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Financing Your Education

Financing Your Education

Eastern Academy students have several options available when financing their education. Whether you are a recent high school graduate, returning to work after being out of the workforce, a new Canadian or looking to improve your career, we have funding alternatives that can work. Our Financial Aid Officers are available to help you with financial planning and provide support completing the required documents. The most common ways that students pay for their college education include:

  • Student Aid – The Department of Advanced Education, Skills, and Labour has their Student Aid program consisting of provincial and federal government loans and grants with flexible terms and conditions are available to those who qualify.
  • Student Financial Assistance – Employment and Social Development Canada has their Student Financial Assistance programs including student loans, grants, savings, scholarships, and other financial assistance programs for prospective students whom qualify.
  • Government Sponsorship – the Department of Advanced Education, Skills, and Labour has several programs that fund students up to 100% to complete Diploma programs at colleges like Eastern Academy.
  • Registered Education Savings Plan (RESP) – Students who have been named a beneficiary under a RESP may use these funds to finance their Eastern Academy education.
  • Monthly Payment Plans – An interest-free monthly payment plan can be arranged to suit your needs. All students are automatically eligible for payment plans with no credit check or co-signer required.
  • Lifelong Learning Plan – The Canadian Revenue Agency (CRA) has a Lifelong Learning Plan (LLP) that allows individuals to withdraw from their RRSP to finance their education or that of their spouse.
  • Employer, Union and  Insurance-Sponsored Education Programs – Some employers, unions, and insurance plans provide education assistance and tuition reimbursement programs for employees, injured workers, and recently laid-off employees.  Check with your employer or union to see if they offer a program that can work for you.
  • Scholarship and Bursaries – There are a number of scholarships and bursaries that Eastern students are eligible to receive.   Your Admissions Consultant will be happy to provide you with a list that might apply in your situation.
  • Student Lines of Credit – Eastern has developed partnerships with several banks and credit unions to make it easy to access Student Lines of Credit to finance your education.

Budgeting For College

When planning to attend a post-secondary institution, having a good budget is important. This Student Budget Worksheet will help ensure that you clearly understand your study period resources and costs. Our Admissions Team is always available to help you do your budget, answer any questions and explain available scholarships, bursaries or funding sources.

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Eastern Academy

22 Pearl Place
St. John’s, NL A1E 4P3
1-844-297-0777
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