Acsenda School of Management (ASM) is committed to providing financial support to students and making students aware of the financial assistance available to them while they pursue their studies.
ASM provides scholarships, awards and bursaries to support students and recognize the achievements of continuing students who have contributed to, or demonstrate the potential to contribute to, enhancing the quality of the School’s reputation and student experiences and to provide financial support for their education.
ASM will also provide entrance and other grants to support students and recruitment initiatives.
Student Aid BC provides financial assistance to Canadian Citizen, a landed immigrant (permanent resident) or have protected person status. ASM is a designated SABC institution, and students who meet the above status requirements are eligible to apply for SABC funding.
Please visit the Student Aid BC website https://studentaidbc.ca/sabc-home-page for more information about student loans, eligibility, financial planning for your education, and to apply for a student loan. The amount and type of assistance awarded is assessed by the SABC, and based on need. Please note that SABC is an assistance program intended to complement, not replace, students’ own financial resources.
International Student Admissions Grants
International students who are paying international student tuition fees are eligible for the International Student Admissions Grants. Student eligibility is automatically assessed by the Admissions office at the time of application, and students will be informed of any grants they are eligible to receive at admissions through their Letter of Offer. This grant is available to students on Study Permits and paying international student tuition rates. The grant will be applied directly towards the student’s tuition fees each term based on the number of credit courses they are enrolled in.
Effective April 2023,all International Student Admissions Grants will be awarded as a fixed amount per course which is assessed at the time of admission. This grant only applies to undergraduate credit courses. Students will begin receiving the grant beginning in their first term of study. Students are required to maintain a minimum cumulative GPA of 2.5 to retain their Admissions Grant. Please note, Admissions Grants are not indexed to any subsequent increases to tuition fees.
Effective October 2023, all new letters issued by the Admissions office will apply the new International Student Admissions Grant.
Other Provincial Financial Aid Programs
If you are from a province other than BC, you may be eligible for a student loan. Please consult you provincial student loan program. If you need any assistance or support, please contact the Registrar’s office, registrar@acsenda.com.
For additional information and to apply online please see www.aved.gov.bc.ca/studentaidbc/apply/welcome.html
Acsenda School of Management recognizes the importance of students having laptop computers. In order to support students in their purchase of a laptop, Acsenda will provide a Laptop Purchase Grant of up to $600 (CDN). This new program will be available to students who are beginning their program with Acsenda in Term 3, 2020 and after.
Eligibility:
You may apply for this grant beginning your third term of study. Any applications submitted prior to your third term will be automatically rejected.
The student applying to this program must be registered in as a full-time student at Acsenda:
New students may apply for the grant after they have completed their third academic term. The grant will be applied in 1/2’s, beginning the students’ third term and then fourth. Please note that the latest a student can submit a request is on their second to the last term of study – before the end of the registration period. If a student fails to submit the request before the mentioned deadline, they no longer will be eligible for the full grant amount and will only be approved for the remaining half ($300).
Guidelines:
Laptops must meet the following requirements:
If your request is approved, the grant will be applied in halfs (two allotments of $300 for two terms) beginning the students’ third (3rd) and 4th (fourth) term.
Acsenda Scholarships
Leadership Scholarship: $250 (12 available each term).
Program Scholarships: $250
External Scholarships
Western Union Nominations: up to $10,000
Rotary Club Vancouver Yaletown Community Scholarship: $300
BURSARIES
Acsenda Bursaries: please note bursaries is intended for emergency situations. Inability to pay tuition fees does not qualify as an emergency.
STUDENT LOANS AND FINANCIAL AID
Keep in mind that this bursary is just for emergency situations only.
Acsenda offers an easy-to-use payment alternative platform called ‘Flywire’ which provides international students with an efficient payment process.
Payment methods may vary depending on the country you are paying from and the institution you are paying for, which is why Flywire will is diverse in its offerings.
Some of the payment methods that Flywire offers are:
If you are paying from an international bank or credit card, please select the country where the payment will come from to ensure you get the best exchange rate. If you are paying from a Canadian bank or credit card, choose Canada.
Flywire does not charge any transaction fees. Flywire also offers 24/7 support in multiple languages to assist you with your transaction.
What other forms of payment does Acsenda offers?
Acsenda also offers the option of ‘Payment Plans’ which allows students to set up a plan where they can divide their payment into three or seven equal installments that can be paid in different dates throughout the length of their studies.
Students must apply for a Payment Plan by applying to the Registrar’s Office. Payments must be made in accordance with the established schedule. It is important to note that there is a $48 fee to set up a payment plan.
