Education is an investment and having a diploma from a widely respected institution like Toronto Institute of Pharmaceutical Technology (TIPT) will help maximize that investment. However, you may worry about how you’ll be able to finance the education you need in order to begin a lucrative career in the pharmaceutical industry.
Fortunately, there are plenty of funding options available to help you along the way. Read on to learn about four options that TIPT students frequently make use of.
1. Government Loans are Commonly Utilized by Pharmaceutical School Students
Government loans are designed to cover all, or a part, of your tuition, study materials and living expenses while you are in school. One aspect of government loans that makes them very attractive is that they do not accrue interest, so long as you are enrolled in a full-time program.
The Ontario Student Assistance Program (OSAP) is a government-loan option for Ontario residents and eligibility is based on financial need. You don’t begin paying back OSAP until six months—or one year for entrepreneurs and non-profit employees—after you graduate from pharmaceutical school, during which time you can look for a job in the industry without stressing about making loan payments.
TIPT offers a number of career services, including career fairs and resume writing assistance, to help you land a job during this grace period. Plus, our pharmaceutical manufacturing graduates enjoy excellent job placement rates at some of the top pharmaceutical firms, so you stand a high chance of being employed by the time you need to begin repaying your OSAP loans.
2. Receive Money to Study Pharmaceutical Manufacturing with Grants
When you apply for OSAP, you will be automatically considered for government grants. You can even choose to accept just the grants portion of OSAP and decline the loan. You may also be eligible for an Ontario Student Opportunity Grant (OSOG) after you complete your studies, which is designed to reduce your overall student debt.
Other grants and bursaries are available for students in special circumstances. For example, if you’re in financial need and raising children, you may qualify for a Canada Student Grant for Students with Dependants. If you have a permanent disability, consider applying for the Canada Student Grant for Students with Permanent Disabilities.
3. If You’ve Been Laid Off, Second Career Can Help You Get Work in the Pharmaceutical Industry
Second Career is an Ontario government program specifically for those who have been laid off and want to develop new, in-demand job skills. You can apply for up to $28,000 in support, which can cover tuition, materials and other expenses. Like a grant, the funding you receive does not have to be paid back.
To qualify, you’re required to show that the skills you’ll be pursuing are in demand by employers. Given that employment in pharmaceutical manufacturing grew by 10.7% in Canada between 2012 and 2017, showing demand for the skills you’ll learn in pharmaceutical manufacturing courses should not be an issue.
4. Finance Your Pharmaceutical School Diploma with Bank Loans
Sometimes a bank line of credit may offer a lower interest rate than government loans. The characteristics of each credit line vary from bank to bank—including how much you’ll actually be eligible for—so shop around. In general, while bank lines of credit do accrue interest while you’re studying, you don’t have to begin repayments until you’ve been out of school for a specified amount of time.
These funding opportunities can help you pursue your Pharmaceutical Manufacturing Diploma!
Contact Toronto Institute of Pharmaceutical Technology today to learn more!