MONEY MATTERS

What about money ?

NS students receive money from a couple of sources, which are outlined below. If possible, you should also try and save some money before you come. Everything in the city seems incredibly cheap, but there's also a million things to spend your money on. It doesn't take long for it to run out if you don't manage it very, very carefully. Just ask any NS student!

Will I qualify for FANS (Financial Assistance for Nunavut Students)?

NS is an accredited post-secondary program and so all students who are enrolled are eligible to receive FANS (unless you already have a debt with FANS, or if you have been suspended by FANS for leaving another program without completing it). If you're not sure where you stand with them, give FANS a call and check your record.

To get an application form for FANS, click here:

http://www.edu.gov.nu.ca/apps/UPLOADS/fck/file/FANS001c_Application.pdf

Or call them at 1-877-860-0680 and they'll send one to you.

VERY IMPORTANT: Applications for FANS must be submitted no later than JULY 15th!

How much money will I get from FANS?

FANS provides money for several things:

A living allowance of approximately $1032.00 a month to single students (and more for those with dependents) a $200 book allowance each term, plus $1,850.00 per term for NS tuition fees.

2 return tickets to Ottawa, one for the fall term and one for winter.

Will that be all the money I'll have?

Yes, unless you have your own money saved up, or have help from your family.

There are scholarships that you can apply for - for information about them, click on this link:

http://www.edu.gov.nu.ca/apps/authoring/dspPage.aspx?page=12

How will I receive my money?

You'll have to set up a bank account. You can set one up even if you're in a community that doesn't have a bank. If you don't already have an account, FANS will provide you with information on how to get one.

Seventy percent of your FANS monthly allowance will be deposited into your bank account on the first day of the month (when rent and other bills are often due). The rest will be deposited on the 15th of each month.

What will I have to pay for?

Everything!

This includes rent, food, clothing, bus passes, personal grooming and care, recreation, social activities - and the cost of your books at school.

Will I have enough to live on?

It never feels like enough, but successful students find a way to do it. It all depends on how well you manage your money. Setting priorities (so that the basics like rent and food are always taken care of), meeting your obligations (paying bills on time) and then spending the rest wisely is the basic recipe for success. Easy to say - hard to do. Students say that money management is one of the hardest things they have to learn about while they're in the program.

What happens if I run out of money?

The bad news is that the city turns into a pretty miserable place if you don't have money. There's no family close by and all your friends are living on a limited budget as well.

The good news is most students have gone through it and survived. One thing that helps is that you never have to wait too long before more money comes in.

If you're having a hard time handling your money NS instructors are always available to help you set up a budget.