Your Scholarship & Bursary Guide
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FUNDING PRIVATE SCHOOL Your Scholarship & Bursary Guide St. Clement’s School – Photoraph by Tobi Asmoucha SCHOOLS The Trusted Source for parents on everything kid. Thank you for downloading the latest SEARCH FOR SCHOOLS e-book from Our Kids. Our Kids brings you sound planning strategies and advice to assure you make the right private school and camp CAMPS decisions for your children. SEARCH FOR CAMPS $ REGISTER FOR THE PAYING FOR AppLYING TO SCHOOLS PRIVATE SCHOOL EXPO PRIVATE SCHOOL www.ourkids.net | [email protected] | 1-877-272-1845 Questions for the Private School Search | 2 CONTENTS 4. How To Get Academic and Non-Academic Scholarships 7. Take Advantage of Tax Breaks and Grants for Private School 12. 13 Ways to Pay for Private School 20. Scholarships and Bursaries Ease the Financial Burden of Private School Stratford Hall – Photograph by Brett Beadle www.ourkids.net | [email protected] | 1-877-272-1845 Questions for the Private School Search | 3 HOW TO GET ACADEMIC AND NON-ACADEMIC SCHOLARSHIps1 Brentwood College School – Photographs by Sean White There are numerous scholarships available to students of private schools in Canada. Numerous schools offer internal awards of course, and Our Kids provides a list of private schools with scholarships. When looking for other scholarships, though, it is a good bet to start close to home. If your parents or other relatives belong to organizations you may be surprised that organizations and clubs offer little known and underused scholarships. You may also find out about local organizations, churches and companies that offer scholarships often overlooked by others. www.ourkids.net | [email protected] | 1-877-272-1845 Questions for the Private School Search | 4 From schools, students receive scholarships on the basis of merit. Unlike financial aid, your child must be proficient or involved in “Too often a particular area to receive a scholarship. Many such grants are students just available to private school students in Canada. There are two give a laundry central types of providers: list of their 1 - The schools themselves (most scholarships achievements or come from within the school) extra-curricular 2 - External organizations activities and If you are looking for a scholarship, start your search early, as I just sit there most schools or organizations have strict application deadlines. Our list of private school financial aid offers a comprehensive list wondering what of scholarships schools themselves offer. External scholarships the individual is change yearly, so check back often. actually like as a person.” ACADEMIC SCHOLARSHIPS To apply for an academic scholarship, you usually need to include your son or daughter’s school record, transcript, report cards, and, in some cases, a sample of work from his or her current school. The majority of students who receive these scholarships need to write an essay that details why they deserve the award. The best essays offer the award-giver a really descriptive profile of the potential recipient. Instead of a mere overview of all your achievements or involvement, give the school a glimpse into how your successes relate to your character. One school administrator explains: “I do not care how many school clubs or plays you have been in. Involvement is fantastic, but if all I know is that you have done many things I don’t know if you’ve done them well. You’re much better off getting involved in one or two things and getting really involved than joining a million different clubs. Too often students just give a laundry list of their achievements or extra-curricular activities and I just sit there wondering what the individual is actually like as a person. My best advice is to be creative and original.” www.ourkids.net | [email protected] | 1-877-272-1845 Questions for the Private School Search | 5 PRIVATE COMPETITIONS Being selective Your son or daughter could take part in numerous scholarship competitions. For example, in 2011, One Prosper International is the best way offered scholarships to students who could raise the most money to secure a for village farmers in Southern India. The Art Lit Competition asks students to write an essay on one of four selected books. non-academic scholarship. NON-ACADEMIC SCHOLARSHIPS In Canada, you will find many more non-academic scholarships. Some of these include scholarships for the following: • Community involvement • Athletic achievements • Exemplary participation in school life (i.e. extra-curricular activities) • Artistic aptitude (including music, drama and other performing arts) Being selective is the best way to secure a non-academic scholarship. For example, join only a few clubs you are interested in and get involved deeply. A meaningful impact in a certain field is better than a minimal involvement in many different settings. TaLK TO PRIVATE SCHOOLS DIRECTLY ABOUT FINANCIAL AID Visit one of Our Kids’ annual private school expos for more information about scholarships and the opportunity to speak with schools one-on-one