Finance Overview

We can help you invest in yourself

Education of any kind is truly an investment in yourself, opening up new opportunities for exciting careers and personal advancement. Even though investing in education is always a wise choice, the task of paying for school can feel daunting. Lucky for you, it doesn’t have to feel this way because our in-house Finance team is here to help!

Our Financial Advisors are knowledgeable and ready to assist you in planning the best way for you to pay for school. Advisors can discuss your payment options, including payment plans, bursaries and grants, as well as student loans. Check out our Financial Assistance section below and if you’d like to speak to a Financial Advisor at the school, please reach out by calling us at 1.866.860.2783.

Financial Assistance

Worried about financing your post-secondary education? Don’t be! CAT offers a number of ways to stress less about paying for school, so you can focus on learning.

Payment Plan

Subject to credit approval by Centre for Arts and Technology’s Financial Services Department, payment plans are available in many circumstances. With all payment plans, 100% of tuition must be paid prior to completion of the program. Payment plans may be subject to a financing fee. To discuss setting up a payment plan, please speak to a Financial Advisor for more info.

External Scholarships, Bursaries, and Grands

Our Finance Department has put together a downloadable PDF, full of great resources on available scholarships and bursaries.

Student Loan

The Government of Canada offers Canada Student Loans to post-secondary students who demonstrate financial need in most provinces and territories across Canada who are Canadian citizens or landed immigrants through the Canadian federal and provincial government student loan programs.

To apply for a student loan, you must send your loan application through your province of residence. The Canada Student Loans Program(CSLP) works in partnership with most provinces and territories to deliver student financial assistance, meaning that approximately 60% of your loan (dispersed twice per study period) will come from the Government of Canada, with the remaining provided to you in the form of provincial student loans.

You may also be eligible for various grants when you apply for a student loan, and you will automatically be assessed for any Canada Student Grants you may be eligible for, in addition to your regular student loan funding.

More Student Loan Resources:

Provincial Student Loans: British Columbia

Residents of British Columbia apply for loans through Student Aid BC and applications can be completed online at www.studentaidbc.ca. A Financial Services Representative can assist you with any questions you may have as well as provide you with a paper application if desired. To contact Student Aid BC directly, call 1-800-561-1818 or visit www.studentaidbc.ca.

Provincial Student Loans: Alberta

For students in Alberta, please refer to the Alberta Government’s Student Loans info page.

Provincial Student Loans: Additional Provinces

For students whose home province is not British Columbia or Alberta, please refer to the Government of Canada Provincial Loans website.

Bank Line of Credit

Many private banking institutions offer loans and credit lines for students as well as discounts on additional banking products including student credit cards. Check with your personal financial institutionfor additional information.

Other Resources

Passport to Education

While the Passport to Education program has been phased out by the BC Ministry of Education, students who have already received the stamps can still redeem them at Centre for Arts and Technology by mailing them in or dropping them off.

Lifelong Learning Plan (LLP)

The LLP allows eligible students to withdraw up to $10,000 per year, tax-free, (up to $20,000 over a four-year period) from their RRSP. Withdrawals are repayable over 10 years. For details about the plan and eligibility requirements, visit the Revenue Canada website.

Registered Education Savings Plan (RESP)

RESP’s are Registered Education Savings Plans that permit savings to grow tax-free until the beneficiary is ready to enroll into a recognized post-secondary institution on a full-time basis. Contributions to all RESP’s are subject to a lifetime maximum and other rules and conditions. Please see the Government of Canada’s webpage on RESPs for additional details.

Having an RESP also allows you to apply for the Canadian Education Savings Grant (CESG).

Canada Education Savings Grant (CESG)

The CESG is a Government of Canada grant paid directly into the beneficiary’s RESP to a limit of $7,200. Visit Canada Revenue Agency’s website for additional information.

Indigenous Students

Indigenous Services Canada provides financial assistance to First Nations, Inuit, and Metis students for tuition, transportation, and living expense support. Indspire is a nationally registered nonprofit organization that also provides career information and post-secondary awards to First Nation, Inuit and Métis students. Visit Indspire’s website for additional information.

WorkSafe BC

In BC, some individuals may qualify for assistance through WorkSafe BC. WorkSafe BC may help with rehabilitation, retraining, and educational upgrading. Visit WorkSafe BC for more information.

ICBC

The Insurance Corporation of British Columbia (ICBC) also offers retraining programs. Interested applicants should contact the ICBC Rehabilitation Coordinator directly. Additional information is available on ICBC’s website.

Employment Insurance

Applicants who are currently receiving Employment Insurance (EI) benefits or who have received benefits in the recent past may qualify for financial assistance through Service Canada. Please visit Service Canada’s website for more information.

Students with Disabilities

For students with disabilities, training funding may be available through various Government of Canada programs. See Government of Canada’s webpage on Education funding for people with disabilities for additional info.

Aeroplan Miles

Centre for Arts and Technology is pleased to announce that you can now pay for your tuition with Aeroplan miles. There is no limit on how many Aeroplan miles you use towards your tuition, so ask your family and friends to donate their miles to help fund your schooling! More information can be found on the Aeroplan website or the Higher Ed Points website.

