Investing in your future

Once you’ve made the decision to further your education, you will need a plan to accomplish your goals by securing financing. While the cost of your education may seem overwhelming at first, it is really an investment in yourself and your future. The cost of meeting your education will easily be off-set by the benefits of a better job with greater income opportunities, and the return on your investment will be realized within just a few short years.

In addition to personal resources, there are a number of funding sources available to help students achieve their goals. CATI’s Financial Aid Officer and Career Advisors can work with you to help you locate resources to help meet your needs.

Government Student Loans

Both the Federal and Provincial governments offer financial assistance programs to students in need who are pursuing full-time post-secondary studies. Government student loan programs are intended to assist with the costs of education by supplementing a student’s personal contribution. The funds available to you may not cover the entire cost of your program, but loans are provided at current interest rates with reasonable re-payment terms.

Government student loans are available to Canadian citizens and permanent residents of Canada, who meet the financial need requirements of the program. Students must have a Social Insurance Number to apply. Applications for both Federal and Provincial funding programs can be made on-line through the Ontario Student Assistance Program (OSAP) web site. Application forms are also available through CATI.

For more information about government assistance programs, contact our Financial Aid Administrator

Banking Options

Many financial institutions offer a number of financing options for students, from traditional loans secured by collateral to a student line of credit. Each institution has different requirements for security or co-signing, as well as differing interest rates and repayment terms. We highly recommend that you investigate all available options before committing to any financing plan.

For more information about government assistance programs, contact our Financial Aid Administrator

Sponsorship

Some students may qualify for partial or full sponsorship of an education program through a variety of agencies including the Workplace Safety and Insurance Board (WSIB), Vocational Rehabilitation Services (Ministry of Community and Social Services), and Department of Indian and Northern Affairs. As well, if you are currently receiving Employment Insurance (E.I.) benefits or have received them in the past three years, you could qualify for support for a retraining program with Human Resource and Skills Development Canada (HRSDC).

Application processes and qualifications for sponsorship vary by program. If you require further information on how to apply for sponsorship funding, contact the Admissions Department.

Scholarship

There are many scholarships available to students pursuing full-time post-secondary studies, ranging from bursaries available through various service clubs and organizations, to awards available through parental workplace or union offices. We encourage students to investigate all opportunities for scholarships by following a thorough plan to inquire with as many sources available to them as possible.

There is also a wealth of scholarship information available online through sites such as www.ScholarshipsCanada.com.

Lifelong Learning Plan (LLP)

The Federal government has created a special tax incentive program to encourage on-going education opportunities. The LLP allows you to borrow a maximum of $10,000 per year from a RRSP to finance your education. The amount borrowed from the RRSP is not taxed if it is repaid over a 10-year period. This program allows students the opportunity to expand their career options and increase their earning potential through further education, which then provides the funds to re-invest in RRSP’s.

For more information on the LLP, visit the Canada Customs and Revenue Agency web site.

Tuition Reimbursement Initiative Program (TRIP)

Because the demand for qualified automotive technicians is so great, many companies are maintaining a competitive recruiting edge by participating in the Tuition Reimbursement Initiative Program (TRIP).
TRIP essentially involves the negotiation of an added employee benefit. When a CATI graduate is hired, the employer agrees to assist the graduate with the repayment of their student loans. The agreement is negotiated between the employer and CATI graduate, and typically lasts only as long as the employee is in good standing with the company.
TRIP employers are promoted amongst the student body through postings on designated bulletin boards throughout the school.