On your first visit for information to attend our College, our Finance Department will sit down with you to go through all your payment options and help you select what payment plan is right for you.
The Financial Aid staff is also available to answer questions, guide you with applications, and provide information about assistance programs and address concerns regarding financing your education.
The Ontario Student Assistance Program (OSAP) offers two kinds of money:
Both the Ontario government and federal government provide this money.
Through one OSAP application, you have access to a mix of different financial aid programs, depending on your circumstances.
If you apply for OSAP, you are automatically considered for 30% Off Ontario Tuition, too. You don’t need to apply separately.
You can get OSAP to attend a public or private postsecondary school located anywhere in the world, as long as it’s approved for OSAP.
Financial Assistance may be available to those who qualify.
For students coming from outside Ontario financial assistance may be available from your province for those who qualify. We are designated in most provinces across Canada.
Second Career is a program from the Ontario government to help people who have been laid off within the last 12 months and are currently unemployed. The program will help unemployed workers who commit to a long-term training plan make the transition to new careers in growing areas of the economy. Second Career can help an applicant with the costs of tuition, books, living expenses and other costs associated with the training to build skills for a new career. More information can be found on the Second Career website.
Oxford College can provide students who qualify, with monthly payments that are interest free while attending school. These interest-free payments allow students more flexibility in funding their education.
An RESP is an Education Savings Plan registered under Canada’s Income Tax Act, which is established for the purpose of providing financial assistance to a Beneficiary (usually a child) when he or she pursues a post-secondary education. Investment earnings on savings within an RESP are tax-sheltered until the child is ready for post-secondary education. The earnings are taxed in the hands of the student, who typically pays little to no tax. In addition, RESPs may qualify for various government incentives that help parents, relatives and friends save for a child’s post-secondary education. All of our programs qualify for all RESP grants and contribution.
The Lifelong Learning Plan allows you to withdraw money from your Registered Retirement Savings Plan (RRSP) to pay for training or education. This money could also help pay for training or education for your spouse or common-law partner.
Under this plan, you can withdraw up to $10,000 in a calendar year from your RRSPs. Your spouse or common-law partner can also withdraw up to $10,000 from his/her RRSPs per calendar year, for a $20,000 maximum withdrawal in a calendar year of both personal and spousal withdrawals.
More good news is that you don’t have to include the withdrawn amounts in your income, and the RRSP issuer will not withhold tax on these amounts. You have up to 10 years to repay these withdrawals to your RRSPs. Any amount not repaid after the 10-year period will count as income for the year it is due.
You are able to use any Bank to apply for a student line of credit. We have made arrangements with Royal Bank to offer tuition funding for students registered at Oxford College. The Royal Bank offers the RBC Student Line of Credit. While in school, students are obligated to pay only the interest portion of any outstanding balance. Upon achieving employment, regular interest and principle payments would commence. Our financial aid office can provide more information and contact details for RBC.