|What are some common financial terms I need to know?|
Here's a brief video outlining the common financial lingo we use, to help you along the way.
Funding your education
|How do my entrance scholarships work?|
Entrance scholarships are awarded based on your academic achievements. All undergraduate-domestic students are automatically considered for entrance scholarships and you would have been informed if you received one. Entrance scholarships are typically paid out in two equal instalments upon confirmation of full-time registration and Social Insurance Number. Click here to learn more.
|How do I access my Registered Education Savings Plan (RESP)?|
A RESP are funds that you/your family set aside to help finance your education. In order to access your RESP for your education you will need to provide a confirmation of enrolment letter to your RESP provider. The requirements are different, you can find ask for your letter here
|How do I apply for First Nation post-secondary funding?|
Indigenous students can apply for First Nation post-secondary funding through either their First Nation Education Authority or First Nation band office. For more information from Lakehead regarding Indigenous student bursaries and scholarships click here.
|Is there funding specifically for international students?|
If you are an International Student and have questions or concerns about your finances, please reach out to one of our international student advisors. We are here to help you! You can book a one on one virtual appointment with them through the following link.
|What information do I need to know about OSAP?|
Ontario Student Assistance Program (OSAP)
OSAP is a funding program based on financial need for Ontario residents. If you live in Ontario and are registered in full-time or part-time courses you are able to apply!
Check out this video for more information.
|Are there scholarships, awards or bursaries I can apply for through Lakehead University?|
myAwards for Undergraduate Students
As a Lakehead University undergraduate student, you are able to apply to a variety of scholarships, bursaries and awards (based on eligibility) through myAwards. Take a look at the webpage for more details click here
myAwards for Graduate Students
Lakehead University provides funding opportunities to graduate students through various scholarships, bursaries, and awards. For more information regarding a specific scholarship, award, or bursary please use Lakehead University's Searchable Funding Database. To access the Funding Database, click here
|Are there additional financial supports available from external agencies?|
Awards from high school and other external organizations
If you are the recipient of an external award from another agency, such as your high school, you might be wondering how to transfer this money through to the University. If your organization is looking to send a cheque to help pay for your school, you can have it mailed to: Student Awards and Financial Aid, 955 Oliver Rd. Lakehead University, Thunder Bay Ontario
Financial planning - Skills
|How do I become MoneyWi$e?|
University has a lot of financial challenges associated with it, and understanding the resources available to you, as well as how to manage your money properly, is vital. Through Student Central, you can learn about how to best manage your money. We offer supports in budgeting, financial planning, taxes, credit, and debt!
For a range of different supports, visit our MoneyWi$e page!
When it comes to your expenses, a budget is absolutely vital in keeping track of your spending and the resources available to you.
Using a budget allows you to know where your money is going, and plan for your financial future. A budget can allow you to make a strategic plan about your spending, and will help to ensure that your expenses will be covered. In addition, it will empower you to save for things that you want, such as big ticket purchases like trips, vehicles, etc!
Financial planning allows you to take control of your finances by understanding your current financial state while preparing for the future. Whether you have a few short term goals that you wish to accomplish, or you're interested in planning for retirement, a solid financial plan will help you to accomplish that!
To learn more about financial planning, visit our Financial Planning page for great tips, instructions, and resources!
Taxes can be overwhelming, and sometimes confusing. Let us help you understand taxes better! Through Student Central, we can break down the various types of taxes, talk about what they all mean, and provide you with guidance on submitting your own income tax!
For information on taxes, including income tax, visit the Taxes section of our website!
Credit & Debt
It's important to understand credit, and how this can affect your finances moving forward.
From registering for a cell phone plan, to applying for a mortgage, your credit is like your "worthiness" to be lent money by other institutions, and this can affect your eligibility for such things in the long run. In addition, understanding debt, whether it be good or bad, and how it can affect your credit, is also important for your overall financial literacy. We encourage you to take a look at the Credit & Debt section of our page for helpful information and tips on keeping your credit in good standing and managing debt responsibly.
