Student Financial Assistance

Program loans and grants: mandatory direct deposit for those with a major functional disability

If you are considered as having a major functional disability under the Loans and Bursaries Program, you receive financial assistance in the form of scholarship only. As from 1 September 2009, direct deposit is the only mode of payment of financial assistance is for you.

You must therefore now direct deposit by filling out the request form for direct deposit, you will find the paper forms section of the menu items of interest on our website, and sending it to the following address:


Warning! If you are not considered as having a major functional disability under the Loans and Bursaries Program, you do not enroll in direct deposit. To receive the assistance given to you, you must obtain your warranty certificate by visiting the financial aid office at your school at the beginning of your first study period. This warranty certificate which will be used to start the process of payment of amounts to you. The financial assistance has been allocated will then be paid directly into your account.

Financial Education

More and more important to workers must rely on personal savings as on their private pension to fund their retirement as countries cut social benefits. As individuals increase their use of financial markets, it becomes more important that they understand at least basic principles of saving and investment.

Policymakers must be able to identify individuals who are most in need of financial education and the best ways to improve education, through government programs, employers, schools, or by combination of these approaches . The OECD has recently established a financial education project to study financial education programs in the OECD countries as well as a number of non-members.

In the first part of this study, we describe the types of financial education programs that exist, we will analyze the effectiveness of these programs, and finally, we develop a method that policymakers can use to compare strategies and programs in public and private sectors. The description of the types of financial education programs will be based on a survey of member countries.

The analysis of program effectiveness will be based on a review of relevant studies in economics, social policy, education, and related topics, as well as interviews with experts in the field of financial education. We use the information on the types of programs and program effectiveness to develop a method that policymakers can use in order to compare the strategies to improve financial knowledge

The need for financial education

Financial education is defined as the process by which consumers
Financial / investors improve their understanding of financial products,
concepts and risks, and through information, instruction and / or objective advice,
develop the skills and confidence to become more aware of the risks
financial and opportunity to make informed decisions, to learn
where to go for help, and to take other effective actions to improve
your financial well being. (OECD)
Financial education should be considered as a tool to promote
economic growth, confidence and stability. The promotion of education
Financial should not be a substitute for financial regulation, which is essential for protect consumers.

Importance
Surveys conducted in developed countries show that many people have
a very low level of financial knowledge and low awareness of the need to
financial education. In the United States (2000) survey reveals that less than
60% of high school students surveyed answered correctly tests
to measure the student's ability to choose and manage a card
credit, knowledge about saving and investing for retirement, awareness
risk and the importance of ensuring against it.
In Japan (2000) survey reveals that 71% of adults are not aware
on stocks and bonds, 57% have no knowledge of financial products in general
and 29% have no knowledge of insurance, pensions and taxes.
It is estimated that failure to improve public awareness on financial education
will present serious social and economic problems in the near future. The
combination of sophisticated financial products and the increasing responsibility
individual in making financial decisions that people need to carry a
cómolidiar better understanding of financial markets.
The Organization for Economic Cooperation and Development has reported
recently launched a campaign to improve financial education. The
OECD has recently published a set of principles and best practices for
financial education and awareness on this issue. These principles are
designed to promote the financial services firms and organizations

n consumers do more to educate citizens in this area