Paying for Post-Secondary #Education 101: New online guide by @FCACan

New online material offers tips on everything from saving to budgeting to finding sources of money

OTTAWA, April 30, 2012 /CNW/ - Students and parents have a new one-stop location to find free, objective information about paying for post-secondary education. In this new addition to its suite of "life events", the Financial Consumer Agency of Canada (FCAC) has put together a comprehensive online guide that can help anyone looking to fund their post-secondary education.

"Coming up with the money to pay for university, college or specialized trade training can be a challenge," says FCAC Commissioner Ursula Menke. "The cost of post-secondary education can have a major impact on a family's finances, and it helps students and parents if they are able to prepare themselves financially and learn more about the different options available to them."

Paying for Post-Secondary Education not only provides an outline of the costs, but also suggests ways to save and find other sources of financial support. The Student Budget Worksheet lists possible expenses which you can compare to the money available to pay for them (it also does the math for you). You can learn more about programs that can help your education savings grow, such as Registered Education Savings Plans (RESPs), the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB).

The guide also covers:

• other sources of funds, like provincial programs, grants, bursaries and scholarships;
• loans from government or financial institutions; and
• tax deductions and tax credits available for post-secondary students and their sponsors.

Students will find other tips on earning and saving money while at school, and paying down student debt after they finish their studies.

About FCAC

With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with legislation and industry commitments intended to protect consumers.

You can reach us through FCAC's Consumer Services Centre by calling toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: itpaystoknow.gc.ca.

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Video with caption: "Video: Rodney Noriega incurred a lot of debt while studying for his business degree from Simon Fraser University in British Columbia. He explains how he uses FCAC's tools to reduce his debt load, and he invites all students to become better informed". Video available at: http://youtu.be/VFbuL3Jkk-A

Image with caption: "New! A comprehensive online guide that helps anyone looking to fund post-secondary studies. (CNW Group/Financial Consumer Agency of Canada)". Image available at: http://photos.newswire.ca/images/download/20120430_C2023_PHOTO_EN_12819.jpg

For further information:

Julie Hauser
Media Relations Officer
613-941-4168
[email protected]

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