Going back to school is a big financial commitment. Not only are there tuition fees to pay, you may also have a drop in your employment income if you have to stop working or cut back your hours.

There are a number of options for financing your education. Speak to your Member Service Advisor for details.

Saving for your return to school
If you have time to save more, consider directing a portion of your pay cheque towards one of the OPPA Credit Union’s high-interest savings accounts. It’s a simple and painless way to save.

Using your RRSP
The federal government’s Lifelong Learning Plan allows you to withdraw up to $10,000 per year from your RRSP to finance full-time training or post-secondary education. The amounts that are withdrawn are not subject to taxes on withdrawal and must be repaid within 10 years. Visit the Canada Revenue Agency website for details.

Borrowing
If you need to borrow, consider a personal loan, a student line of credit or a home equity line of credit. With automatic payroll deduction, your loan payment is deducted right from your pay and you won’t see a transaction pass through your account. This method virtually eliminates the possibility of being overdrawn or missing a loan payment.