Paying The Bills

How Can I Pay?

After seeing what expenses you'll have to pay for in university, you're probably wondering "How am I going to cover all of those costs?" Luckily, there are lots of income options for students attending post-secondary. You can choose which options are right for you!

  1. Loans and Grants

Student loans and grants are a common way to pay for university. They are provided by provincial governments, and are offered to full-time and part-time students alike. Even better, you can apply for loans and grants on the same application form. To find out if you are eligible for a loan or a grant, you will need to visit your province's student financial aid website and create an application account. Regardless of where you are attending university, you must apply for a loan or grant in your province of residence. The amount of money you receive after applying will depend on:

  • Your tuition and living expenses

  • Your family's income

  • If you have a disability

  • Your province/territory of residence

There is one key difference between loans and grants: Loans are paid back with interest, starting up to 6 months after finishing your studies. Grants are not paid back.

If you are interested in applying for a loan or grant, you can estimate the amount you are eligible to receive here.

2. RESPs and TFSAs

What's an RESP? A Registered Education Savings Plan is an investment account used to save money for a child's post-secondary education free from tax. Any adult can set up an RESP for a child, whether they are a parent, a guardian, or a family friend. The person who sets up the account is called the subscriber . Only the subscriber can contribute to the account. Students (also known as Beneficiaries) who have RESPs will have access when they graduate high school. To receive your money, the subscriber will request a withdrawl from the financial institution and you will need to provide proof of enrollment at a qualifying* post-secondary institution. When you withdraw the money, any money accumulated (money that is not the original contribution) in the account will be taxed.

Note*: Not all post-secondary institutions are eligible to receive RESP payments. To find out if your chosen school will accept payment from an RESP, click here


What's a TFSA? A Tax-Free Savings Account is another type of investment account. These are general savings accounts sponsored by the government where Canadians 18 years old or older can save or invest money tax-free*. Unlike RESPs, TFSAs are not taxed when you withdraw money. In other words, this type of account is tax-sheltered. Since these accounts are so flexible and can be set up by university students, it's a great way to save for your education. Additionally, you can still use your TFSA to save for other large expenses.

To set up a TFSA, contact your financial institution (the issuer) and provide your date of birth and social insurance number. You may be asked for supporting documents before you can be registered.

Note*: Your account may be taxed if you:

-Over-contribute

-Have non-qualifying investments in the account

3. Scholarships and Bursaries

Another great way to earn money for your studies is through scholarships and bursaries.

Scholarships are awarded based on many factors, for example:

  • Academics

  • Extracurriculars

  • Program of Study

  • University of Study

  • Financial Need

Bursaries focus on providing financial aid to students who would not be able to attend university otherwise.

Where can you find scholarships and bursaries?

  1. Your school guidance counselor. They are happy to help you find the right scholarships and bursaries!

  2. Government websites. Governments at the provincial and federal level offer scholarships and bursaries to students. Simply search scholarships or bursaries and insert the name of the government.

Example: Bursaries Government of New Brunswick

  1. Scholarship websites. There are tons of sites that provide scholarships that appeal to your unique skills and interests.

Here's a few resources to get you started:

That's all fine and dandy, but the burning question is "How do I win a scholarship?"

Winning a scholarship is no easy feat, especially when they receive thousands of applications. So, to boost your chances, here are a few tips and tricks:

4. Use Your Talent

A way you can earn easy money is using your skills and talents. Know how to play an instrument? Teach kids how to play it. Are you crafty? Start up an online craft store. There are endless possibilities for how you can use your own talents to create an income.

5. Work

Many students choose to work during their time at university to pay their expenses. Learn more here.