MONEY FOR YOUR MILESTONES

Let’s say you've just been accepted into the university you've been aspiring to go to since middle school. You’re filled with joy and accomplishment, but the next step may pose to be an obstacle: how are you going to afford your tuition? Do you sometimes wonder how one can afford to pay for tuition, while still devoting savings for other purposes? According to Statistics Canada, the tuition fee of undergraduate students in Canada sits at an average of $6 191.00 CAD, during the school year of 2015 to 2016. There are many options for you to choose from, such as applying for scholarships and grants, part-time jobs, or simply by saving up!

Scholarships and Bursaries

Schools can offer scholarships for academic merit, but bursaries may be available for students who have financial difficulties. Scholarships do require an application process, but just think of the benefits if you do get the scholarship. Think of the potential free money. It would be worth it. Bursaries are only available to students who don’t have the financial capacity to pay the full tuition fee, and is also done on an application process. You can find out more about scholarships through online platforms such as Yconic or ElectronicInfo, and bursaries through OSAP.

Part-Time Job

Not only do part time jobs provide experience within the work environment, but it is the perfect way to have more cash to spend for university! And of course, all the cash left over can be used for purchasing items to your pleasure. In fact, some part-time job opportunities can lead to scholarships, such as with Tim Hortons. Find out tips on seeking part-time jobs in one of our new articles here.

Savings

An easy way to ensure that you will have enough money to fund your enrollment is to start allocating a portion of your savings, allowances, earnings, etc. for tuition. You can even store this money into a longer-term savings account to earn additional interest, over time. Budgeting your current expenses can help you think long-term for your education. Maybe by holding back on impulse purchases, you can have more money to go to an elite university without sacrificing your other needs. Check out our article about savings accounts here.

Loans

Another way of paying for university is to apply for government loans through the Canadian Student Loan Program. This is focused more towards students who have financial difficulties and the loan must be repaid upon graduation.

Overall, university is a milestone and a significant part of a student’s life, so funding for it plays a critical role. Just remember, start saving up early and hopefully by considering some of these methods, you’ll feel ready to take on this next step in life!