Finance FAQ’s

Do you accept payments via e transfer?

Yes! CAT does accept e-transfer payments for student fees, tuition etc. Simply add us as an e-transfer recipient from your online banking portal and be sure to include your student number in the payment comments. No need for a security question as we are set up to receive transfers as auto-deposits. Please reach out to your Program Advisor or our Finance team to obtain the email address to add to your online banking portal.

I need help in financing my college education. Do you offer financial assistance?

Yes, we do offer financial assistance and can tailor our recommendations to your personal circumstances. Our Finance team can help you with applying for grants, scholarships, bursaries, government student loans and private student loans. Please note, all assistance programs are subject to eligibility.

There are many options available to you and we are happy to assist you. Feel free to visit our college campus Finance office or talk to our Financial Advisor to discuss your financing needs further. Our Finance team can be reached by contacting us at 1.866.860.2787 or by email at inquire@digitalartschool.com

Can you suggest places where I can read more about scholarship opportunities?

Did you know that a huge amount of scholarship money goes unclaimed each year? Scholarship opportunities are everywhere around you; waiting for those who know where to look! We suggest you visit StudentAwards.com and Scholarships in Canada. These are great sites to learn more about scholarship opportunities in Canada.

Additionally, our Finance team has put together a downloadable PDF with additional resources on scholarships, bursaries, and grants for you to check out!

If I get a student loan, will it cover all my education expenses?

The coverage of the student loan will depend on your program of study, your demonstrated financial need and is meant to be supplemented by other means. Most students in post-secondary require other sources of funding such as obtaining a part-time job, student bank line of credit, or RESP’s, (Registered Education Savings Plan), to help cover additional costs, such as living expenses, related to their schooling.

The good news is that when you apply for a Canada student loan, you are automatically assessed for Canada Student Grants. If eligible, grants are included when student loan funds are disbursed.

Can you tell the difference between a government student loan and a private student loan?

Government student loans help in covering education costs for students who exhibit financial need and repayment does not begin until 6 months after your study period end date. The Canada/federal portion of the loan is interest free for the lifetime of the loan, and in many areas, the provincial position is also interest free with 10 years to repay.

Private student loans are also referred to as a Student Line of Credit from financial institutions. While this loan is interest-bearing immediately, you only pay interest on the portion you use. While you are in school the payments are very minimal and scheduled on a monthly basis. Once you come to the end of your study period, the student line of credit will typically be flipped to a Personal Line of Credit and you will make monthly payments based on the regulations of your lending institution.

Can you teach me how to apply for a government student loan?

Our Finance team is happy to assist! You can book an appointment to speak with a Financial Advisor by calling us 1.866.860.2787 or by email at inquire@digitalartschool.com

If you’re ready to apply on your own, here are a few tips: The best time to apply for a government student loan is about 3-4 months before your post-secondary studies commence. This gives you time to prepare everything you need for the loan before the college term begins. You can fill out an application form online through the Provincial and Territorial Student Financial Assistance offices.

Additional resources can be found on the Government of Canada’s Student Aid webpage.

I’ve submitted my loan application, when can I expect the results?

After submitting your online loan application, you can expect a notification of assessment after about two to three weeks. The letter will state the amount of loan you can receive and the dates of the disbursements. If you do not receive the maximum amount you may be eligible for, you may be eligible to submit a reassessment or appeal the decision. For help understanding your loan, feel free to book an appointment to speak with a Financial Advisor by calling us 1.866.860.2787 or by email at inquire@digitalartschool.com

I plan to enroll in a school outside my province, what provincial student loan should I apply for?

In this case, you must apply for the provincial student loan where you permanently reside—not in the province of your school. Your province of residence is the last province you resided in for 12 consecutivemonths without being a full-time student. For example, if you moved to BC from Alberta two years ago after high school but have been in full-time post-secondary studies since then, you are still considered an Alberta resident for student loan purposes.

Additional resources and links to all provincial loan applications can be found on the Government of Canada’s website.

How can I go about paying back my student loan?

National Student Loan Service Centre and any applicable provincial student loan centres will follow up with you by letter approximately four months after you exit or graduate from school. All of your repayment details will be outlined at this time. However, if you would like to make payments immediately after leaving school or need info about repayment, please contact the National Student Loan Service Centre at 1.888.815.4514 and your provincial loan provider. If you are in repayment and returning to school, please complete confirmation of enrolment on the National Student Loans Service Centre website. This will put you back into student status and your payments will cease until your new study period end date. Six months after your end date you will be required to start repaying your loan. Repayment of private loans, (Student Lines of Credit), will be determined through individual lending institutions and you must abide by the terms of the agreement entered at the time you negotiated your loan.

The good news is that there are provincial and federal level programs available that assist with the repayment of student loan debts. The Repayment Assistance Plan offers help to aid graduates in paying back their loans, by deferring or making payments more affordable based on the income level of the graduate.

See also: Student Loan Repayment Calculator.

