Thinking about how you will save and spend money post-secondary can begin any time. The costs associated with going to college or university can be pretty daunting, but laying it all out before you, whether in advance or last minute, can do a lot to prevent frazzled parents and students. I suggest coming up with a plan to get started. To do this, first think about the following:
- Which school would I like to go to?
- Still not sure? Check out this website: Colleges and Universities in Ontario and click “Find a school.”
- How can I apply?
- In Ontario, there are two places to apply. One for colleges (http://www.ontariocolleges.ca) and another for universities (http://www.ouac.on.ca)
- How can I afford this?
- Canadians living in Ontario could be eligible for OSAP (the Ontario Student Assistance Program). In addition, Canada Student Loans & Grants and Scholarships are open to all Canadians.
Once you’ve thought about and explored these three questions, it’s time to look deeper into the financial aspect of your choices. If you’re eligibile for OSAP, you can start by estimating how much you can receive. It really only takes a few seconds. Here’s where you’ll need to go: OSAP Calculator. If you’re really feeling motivated (come on, you are), take 5-10 minutes to get a more precise estimate here: I promise, only 5-10 minutes.
So, now you might know whether or not you’re eligible for OSAP grants and loans. Regardless of the outcome, financial planning doesn’t end at grants and loans. A huge part of your endeavour will include budgeting for the years ahead. If you’d rather explore for yourself, check out Budgeting for student life. Otherwise, here’s my condensed version:
Tuition fees ⇒
Books and course materials ⇒
Living expenses/rent ⇒
Food ⇒
Transportation ⇒
Entertainment ⇒
Once you’ve used the above to estimate your total costs for the month, year, or entire length of your schooling, you should also consider the following:
♦ Source of income
♦ Student credit cards
♦ Tax credits and deductions
A lot of students choose to work part-time during the year to help fund their studies. Some choose to work before beginning their studies, or during the summer break. If you plan to live around or on campus, consider looking into on campus positions (ex: at the library, at the student support center, etc). Look locally, but also consider looking at a job “bank” to see what is available.
Remember: you should feel good about your decision to study post-secondary, but it is normal to feel overwhelmed. Take some time to consider your options and discuss them with friends, family, and your guidance counsellor at school.