These days there are many payment methods available to pay in-person or online. However, Acsenda offers very accessible and easy-to-use forms of payment for your tuition or any other study fees. Knowing how you can pay in Canada for personal items but also for your studies is fundamental.
Some of the payment methods that are most recognized in Canada are debit and credit card. Cash is useful in many cases, however, is not as popular or used in Canada as in many other countries.
For that reason, is important to understand how credit and debit cards work in Canada.
A credit card is a card issued by a bank to an individual that allows the cardholder to borrow money to make purchases, transfer balances, and acquire cash advances. The credit card is accepted by most retailers and merchants. When you use a credit card, you are borrowing money from the bank; for example, if you pay $100 dollars for a textbook, the bank is paying for that on your behalf and your card balance will be increased to $100 in your bank account.
Each card has a credit limit which is the maximum amount you can spend. You will have a limit set when you get your card for the first time with the bank, and you can request to increase or reduce it depending on your history. However, keep in mind that in Canada, international students have a $1000 credit limit maximum on the credit card which cannot be increased.
This means that if have a $1000 credit limit and you have a $100 balance on the card from shopping, you will have a $900 available credit.
A credit card statement is a summary of your account activity and the usage of your credit card. At the end of the billing cycle, you will receive a statement that will state how much you have spent and how much you have to pay back to the bank.
You will see a minimum payment amount that you can pay if you do not want or cannot pay the full balance, but if you pay just the minimum amount then your interest rate will increase.
The billing cycle is the period of time between the billing statements and it can last anywhere from 28 to 31 days, depending on the financial institution. Check with your financial institution about how the billing cycle works with them before starting to use your card.
Credit Card Interest Rate
The credit interest rate is the price you pay if you do not pay your card balance in full by the due date. After every billing cycle, you will continue paying an interest rate if you have not paid back the full balance.
Interest rates can vary depending on the financial institution and the type of credit card you have.
For instance, many students tend to acquire a student credit card that has a lower interest rate fee than a normal credit card. The credit card statement and your credit card agreement must specify the interest rates you have to pay.
Debit cards are easier to use and understand than credit cards. You can use a credit card to withdraw money from an ATM to pay in cash for something you need. Remember that you will need a Personal Identification Number (PIN) to use your debit card in many cases.
Getting a debit card is easier than a credit card because banks will not have the necessity to review past accounts or payment history.
Debits cards also have different limits, fees in some cases, and features from credit cards. Many banks tend to set a limit of what you can use in a day with your debit card and once you reach that limit for the day you will not be able to make any more withdrawals or purchases with it. Moreover, you can ask your financial institution to increase your limit as you prefer.
What is the difference between credit cards and debit cards?
When you use a credit card, the amount will be charged to the bank, basically you are borrowing money from your bank, and you will have to pay that back at the end of your billing cycle. Whereas when you use a debit card, the amount you are using will be taken from your checking account at the same time you made your purchase.
It might be confusing for some people which is the best card to have and use. However, many people tend to use their debit card for daily or basic payments like rent, groceries, transportation, etc., because the money will be taken right away from the account. Whilst the credit card tends to be used for bigger purchases, such as a car, computer, appliances, etc.
What are the advantages of a credit and a debit card?
Advantages of having a credit card
Advantages of having a debit card
What is financial Planning?
Financial planning is a practice of putting together a plan that helps one achieve their goals. In particular, it will help teach you how to manage finances, be in control of your income, expenses, and investments.
Why is important to start planning while studying?
There are many reasons to prepare a financial plan. Some of them are:
Preparing financially will sustain your educational ambitions.
If you start investing early, you can save for future purchases.
If you build a financial plan, you can learn the basics of investments, savings, debt, insurance, budgeting, etc.
Why is important to set up financial goals?
A financial goal is usually a personal goal associated with money, for instance, the purchase of a house or a computer.
It does not matter how big or small, it is necessary to set up financial goals to realise how much you need to save, how much you are likely to spend, how sizeable is the risk you are taking on, and how long it will take to achieve the goal.
How to understand the financial planning process?
The financial planning process is personal. It should include all of the financial factors that may impact your financial goals. Financial planning helps to develop strategies for your financial situation in the short-term and long-term.
Some of the steps you need to follow to create a financial planning process are:
1. Identify your needs
It is important to understand your needs. Take some time to establish a list of your primary needs. You can do this by listing things that you can’t live without, these will serve as the foundation of your expenditures. You can create this list using free financial apps or a simple piece of paper.
2. Establish financial goals
Understand how you want to achieve your financial goals. How much money and for what are you saving for? Consider daily, weekly, or monthly expenses.
When you set up financial goals, you need to consider the time that it will take to reach your goal. To make it easier, perhaps break down a big goal into multiple, tangible, smaller goals.
3. Invest to make your money grow
Investing is the process of allocating money in hopes of generating a profit, producing a larger return over time. Sometimes an investment sounds like you need a lot of money to do it, however, you can start investing as little as $25 dollars per month and maybe even less.
There are many types of investments, but there is usually some that are more convenient for students due to a good return and not as high risk as others.
Budgeting is a calculated approach to plan and prepare your finances. Working on a monthly budget can help you to understand the bigger picture of your money, making it easier to make accurate decisions on spending and saving. It can help to make sure that you are not spending more than what you are making, allowing you to plan for current and future goals.
It is important to develop budgets and to follow them. The simplest way to manage a budget is by using software like Microsoft Excel. They even offer template personal monthly budget templates.
There are other tools that students can use to create and keep track of their budget such as the budget planner that the Canadian government offers. It allows you to save a plan online, compare your budget with people in your same situation and offers tips and suggestions on how to improve your savings. Other free budget apps include: Mint (best for monitoring daily activity), PocketGuard (best for tracking spending), Personal Capital (best for investors), HoneyDue (best for couples).
Most of these tools will give you the option to select what are you are looking to do in terms of your finances, including: maximizing your savings, being in control of your budget, debt repayment, or understanding your spending habits.
1
Use receipts, bills, and bank statements.
Evaluate your income, savings, and expenses and import them into the budget planner that you are using.
Add your expenditures and attribute values to each before moving on to the next section.
Most budget planners will give you tips or advice on how you can improve your budget, save more, and spend less.
2
Over time, you will receive recommendations to improve your budgeting.
It will show you how much you regularly spend on any of your basic necessities such as food, rent, transportation, cellphone, insurance, clothing, books, etc.
Most budget planners will show you graphics to help you understand how you are doing in comparison to others.
3
In addition to suggestions, many budget planners will offer you additional tools to optimize your experience.
These tools will often be personalized for you, tailored to solving any budgeting shortfalls.
Typically, these tools are more specialized than the generic budgeting planner.
There are many ways that budget planners can help you – but they are not the end-all-be-all.
Here are some generic tips to help you with budgeting:
Do not spend more than you have
Be careful with how much you are spending weekly. Monitor your budget, finances, and bank accounts to make sure you do not exceed your limits.
Try to set up a lower credit card limit
If you have a higher credit card limit, be careful. If you end up borrowing more money than you can pay back in time, this can negatively impact your credit history.
Wait before making any big purchases
If you are thinking about making a big purchase, make sure you are able to cover that expense. Keep in mind that you should still have enough emergency savings and money for your basic necessities.
Try to predict how your finances are going to be affected by that big purchase and if is a good time to purchase it. Be patient and wait for when you can afford it.
Save money every time you can
It is easier said than done, however, saving can go a long way. Some easy ideas to save money are:
It can be really difficult for an international student to save money while studying abroad. It can take a lot of discipline to spend money safely.
By saving, one can reap rewards long-term, especially when trying to request loans, student line credits, mortgages, etc.
Open a student bank Account
The first thing you should do once you arrive in Canada is open a chequing and savings account with the bank of your preference. Many banks have great options for students where you do not have to pay monthly fees. You can track your expenses through an app, monitor how much money you are saving monthly and build up reward points.
If you are interested in opening a credit bank account, banks offer low-interest rates for students.
Look for ways to earn extra income
In Canada, international students have the option to work part-time (20 hours per week). This is a great way to help support your education spending. There are many jobs that can help you to earn additional income such as restaurant jobs, babysitting, dog walking, call center jobs, etc. At Acsenda, we offer a job search platform known as JobsConnect. These include companies who are looking to hire Acsenda students. You can also use other websites such as Indeed, Monster, Glassdoor, CareerBuilder, Linkedln jobs, and many more.
Adjust your lifestyle financially
If you really need to save money, a good way to do so is to start organizing each basic necessity and see how you can reduce costs. For instance, there are many aspects where you can save money (food, transportation, utilities, study supplies, clothes, etc.):
These adjustments extend beyond this list. Every time you are doing an activity, consider whether it is possible to find a way to decrease its cost.
If you want more information about how Acsenda can help you to save money through financial aid or scholarships, please contact us.
We’d love to connect with you and support your success at Acsenda School of Management.
Visit campus, request information, or apply today.
