Funding Your Education
As September quickly approaches, it is time to get your finances in order for the upcoming school year. This article brings plenty of resources and tips all to one place, from obtaining financing to saving tips!
OBTAINING FUNDS:
Government Student Loans
Government student loans are a great place to start, mostly because they are the most cost-effective to pay back. Additionally, qualification for government student loans usually equals qualification for grants that you do not have to pay back. Regardless if you need a student loan or not, you should apply for the sake of the grants…who doesn’t love a bit of extra money? The Canada Student Grants program also has numerous categories for individuals who fall into certain groups; for example, people who are disabled or supporting children while attending school.
There are federal and provincial student loans. Government student loan information is very easily accessible and ‘googlable’; however, I have provided a bit of information for each province.
Alberta: The Alberta Learning Information Service offers scholarships, bursaries, and school loans plus financial planning resources.
British Columbia: StudentAidBC provides loans, scholarships, grants, and more. They also have special information for applicants who have dependents, disabilities, use income assistance or have other unique situations.
Manitoba: You can apply for tuition loans and grants through Manitoba Student Aid.
New Brunswick: New Brunswick’s Student Financial Services.
Newfoundland and Labrador: Newfoundland and Labrador Student Aid.
Northwest Territories: Find student handbooks, policies, procedures, and applications for aid from NWT Student Financial Assistance.
Nova Scotia: Nova Scotia Student Assistance.
Ontario: Ontario Student Assistance Program.
Prince Edward Island: PEI Student Financial Services.
Quebec: Aide financiere aux etudes.
Saskatchewan: View your student loan options through the Saskatchewan Student Financial Assistance program. Learn more about student assistance with the Student Loan Handbook.
Yukon Territory: Yukon Student Financial Assistance.
Professional Line of Credit
Often times, Government student loans will not cover the whole cost of tuition, textbooks, and costs of living. This is where Professional Lines of Credit come in handy. A Professional Line of Credit differs from a regular line of credit in that it usually offers more money. Most banks understand that the cost of going to law or medical school is usually significantly more than an undergraduate degree, and that maintaining a job in professional studies is more challenging. Talk to your bank about their professional line of credit options and don’t be afraid to shop around. I personally found Scotiabank was the best option for me!
Bank Loan
Standard bank loans are another option, but they typically have a higher interest rate. I would exhaust other options before resorting to a general bank loan; however, it is better to use a bank loan than a credit card!
Bursaries, Scholarships, and Grants
Within the next few weeks, contact your school’s Financial Aid Office. They will be able to tailor advice for your specific circumstances. The Financial Aid Office will also be able to provide you with information regarding the school’s bursary, scholarship, and grant process and help you with any applications.
In addition to standard applications through your school, look into other bursaries, scholarships, and grants as well. Many large companies provide some sort of funding for their staff and/or their relatives. Check out places your parents and grandparents work, as you might be pleasantly surprised at the support their employers provide.
Emergency Funding
If you ever find yourself in a bad situation, there is usually some sort of emergency funding available. Check out your student union for emergency funding options. This is not ideal of course, but it could help if you ever find yourself in a bad situation where unexpected expenses have arose.
Get a Job
With discipline and good time-management, it is possible to work while in school. Personally, I have worked throughout my entire education, law school included. I also find working to be a nice guilt-free break away from my studies. I work about 15 hours per week, and find it totally manageable and minimally impacting on my grades (if at all). In addition to monetary benefits, working while in school also shows employers that you are driven and a hard worker.
Check out this article if you want to know a bit more about the realities of working while in law school.
SAVING MONEY:
While obtaining sufficient funds is important, it is equally as important to manage those funds.
#1 — Buy used textbooks. Check to see if your school has a used textbook Facebook page, you could also look on Marketplace, or talk to upper-years.
#2 — Reduce parking fees. Consider carpooling or taking the bus to school. You could also park further away and walk. Having a 20 minute walk at the beginning and end of your day would also be a great practice to get in the habit of.
#3 — Use student discounts. To ensure you are always able to capitalize on student savings, carry your student ID card everywhere. You may be shocked to find where students save money. For example, the Save-On-Foods closest to the university I go to gives students 10% off their groceries. You can also save on things like Wi-Fi, Apple products, gym memberships, cable, and Spotify as a student. Take advantage of this time while you can!
