New Bursary Fund Boosts Impact of Education Savings Grant

Wealthsimple Foundation and VIU partner to deliver $20,000 bursaries to Canada Learning Bond-eligible students.

Vancouver Island University (VIU) and Wealthsimple Foundation are teaming up on a new bursary program that aims to make post-secondary education more accessible for modest-income students.

Having as little as $500 set aside for post-secondary education can sometimes make all the difference between attending a university program or dismissing it as out of reach.

To help families save up for higher education, the Government of Canada introduced the Canada Learning Bond (CLB) program, which provides an initial payment of $500 in a Registered Education Savings Plan and $100 for each subsequent year of eligibility, to a maximum of $2,000. The program is available for modest-income families with children born after 2003.

To amplify the impact of Canada Learning Bond grants, Wealthsimple Foundation is partnering with VIU to create a set of bursaries for CLB-eligible students. This partnership is an important demonstration of VIU’s commitment to welcoming a larger and more diverse population of learners. These $20,000 bursaries ($5,000 per year for four years) will be prioritized to support students who have claimed the CLB and have financial need.

“We are working to break down barriers to post-secondary education in Canada,” says Leen Li, CEO, Wealthsimple Foundation. “Enhancing access to CLB benefits will expand future opportunities and ambitions. This partnership with VIU will help us make the first step to prosperity possible for deserving, CLB-eligible students.”

VIU has been actively promoting the CLB and other education savings grants since 2013, and a key goal for the Financial Aid & Awards department is to support students in need so that they can focus more on their studies and less on their financial security.

“Our challenge to financial institutions is to partner with post-secondaries to increase financial access, specifically for CLB beneficiaries,” says Irlanda Gonzalez Price, Associate Vice-President of Student Affairs. “Our friends at WealthSimple Foundation are the first to accept the challenge and we are so grateful to partner with them to make a meaningful difference in the lives of two deserving students.”

The Wealthsimple Foundation bursaries are $5,000 per year for up to four years. To apply, students fill out their Scholarship, Award and Bursary profile located in their VIU student record by March 31, 2022, and show that they have received a CLB grant. Students do not need to have been accepted by VIU to apply, they only need a student number, which they receive when they apply to VIU. Recipients will receive funds by the fall tuition deadline date, upon verification of full enrolment.

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Media Contact:

Jenn McGarrigle, External Communications Manager, Vancouver Island University

C: 250.619.6860 | E: Jenn.McGarrigle@viu.ca | T: @VIUNews