about financial aid, scholarships and bursaries. Private school is not just for the elite. As financial aid has become increasingly important, many schools have been opening up their doors to deserving students with more scholarships, bursaries and payment plans. “A lot of families simply assume it’s out of their reach, but in fact schools such as ours do offer wonderful financial aid,” says Chantal Kenny, executive director of admission at Toronto-based boys’ school Upper Canada College (also known as UCC), in an www.ourkids.net | [email protected] | 1-877-272-1845 Questions for the Private School Search | 6 interview in the latest Our Kids Canada’s Private School Guide. Before ruling out private school, check out the options — you may be surprised to find that a private school education isn’t out of reach for your family after all. To help make the search easier, browse thousands of dollars in available funding from private schools and government and private organizations with Our Kids’ online Scholarship Finder. Our new section shows some of the schools that provide financial aid, including the amount available in bursaries and scholarships, deadlines, as well as more information on the specific school’s financial aid offerings. You can also refine your search with our advanced search engine, allowing you to find a listing of schools and camps with financial aid, bursaries, scholarships and sibling discounts. Wildwood Academy – Photograph by Tobi Asmoucha www.ourkids.net | [email protected] | 1-877-272-1845 Questions for the Private School Search | 7 TAKE ADVANTAGE OF TAX BREAKS AND GRANTS FOR PRIVATE SCHOOL2 Trillium School – Photograph by Stan Behal Jake Roth Paying for private school can be a challenge for most families. Though you may already have a plan in place to tackle the cost, here are some additional resources to consider, to help pay for tuition, fees and additional expenses. Sending your child to private school is usually a huge financial commitment. But there are multiple means by which you can lessen that burden. TAX BREAKS Trust Funds—Families that would otherwise have to pay about 46 per cent in income taxes could save over 20 per cent in taxes by establishing a trust sanctioned by the Canada Revenue Agency. Rudy Brugnerotto, chartered accountant at RBCA, explains that if you divert money from your investment portfolio into a tuition trust, anything below $37,000 will not be subject to significant taxes. www.ourkids.net | [email protected] | 1-877-272-1845 Questions for the Private School Search | 8 “Anything that pays on behalf of the minor for their welfare can be paid through this trust,” he says. “It can be earned through this trust, instead of earned through the parent.” Therefore, the trust, which would be subject to a lower tax rate, pays the taxes. “An ideal situation would be to let the government help pay for your school.” Gifts—Canada does not have a gift tax! Therefore, another family member, like a grandparent, who may want to help pay for your child’s private school tuition could provide you with a gift, which you could then spend on his or her school. You, the recipient, will not have to include this gift in your income, so you will save money on taxes. St. Margaret’s School – Photograph by Deddeda Donations—Paying tuition for some private schools, particularly faith-based schools, may count as a charitable donation. As a result, you would receive a tax credit for sending your child to one of these schools. Students With Special Needs—If you send your child to a school for students with special needs, you may be eligible to receive a medical tax break. Other government grants—Both the federal and provincial governments offer tax breaks for many other reasons. For instance, the Children’s Fitness Tax Credit allows you to collect up to $500 if your child is enrolled in a physical activity. Sedbergh School – Photograph by Christinne Muschi COMMUNITY RESOURCES Graham Brown of Dwight International School says that small communities might assist a family in sending a local child to private school, especially if the community’s educational resources are limited. He also points out that these students sometimes receive financial assistance from fundraisers held by community groups such as the Rotary Club. At schools like Crestwood Preparatory College, students raise money to pay for another child’s tuition. Though students never knew to whom the money went, they nonetheless made paying tuition for this student a community project. Lycée Louis Pasteur – Photograph by Chris Bolin www.ourkids.net | [email protected] | 1-877-272-1845 Questions for the Private School Search | 9 GRANTS Both the federal School: and provincial There are two central types of grants that private schools provide: governments • Need-based (or bursary) provide • Merit-based (or scholarship) numerous To receive the former, families must demonstrate that they cannot grants that cater afford to send their child to private school (sometimes a third- party financial institution assesses your family’s finances), while an to your needs.