Paying for College: Easier Than it Sounds
College is a blast. It’s a time to experiment, to make friends, to learn things and to discover yourself. It’s an opportunity to study whatever you want with other, like-minded individuals. It’s being a part of something bigger than yourself. It’s every scholar’s dream. Paying for college, however, is every student’s nightmare. But it doesn’t have to be! Here’s some advice on how to make and save some money so you don’t have to worry about that anymore.
“Leave Britney a loan!”
Student loans can be great way to start your academic career without having to fork over the cash right away. Just take a deep breathe, relax, and look into OSAP. OSAP has two types of funding: loans and grants. Bonus: you can decline the loans and only accept grants. Some other advantages, you don’t have to start repaying your OSAP until you graduate.
Banks and credit unions also offer student loans. Pro-tip: repayment for banks loans tends to be more aggressive than OSAP, so keep that in mind. Just remember that if you are getting a loan to pay for College, keep that money geared towards your education. Having money leftover after paying for tuition doesn’t necessarily mean it is time for a new smartphone.
“You better work!”
Part-time jobs are the traditional way to pay for college. With a job market as attractive as Ottawa’s is right now, it’s the easiest way too. That’s right! Ottawa has one of the hottest job markets in Canada right now according to the BMO Capital Markets list. We have the highest employment growth, lowest jobless rate, an impressive median income, and so much more.
Work on your CV and send out some cover letters! Take a look at all the possibilities. If you need even more help, look no further. Meet with a career advisor at Algonquin College today. Our wise, and determined councilors will help guide you. The best part? They’ll help you out before you even become a student.
You also have the option of attending an AC Career Clarity workshop. Don’t feel like socializing? They offer one-on-one consultations too. Don’t feel like leaving the comfort of your bed? Check out the interactive video modules. Nowyou have no excuses. Grind, grind, grind, friend!
A Bursary is a courtesy
Who doesn’t like free money? Regardless of whether you qualify for OSAP or not, applying for bursaries and scholarships should be your next move. Check this out to see hundreds of the latest available bursaries and scholarships in Canada.
You can also apply for bursaries and scholarships through your ACSIS. The bursary application opens in August, December, and April. Make sure you apply every semester.
This option requires the least effort out of the bunch. All you have to do is apply, and wait for the cash to roll in.
“Hasta la Visa, baby.”
If you’re eligible for one, opening a line of credit is a quick and easy way to cover all your expenses. You can make monthly payments, and build good credit. Students are sometimes granted a grace period to make the full repayment after graduation, so that’s cool too.
There are pros and cons to everything and a line of credit is no exception. They come with a lot of responsibility. On the con side, you have to make sure that you aren’t overspending, and that you pay the interest while you’re still in school. Also, interest rates are variable, which means they can increase whenever. Opening a line of credit mightalso disqualify you from certain bursaries or scholarships so make sure to read the fine print.
The good news is the you don’t need to have financial need to apply. This is especially great for those who don’t qualify for OSAP or whose parents’ incomes disqualifies them from Government loans. Anyone can open a line of credit. You also have the option of consolidating your debt on your line of credit and pay the interest there rather than on your credit card.
If you’re considering opening a line of credit, check this out to see which bank suits you best
“Everyday I’m hustlin’.”
If you’re already doing all this and you’re looking for more, first of all congrats, that’s awesome. Secondly, maybe you should consider a side-hustle. Side-hustles are essentially just jobs you do for fun. You basically get paid to do your favourite hobby.
A wise man once said, “If you’re good at something, never do it for free.” Or maybe that was Joker from that one Batman movie? Either way, find something you’re good at and start charging people.
Become a tutor. Open an Etsy shop and sell something. Have a bake sale. Sell some clothes on online, or at a consignment shop. Babysit. Collect recyclables and bring them to a recycling center. Rent out a spare room for storage. Become a tasker – complete other people’s basic tasks like groceries, or yard work. Dabble in voice acting on Fiver. Become an Uber or Lyft driver. With the Gig economy on the rise, there’s lots of money to be made. The possibilities are endless really. Get creative.
Don’t freak out
The most important part of growing up is facing your problems head-on. It’s time to do just that. College is supposed to be an exciting time. You’re going to learn and experience so many life-changing things! How are you going to enjoy any of it if you’re too busy stressing over tuition? Use this helpful advice, take a seat, kick back, and relax. You got this, pal.
You don’t need to break the bank just to go to college.
Chelsie McHugh is a third-year Advertising and Marketing Communications student. She’s a funny, fiery redhead with a passion for writing.
