How to pay for university or college on your own
Paying for your tuition (not to mention books, housing, transportation, groceries, etc.) all on your own can be daunting — but it’s definitely possible.
Updated 
6 min. read
You’re trying to pay for university or college without your family’s help. First, good for you! Second, don’t panic. Luckily, you’ve got tons of options to help you. There’s your own money from savings, jobs and co-op placements; free cash from scholarships and bursaries; plus, student loans and student lines of credit.
Let’s explore how you can pay for university or college on your own.
1. Your savings
No matter how you’re planning to pay for your education, it’s smart to put some money aside. If you already have money saved — great! If you don’t have savings yet — let’s start.
One good tool to help you save for school: a student bank account. These flexible accounts are designed specifically for those in school and offer perks like no monthly fees until after you graduate. That way, you can make the most of the money you’re putting away for school.
2. Grants, scholarships and bursaries
These options are the best-case-scenario when it comes to paying for your education. Why? Because they’re basically free money! While they’re all slightly different, grants, scholarships and bursaries all have one big thing in common — you’re getting money for school that you don’t have to pay back.
Let’s break each one down.
Grants are offered based on need through your province or territory, often with help from the federal government. They’re given to full- and part-time students from low- and middle-income families, and students with dependents and disabilities.
How do you get one? The Government of Canada works with provinces and territories to offer grants to students. The exact programs work differently depending on where you live, but for all situations you can apply for government grants with your province or territory. Keep in mind that some grant programs are only eligible for those with a government student loan.
Tip: Curious how much grant money you might be eligible for? Check out this government financial aid calculator that tells you how much money you can get. Keep in mind you might also qualify for grants from your province or territory.
On the other hand, bursaries and scholarships are financial awards based on everything from financial need to academic achievement to athletic skills. There are scholarships for all kinds of different students: undergraduate, graduate, doctoral, post-doctoral, international, First Nations and more. There are also scholarships for students studying in certain fields.
How do you get one? The federal government compiles scholarship resources for students. Check with your college or university to see if they offer any scholarships for their students. And you may also be eligible for scholarships from different foundations, organizations, trade unions, and individuals — Scholarships Canada is a good place to start searching.
3. Jobs and co-op placements
Working before and during school is a smart way to help cover some of the costs. A job during school is great because you can gain valuable experience that might help you land a job after school, while making some cash to help make ends meet. If you can, find a part-time or seasonal position that you’re able to balance with your course load.
Besides a traditional job, your study program might offer paid work terms through something called a co-op placement. These placements offer work experience in your field of study — and did we mention they’re paid?
With a co-op, you’ll be placed at a company or organization in an industry related to what you’re studying. Typically, you’ll alternate between semesters of work and semesters of regular coursework. Co-ops are great because you can network, build experience and make money.
How do you get one? You can apply for a co-op through your program or school. Keep in mind that some programs require you to maintain a certain grade average to keep your co-op spot, so save time to study.
4. Student loans
When it comes to paying for college, the government has a few resources to help you out. One of these is grants, which you don’t need to pay back. Another option is a student loan, which must be paid back (with interest) over time.
What’s the deal with student loans? Similar to grants, federal loans are based on need and are available to full- and part-time students, students from low- and middle-income families, students with dependents, and students with permanent disabilities.
Loans are a one-time lump sum. So, if you qualify for $10,000, you’ll receive $10,000 when you start school. Once you finish your program, you’ll have to start paying that $10,000 back. Typically, you’ll have a six-month grace period from when your studies end to when you need to start repaying your loan.
Where do these loans come from? The federal government works with the provinces to offer grants and loans to students. Your province or territory might also have their own financial aid programs. You can apply for all loans and grants, both federal and provincial, through the same application via directly through your province’s student aid office.
How much can you get from a student loan? That depends on a few factors, like your province or territory of residence, your family income, if you have dependents, your tuition fees and living expenses, if you have a disability, and more.
5. Student lines of credit
If you’re thinking about borrowing money to pay for university or college, a student line of credit can be a great option. It’s similar to a student loan, with a few key differences.
What’s the difference between a student loan and a student line of credit? We know they sound the same, but there are key differences. First, a student loan is offered by federal or provincial governments and is a one-time lump sum. A line of credit is offered through a bank and lets you borrow money repeatedly up to a pre-set limit.
Imagine it like this: A student loan is like a door — it opens once, you get your money, and then it closes. A student line of credit is more like a revolving door. You take out some money (up to your limit), then pay it back, take out more out again, and so on.
Another key difference: With a loan, you need to pay back the full amount, along with interest on that amount. With a student line of credit, you’ll only have to pay interest on the money you actually borrow. So, if you get a line of credit for $10,000, and you only end up using $3,000, you only have to pay back the $3,000 + any interest you accrue.
Unlike a student loan, which doesn’t start accruing interest until after you’re done studying, anything you borrow from a line of credit will start accruing interest right away. But interest rates on lines of credit may be lower than student loan rates.
What can I use a line of credit for? You can use a student line of credit to pay for your post-secondary tuition — plus everyday costs related to your education, like books, food, transportation and more. It’s a great way to cover any gaps that your loans and grants don’t cover.
How much can I borrow? With BMO, for undergrad programs, you can get up to $15,000 in the first year and $10,000 every year after that for a grand total of $45,000. For professional, medical and dental programs, we offer higher amounts.
So how do I get one? You apply with your bank once and you’re covered for the length of your program (up to four years). You must be a Canadian citizen or permanent resident and enrolled in an eligible full-time or part-time program. You’ll also need a co-signer (usually a parent), who’s someone who agrees to take over your payments in case you can’t keep up with them.
Want to learn more? The Government of Canada can give you more details on student lines of credit and how they work.
The bottom line
Just because you’re paying for college or university on your own, doesn’t mean you have to go it alone. There are plenty of resources — from your province, the federal government, your school and banks like BMO — to help you cover the costs of secondary education. This means you can focus on your studies, not your bills.
