorship information)
  • Canada-BC Job Grant — Your company may qualify to offset the expense of employee training
2

Apply for grants and scholarships

Government programs targeted to non-traditional students may offer an avenue for funding if you qualify. Check out the following:

Ensure you are eligible before filling out an application. 

3

Withdraw from your RRSPs

The Government of Canada runs a program called the Lifelong Learning Plan (LLP) that allows you to withdraw up to $10,000 a year.

To qualify, you must:

  • Own a RRSP
  • Apply for a full-time program
  • Use the funds for you or your spouse or common-law partner
4

Employment Insurance (EI) and courses or training programs

Authorized Employment and Social Development Canada (ESDC) staff can refer you to courses, training programs, and other employment activities to facilitate your return to work.

To qualify, you must:

  • Be unemployed and currently receiving employment insurance (EI)
  • Be referred by a designated authority
  • Take a full-time program that you can complete in one year or less

You may receive assistance with tuition, living supports, books, supplies, transportation, and dependent care and disability support, if applicable.

In British Columbia, you can secure this funding through Personal Services and Supports offered by WorkBC.

5

Secure financial aid

Getting a student loan may be a smart option if your program will boost your earning power. Securing a government-sponsored student loan gives you more breathing room than a conventional bank loan, as you are not required to pay interest until six months after you complete your studies.

  • Visit studentaidbc.ca to find out if you are eligible. Apply six to eight weeks before you register.
  • UFV Financial Aid department can answer your questions regarding your financial aid application.
6

Bank and financial institutions

Banks and financial institutions offer a range of financial services to help you fund an education for you or your child:

  • Secure a student line of credit (pay interest only on the amount you use)
  • Use your credit cards
  • Use your home equity to finance your education
  • Set up a Registered Education Savings Plan (RESP) to help save for your child's education

Contact your bank for more information.

Remember that no matter how you fund your education, you can often deduct tuition, books, and other expenses from your taxes. Your student loan may also be eligible for a tax credit. Consult a tax professional to help you at tax time if you are unsure how to claim these deductions.

Information for:

Tools

Contact Us