Paying tuition and fees
|What do I need to know to pay my tuition?|
Tuition and Fees
Lakehead University students are responsible for familiarizing themselves with important financial information. To get information about Tuition Fees click here
As a new student, it is important to know that registration is not complete until you pay the tuition and ancillary fees.
How much is my tuition?
The schedule of Academic Fees can be used to find your tuition and compulsory fees, organized by campus, program, year level, and citizenship status. To get information about how much is your tuition click here
Where and how do I view my Student Account?
To view your Student Account, log in to myInfo and find "My Financial Profile"
Who do I contact with questions?
The Accounts Receivable Office Staff will be happy to help you!
|How do tuition payments work if I am receiving OSAP funding?|
OSAP sends funds directly to Lakehead University to pay for a full-time student’s tuition. The remaining money that you have been issued (if there is any) will be deposited into your bank account. Students on OSAP do not need to worry about payment deadlines, if their enrolment has been confirmed with OSAP. This is because the school knows if a student uses OSAP and will not charge them a late fee when OSAP does not fund their tuition by the payment due date.
Students can check if their enrolment has been confirmed on their OSAP portal. This happens for each semester the student is enrolled in full-time classes. However, if the student is not receiving enough OSAP to cover all of their tuition and fees, they are responsible for paying the difference. If they fail to pay any outstanding balances then they will have a restriction on their account.
|I have Scholarships, Awards and/or Bursaries. Do I deduct them when I make my payment?|
If you are paying in full by the August deadline, you may deduct the total value of scholarships, awards, or bursaries.
If you are paying the first instalment only, you may deduct half the value of your scholarships and awards and the full value of your bursaries for the August payment deadline. Consequently, if it does not already appear on your account, you may deduct the second half of your scholarships or awards from your second instalment for the January payment deadline date.
|What happens if I overpaid?|
If the Entrance Scholarship has overpaid the student account, refunds will be issued by direct deposit to your bank account at the end of September, January and May each year. In order to receive the funds, the Bank Information Form on myInfo must be filled out.
|How do refunds work?|
If you have any questions about refunds and how they work, we encourage you to check out the Refund Policy & Schedules webpage.
|Should I work while studying?|
Working part-time while studying is an individual decision. It really depends on your financial situation. Balancing work with your university studies needs to be carefully managed to ensure you have the time to dedicate to your studies, projects, assignments and study time.
|How can I ensure I can handle working while studying?|
Time Management and Planning
To maintain an effective work-life balance, it’s important to set deadlines.
Pursuing academic goals, work, hobbies, etc. can be challenging but also rewarding. Time management is an essential skill to develop throughout your time at Lakehead. When setting deadlines, consider the “Three P’s of Time Management:
Work through the Time Management Worksheet to help you set deadlines.
|How can I find a part-time job?|
Being employed during your studies is a great way to build your experience and fund your education.
Job Banks and External Resources
When searching for a part time job, there are many avenues to explore.
Job banks are a great resource but should not be the only place you are looking for employment. Consider the following:
Make your way around town- some companies have larger “hiring now” signs outside their stores, some post “hiring now” posters in their windows, talk to managers in person to see if they are hiring
LUSU Jobs Opportunities
Visit our website for more information https://lusu.ca/jobs/
Lakehead University Work Study Program
The Lakehead University Work Study Program (LUWSP) is a program offered by Lakehead University to help you gain valuable work experience while earning additional funds to help support you with funding your education. The LUWSP is offered in both the Fall/Winter (LUWSP - FW) and Spring/Summer (LUWSP - SS) semesters.
As a LUWSP student, you are an important part of the university community. Not only are you a student, but a valuable employee! The following are some additional benefits of working on-campus through the LUWSP:
|How do I write a professional resume for job applications?|
It is essential to have an effective resume and cover letter when job searching.
An effective resume and cover letter is customized for each job. Consider the following: