Program Fees & Anticipated Budget
ESTIMATED STUDENT BUDGET BREAKDOWN 2020-2021 session
| Revenue | |
|---|---|
| Salary* $15/hr x 30 hours/week x 40 weeks |
+$18,000 |
| Expenses | |
| Program Fees** $1,000 non-refundable deposit + $675/month x 8 installments |
-$6,400 |
| Travel* $1,500 flight + $1,500 living expenses + $500 preparation and equipment |
-$3,500 |
| Net Income | +$8,100 |
* The above figures are estimates. Actual salaries and travel costs will vary according to students' skill level, motivation and interests.
** Discover Year is recognized as a certified Canadian educational program under the Canadian Income Tax Act, and the program fees are therefore eligible to be claimed as tuition tax credits.
Financial Aid Opportunities: Internships and Bursaries
Internships
At Discover Year, learning is a two-way street. We love seeing our students develop new skills and we benefit from their perspectives on how to communicate our mission to the world. Therefore, we offer DY internships, a program designed to offer meaningful work opportunities to our own students. Up to five $1,000 internships are available each year. More details will be shared with students at the start of the program.
Bursaries
It is important to us that our program be accessible to as many young adults as possible. Therefore, we are thrilled to offer a bursary program to our students. In accordance with standard Canadian practices, we use Statistics Canada’s low-income cut-offs (LICOs) as a benchmark for identifying families that may benefit from Discover Year bursaries.
What are LICOs?
Statistics Canada’s Low Income Cut-Off Rate (LICO) is commonly used as the unofficial poverty measure in Canada. The LICO is a relative, proportional income-based measure that varies across the province according to population size. Therefore, a household spending more than 55% of its income on food, shelter and clothing, with little extra income to spend on transportation, health, personal care, education, household operations, recreation or insurance, will fall below its LICO.
ESTIMATED BURSARY AMOUNTS 2020-2021 session
Based on recent low-income cut-offs, student bursaries will be available in various amounts depending on the applicant's annual household income and family size. Please see the charts below to determine whether or not your family is eligible for financial aid.
Please note that students must be admitted based on Discover Year's standard admissions criteria in order to be considered for financial aid.
| LICO | Bursary | Example |
|---|---|---|
| LICO or below | $4,000 | Applicants living in a family with an annual household income that is below the low-income cut-off may apply to receive a bursary of $4,000. |
| LICO + 15% | $3,000 | Applicants living in a family with an annual household income that is within 15% of the low-income cut-off may apply to receive a bursary of $3,000. |
| LICO + 30% | $2,000 | Applicants living in a family with an annual household income that is within 30% of the low-income cut-off may apply to receive a bursary of $2,000. |
| LICO + 45% | $1,000 | Applicants living in a family with an annual household income that is within 45% of the low-income cut-off may apply to receive a bursary of $1,000. |
To determine how much financial assistance your family is eligible for, please see the tables below. They demonstrate the annual household incomes that correspond with 15%, 30% and 45% of the low-income cut-off for family sizes of 2 to 7 persons, as well as the bursary amount.
| Family Size | Percentage | Household Income | Bursary Amount |
|---|---|---|---|
| 2 person | LICO | Less than $30,500 | $4,000 |
| LICO + 15% | $30,500 to $35,000 | $3,000 | |
| LICO + 30% | $35,000 to $39,000 | $2,000 | |
| LICO + 45% | $39,000 to $44,000 | $1,000 | |
| 3 person | LICO | Less than $37,500 | $4,000 |
| LICO + 15% | $37,500 to $43,000 | $3,000 | |
| LICO + 30% | $43,000 to $48,000 | $2,000 | |
| LICO + 45% | $48,000 to $54,000 | $1,000 | |
| 4 person | LICO | Less than $45,500 | $4,000 |
| LICO + 15% | $45,500 to $52,000 | $3,000 | |
| LICO + 30% | $52,000 to $59,000 | $2,000 | |
| LICO + 45% | $59,000 to $65,000 | $1,000 | |
| 5 person | LICO | Less than $51,500 | $4,000 |
| LICO + 15% | $51,500 to $59,000 | $3,000 | |
| LICO + 30% | $59,000 to $67,000 | $2,000 | |
| LICO + 45% | $67,000 to $74,000 | $1,000 | |
| 6 person | LICO | Less than $58,000 | $4,000 |
| LICO + 15% | $58,000 to $66,500 | $3,000 | |
| LICO + 30% | $66,500 to $75,000 | $2,000 | |
| LICO + 45% | $75,000 to $84,000 | $1,000 | |
| 7 person | LICO | Less than $64,500 | $4,000 |
| LICO + 15% | $64,500 to $74,000 | $3,000 | |
| LICO + 30% | $74,000 to $84,000 | $2,000 | |
| LICO + 45% | $84,000 to $93,500 | $1,000 |