Going away to the college or university of your dreams can be an exciting time. There are interesting subjects to learn and friends to meet. But without proper planning, paying for school can quickly become a debt-ridden nightmare. It's not too late to take these five financial steps before packing up and moving onto campus.
Do you know how much your classes, housing, food, textbooks, supplies, and entertainment will cost you? Get a grip on your program's total cost and prepare for all fees with the CanLearn Education Cost Calculator. You may be surprised by a few unexpected expenses students have to pay, such as: athletic fees, health services fees, and student association fees.
Grants are a great way to fund post-secondary education since the money doesn't need to be paid back. Under the Canada Student Grant Program, you'll find funds available to students from low or middle income families, students with dependants, students with disabilities, and even grants for part-time students. Applying is easy, and you may be eligible to receive more than one grant this academic year.
Step 3: Search for scholarships.
If you've got the brain matter, have athletic prowess, or boast a unique skill, you may qualify for a scholarship. Scholarships are awarded based on merit rather than financial need, so it could pay big if you do some sleuthing. Find scholarships available to you with this Scholarship Search Tool run by the Government of Canada.
Step 4: Make a money plan, man.
Don't head off to school with a failing financial grade -- take the time to make a simple budget by taking your total costs (from Step 1), adding up the money you expect to receive from grants and scholarships (from Step 2 and Step 3), and trying your best to balance your budget. Use the CanLearn Budget Estimator to see if you're flush with cash or facing a shortfall.
Step 5: Get a job.
Unless you have a sizable Registered Education Savings Plan (See The 5 Minute Guide to RESPs), or earned a big scholarship, you'll need to find work to help pay for school. Sure, you can apply for student loans, but why go deep into debt when having the money in-hand makes studying at school far less stressful.
Check out my fun resume series: How to write a resume to get the best tips, resume examples, and free template downloads to help you land a job sooner.
Your Turn: What's your best money tip for students heading off to school?
Yeah I tried all of the above, and still came out with over $27,000 in student debt. No matter what, most people who don't have their parents paying for their schooling/living costs etc don't come out flush before or after college/ university. Many of us will work for 10+ years just to pay off any lingering student debt we have collected over our 2+ years at school.
Posted by: Kristy | 08/10/2010 at 01:38 PM
Its true. I also did all of the above and more. I got a studen loan from the goverment, worked the whole time i was in school, got help from my parents and i still have about $15,000 in student debt along with $5,000 in personal debt from being in school. Post Secondary school in my eyes is a rip off. Best tip is hope your parents have lots of money or started an RESP for you when you were young to support you because if you do it on your own you are going to be in debt for a loooong time.
Posted by: Ashley | 08/10/2010 at 01:59 PM
get over it. higher education costs money.
but in the long run you will be better off then not going into debt to get the education needed in todays economy.
TAKE A COURSE THAT WILL GET YOU A JOB OTHERWISE YOU WASTED TIME AND MONEY FOR A GOOD TIME!
Posted by: BOB | 08/10/2010 at 03:38 PM
Ashley, why do you expect parents to pay? Many times students goof off, flunk out and even if they graduate end up changing careers anyway. Why can't students take responsibility for themselves and stop demanding others to pay for them? I paid for my own education and changed careers so had to pay again. I learnt more from that experience then I did at school.
Posted by: Jen | 08/10/2010 at 07:06 PM
I paid all of my education costs myself by working two jobs while going to school. I also started saving up for university while working part-time in high school. Parents shouldn't have to pay for your school costs but they should be smart enough to educate their kids on how to be financially prepared. If you can't afford to go to school away from home, then suck it up and go somewhere closer. Fact is that 60% of people who get student loans either fall behind on payments or defect.
Posted by: A | 08/10/2010 at 08:30 PM
How the heck do you expect a student to pay for rent, food, tuition, books, EVERYTHING with a part time and most likely minimum wage job, while taking a full course load and not letting their grades slip? Have you seen the cost of university tuition? The only students walking away without debt are those who live off of mommy and daddy's money.
Posted by: Emily | 08/11/2010 at 09:42 AM
Wow... so much bitterness! I lived at home instead of dorm during my UBC years. I used my U-Pass to commuted an hour to/from school and everywhere else. I did not buy a car. I worked the summer before University and every summer afterwards. I picked up a lot of cash tutoring other students while studying more than a full course load a term. I packed lunch from home, did my intramural sports, joined clubs, etc, etc. I came out debt free and ready to conquer the world. Where there's a will, there's a way. In the end, it's all up to you... it is your life so are you just going to sit there and complain? :)
Posted by: Sera | 08/11/2010 at 12:50 PM
One thing I can add to Step 1 (Heath Service Fees), if your parents have benefits through their work and you are a student and therefore their dependent, you can likely "opt out" of your school's health fees and get that money back.
Posted by: Caroline | 08/11/2010 at 11:46 PM
Good for you Sera, but you were lucky you live in a large urban centre and unless you paid for all your food, room and board, utilities, cable, and phone you still had your Parents paying for you!
Posted by: Linda | 08/12/2010 at 10:34 AM
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Posted by: Traffic school | 08/20/2010 at 07:33 AM
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Posted by: Money Saving | 09/06/2010 at 01:20 AM
Ok this can help also!
If you are attending a colledge or university, as an aboriginal there are services available to those students. - meaning education and grant money, but you must have a status card either a Metis card or a Status card issued by the Govt & recognised by the school you are attending. - If you need a status card either as a metis person, and you would like it issued by a recognised community please contact us at http://www.communaute-autochtone-muskwa.webs.com & please be prepaired to provide geneology in support of your applications for status.
-If you feel you should be a full Status Indian, - then again please contact us at our aboriginal community, http://www.communaute-autochtone-muskwa.webs.com or louisepare@live.com
Please be advised that generally 9 times out of 10, full status indians recieve most if not all their education fully covered by the Can Govt. & INAC, but they must meet the required criteria, and we can help that happen.
(418) 276 - 3481 & it costs you nothing to enquire! - just your time.
Posted by: marie-louise | 09/07/2010 at 07:16 PM
Do you require Financial Loan? Or an Investment Financier for your business project.
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Posted by: rupert | 02/01/2011 at 12:09 AM
Yeah, those fees tend to sneak up on students like that. But we can't blame anyone because that's how it is in the academe, so all we can do is prepare. Sera's right -- if there's a will, there's a way! I'm certain that strategic planning can get you through college without any burden.
Posted by: Sofia Britts | 04/18/2011 at 05:24 AM