Financing Your Lighthouse Labs Journey: A Primer By: Monica Dedich June 9, 2022 Updated March 11, 2024 Estimated reading time: 3 minutes. All of our students share an incredible potential for growth — but we also recognize how many are not fully able to fund their education or support themselves during their studies. At Lighthouse Labs, our goal is to make accessing financial aid easier. With our recent approval for additional provincial aid programs, we wanted to give you an update on the numerous funding opportunities at your disposal. So, we've compiled a list of financing options that can help support your investment in your education. Whether you're exploring grants, loans or payment plans, this handy guide will equip you with valuable information. Bookmark this page to keep this financial aid information at your fingertips whenever you need it! The Complete Guide on Financing Your Education Before we dive into the various financing options you can look into, we want to introduce you to our Financial Guide. Updated regularly to reflect current financing avenues available to students, this PDF document is your financial aid map. Download Your Financial Guide Here Provincial Student Aid and Government Assistance Lighthouse Labs is on Canada’s Master List of Designated Educational Institutions, and therefore qualified students are eligible to receive Canada Student Loans when enrolled in BC, Alberta, and Ontario. Each province and government body comes with its own eligibility criteria and funding discretions including funding for underrepresented groups. Please refer to the links of each financing program to understand if you can benefit from these opportunities and have access to federal financial aid. Here are a few of the programs you can apply for financial support. Check out our Financial Guide for the complete list of available funding opportunities. Better Jobs Ontario Work BC Ontario Student Assistance Program (OSAP) Canada Student Grants Student Aid BC Student Aid Alberta Financial Aid for Immigrants and Newcomers to Canada We understand that pursuing an education in a new country can present unique financial challenges for immigrants and newcomers to Canada. Windmill is a Canadian non-profit that offers affordable, low-interest loans to immigrants and refugees. These loans can help pay for education and training programs, among other expenses, so you can contribute to the incredible growth of Canada's tech industry. Please visit windmillmicrolending.org for more information on eligibility and how to apply. Interest-Free Payment Plans for Bootcamps and Programs We're excited to offer interest-free monthly installment plans through our partner Elective! Elective offers student-friendly payment options, allowing you to split your tuition into 3, 6, 9, or 12 fixed monthly installments. Breaking down the cost of tuition into manageable payments can give you peace of mind and financial stability, allowing you to focus on your studies and invest in your future without the burden of a large upfront payment. Please visit elective.com for more information on eligibility and how to apply. Student Line of Credit Many banks recognize the value of investing in education and offer lines of credit specifically tailored for students. These lines of credit provide a flexible and convenient way to fund your tuition and related expenses, providing a financial safety net so you can focus on your studies. Unlike traditional loans, student lines of credit often have favourable interest rates and flexible repayment terms that cater to the needs of students. Before applying for a student line of credit, research different banks and compare their offerings. Make sure to consider factors such as interest rates, repayment terms, and any additional benefits the bank provides. Exploring student lines of credit can help you bridge the financial gap and embark on your educational journey at Lighthouse Labs with confidence! Ask Your Employer to Cover the Cost Have a conversation with your employer about the potential benefits of them covering, partially or in full, your tuition for a Lighthouse Labs program. It could be a win-win scenario for you both! When you express your interest in acquiring new skills, it showcases your dedication to becoming more adept and valuable in your position. Your improved skill set could bring enhanced value to the company, making it a compelling reason for them to help cover your tuition. By investing in your continuing education, your employer, in turn, demonstrates a commitment to your growth and development within the organization. It's a clear indication that they value your potential and are eager to see you thrive in your current role or a new one altogether. A Few Things to Keep in Mind If you are going to apply for funding opportunities, give yourself enough time to get all the answers you need before your expected program start date. Some funders will need 6 to 8 weeks to complete the assessment for your funding eligibility and to confirm your loan or grant amount. Calculate your application timelines to give yourself enough time to go through financial aid processes and to complete your prep work ahead of your preferred program’s start date. (Note: Your timeline needs might vary between programs and provinces, so make sure you check requirements ahead of time). Lighthouse Labs has no influence or oversight over financial aid applications for its students. If you have questions about eligibility or procedure, you can connect directly with each funding body to get the answers you need. Understand the best financing option for you Book a call with our admissions team or send them an email to discuss: Your career goals Which program is right for you Available financing options And any other questions you might have! Ready to Apply? Let's Get Started! Grants and Wage Subsidies for Employers We have wage subsidies available for employers.