If you have any questions about your student loan repayment, please contact a financial aid representative at the school by contacting us at 1.866.860.2787 or by email at inquire@digitalartschool.com

Books and Supplies FAQ’s

Is it more or less expensive to purchase books and supplies from the Centre?

It may be slightly more expensive or less expensive to allow the Centre to purchase books and supplies on your behalf, depending on your program and required materials. The Centre does its best to keep textbooks and supply costs to a minimum for all programs.

Can I buy half my books and supplies myself and then let the school buy the other half?

No. The Centre does not have a bookstore on campus, but rather we order our books and supplies in large quantities as needed by our student body. Due to this, if you’d like to order your books and supplies through the Centre, your order will be for all books and supplies needed for your program.

If I choose to let the Centre purchase my books for me, can I change my mind at a later date?

Yes. However, a 15% administrative fee would be applied to the refund balance.

If I decide to purchase the books myself, can I change my mind at a later date?

Yes. However additional administrative fees and shipping would be applied to the purchase amount.

Do I have to pay more money for books and supplies than what’s in my current contract?

No. In your current contract there is an amount that covers the mandatory books and supplies for the program. Should you continue to allow the Centre to purchase books and supplies on your behalf, your contract amount will remain the same. Please note, in some programs you may need to purchase more supplies than what was given to you by the Centre as every student uses materials at different rates.

Are the books and supplies I need for my program easily and readily available at bookstores in Kelowna?

No. The Centre purchases books and supplies from a number of different sources including education suppliers, online suppliers, and manufacturers. It is unlikely that bookstores in Kelowna will have all the books in stock. If you choose to source the books yourself, you will need to do so swiftly to have the resource available in time for classes.

If I choose to buy the books and supplies myself, should I buy everything on the list now?

You need to buy the necessary books and supplies for your first semester ONLY, and then purchase semester by semester after that. You will be provided with a list before you start your program of study,and you will be notified if there are any changes as your program progresses.

Are the books and supplies I need for my program all available in Canada?

No. The Centre sources its books from all over North America.

What happens if I don’t bring or purchase a book or supply items for my class?

As of your second week of class, you may not be able to attend unless you show proof that you have ordered the necessary book or supply item(s). Many of our classes rely heavily on supplemental books and supplies and your chance of successfully completing the course greatly diminishes without the necessary materials. In some classes it will be impossible to even take part without the materials.

Can I buy used books?

Yes. As long as the book you buy is the correct edition, used books are acceptable.

Can I buy older versions of books?

No. You must have the correct edition of a book for your classes. Please note: Some classes require new copies of textbooks as the new copy will include a code that is needed for class activities and used copies will not have this code.

Can I buy/use books of the same edition from my friends that have taken the same program before?

Yes, as long as any activity codes included in the book are either not needed for your program or are still valid for use.

If I choose to buy the books and supplies myself, can I buy some of them from the school at a later date?

No. Unfortunately the Centre does not have a bookstore on site and all books for each quarter are ordered in advance.

What if I purchased the wrong version or edition of a specific book?

You will need to purchase the correct version to attend class.

What if I run out of a supply in the middle of a class and I have not purchased the supply item originally through the school? Will I have to then leave the class to purchase that supply?

This could happen depending on the class. Please come prepared at all times, whether we supply the materials, or you purchase them on your own.

If I already have a payment plan set up with the school and I wish to choose the option of purchasing books and supplies myself, will I have to redo my payment plan?

Yes. You’ll need to book an appointment with financial services and redo your payment plan, which may include creating a new set of postdated cheques.

Can the school help me source books for purchase?

No. Unfortunately the Centre does not have resources in place to source books for each student individually. Should you opt to purchase your own books and supplies, you will need to source the necessary items and books through traditional methods on your own.

I do not have a credit card. Can the school purchase the books on my behalf?

Yes. Simply choose the option that has the Centre purchase books and supplies on your behalf.

What happens if my books are on backorder, or I receive my books late?

The Centre will treat this on a case-by-case basis; however, if the book or supply is received late becauseof not ordering early enough, you may be prevented from successfully completing the class.

How far in advance should I order my books?

To avoid delays, you should always order your books and supplies as soon as possible. Keep in mind thatyou must still order them quarter by quarter, as textbook editions change, and the Centre adopts the most recent and relevant version of the textbook. Note: Even though the Centre orders the books and supplies needed well in advance, sometimes items may be on backorder with the supplier. We do our best to get them to you ASAP.

If I order my books and/or supplies online what are some of the pros and cons?

Ordering books and/or supplies online can be very effective. The thing to remember is that most items are shipped by courier to your residence and if you’re not home at the time that the item arrives you will need to pick it up at an alternate location. Items never tend to arrive all at once. Please make sure you list the proper receiving address, especially for students moving to Kelowna.

Who should I contact if I change my mind about purchasing my textbooks and supplies myself or having the Centre purchase them for me?

If you change your mind about buying books & supplies either through the school or on your own you will need to contact the Education Administrative Assistant in the Scheduling Office. You will also need to speak with someone in Financial Services as there will be changes to your payment plan.

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