Student Debt Strategies
The best part of living in Canada is that students are given the opportunity to attend some of the world’s top-ranked post-secondary institutions. One problem that comes with this though, is that it is often difficult to remain at many of these institutions – and not because of how academically difficult they are.
Though university debt in Canada doesn’t compare to the tuition fees that students in the United States are required to pay, the student debt that often remains after students are finished their degrees is still quite high. Debt repayment is a burden upon many individuals after they finish up school – so much so that it can negatively impact their lives after graduation.
Here are 5 ways students can save money fast and efficiently — before they begin their post-graduate studies and after — as well as ways they can look into possible quick repayment:
- Consider Looking Into Part Time Studies
Studying part time enables a student to focus on school, but gives them time to hold a job while they study. This way, a student is effectively able to not just prioritize school over money, or vice versa. Making money while learning a few times a week can be an easier, less stressful route than perhaps leaving all the debt until after graduation.
- Look Into OSAP
OSAP, the Ontario Student Assistance Program, is a program offering loans and grants to students and is widely used among people who are in need of funding for school. Some students are even eligible to receive
30 per cent off their tuition — a large chunk that would most definitely chop off some of the student debt that remains.
- Study Within Province
Wandering outside your province to go to university can raise your tuition fees by a large amount. For example, by studying in Ontario a student can look at paying around $7,000 a year. If an Ontario student were to decide to spend their undergrad years at a university in Quebec, for example, they will be looking at around double the tuition.
- Set Aside Money Each Month
If you can set aside $30 dollars, even $20 dollars, you’re already on your way to recovering that debt you thought you’d been stuck with forever. Every little bit counts eventually. If you can cut back on the little things and save towards the big payments to pay off, you’ll be well on your way.
- Find a Job That Offers Student Loan Forgiveness
Although not a lot of jobs do, some jobs offer forgiveness for loans. This varies from province to province, and each job usually needs you to meet certain requirements that will allow you to be eligible for this.
Student debt can often feel like it’s endless, and that there will never be a way to repay those thousands of dollars. With the right strategy in place, coupled with a positive outlook, the amount of money you owe will get smaller and smaller every day.