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Category: Finance

  • Athletic Scholarships and You

    Athletic Scholarships and You

    The road to college for ordinary senior high school students commonly includes the dreams of big scholarships to top universities. This is particularly true in the opening years of senior high school, just before the reality of grades and athletic competition emerges as a reality. The unfortunate fact is that typical athletic scholarships are a lot more challenging to earn than ever before. Particularly to ones top choice school with some of the most popular athletic teams.

    This doesn’t suggest that a young competitor has to shelve the hope of obtaining a scholarship, but it most certainly means that they should expand the range of appropriate universities and have some tuition back-up plans just in case they only obtain partial help. It’s equally crucial to recognize that several of the sports are much more competitive than others. Scholarship choices are still created by individuals and in that case marketing and salesmanship is still essential at the same time. Unless the youthful competitor is an absolute rising superstar, they will need to relate a compelling tale about their abilities and make an aggressive case for the style of scholarship they prefer. Here’s an excellent rule to follow – if your young athlete is presently being sought by scouts from multiple colleges and universities, you have very little to fret about. In all other instances you will have to advertise and present a convincing account about your rising star.

    Step one is acquiring information and carrying out research on the programs you’re interested in. Each and every university will have varied scholastic requirements. No amount of athletic skill will completely rise above a failing academic record. You really should become familiar with the coaching staff at each university or college and start reaching out to these people with e-mails and letters. You want them to become accustomed to your youngster’s name and maturing skill. You will need to create highlight reels and profile pages using an on-line company.

    The process of getting sports scholarships is no longer only about be the superstar high school athlete. There are many alternate techniques and success in applying for scholarships now includes a component that is almost like image management. Undoubtedly some athletic capability will be called for, but know-how of exactly what is available and the ability to promote yourself is essentially just as essential.

    If one understands that it might be necessary to put together a portfolio of scholarships and accolades to offset university fees, then the field of possibility instantly broadens. There are a host of smaller awards based upon athletic and scholarly requirements. As a matter of fact, some might not even require that the student play the sport on the official university team, which would really surprise most inbound freshman.

    Finally, historically underprivileged minorities or females might also have resources obtainable in exclusive scholarship categories. Again this falls in the category of blending a selection of awards to balance out as much tuition as feasible. However, one thing is apparent across the board – that each student will have to present themselves in the best possible light. The presentation, marketing and telling of an interesting story about your youthful student is almost of equivalent significance to the actual performance during the course of high school.

  • You’re Not Alone On A Budget

    You’re Not Alone On A Budget

    As young people, we are often faced with circumstances of lower than desirable monetary funds. This is something that affects almost all of us, and is a great reason to get a part-time job. Having money available to spend on the things that you want and need will facilitate your everyday life, especially once you start college. However, quite often we might have to put in time at a workplace where we are counting down the hours and can’t wait to get home and take off our uniform. The important thing to remember is that whenever you feel forced to work in unfavorable conditions, you are not alone! People often say that the only thing that gets them through a work shift is the people that they work with (along with the paycheque, of course!)

    Once the paycheque comes, you may have a list of more than 50 items that you would love to purchase. The reality is that you may not be able to afford all of these things. This is frustrating, but it helps to remember that other people are going through the same thing. When we look at television shows like Gossip Girl or Pretty Little Liars, we may feel that we fall short and we wish we could have what they have. These shows, we must remember, are meant for entertainment purposes and they do not reflect a reality for most young people in Canada. Comparing yourself to people on television never produces positive results, and you end up feeling depressed and discouraged.

    When you are feeling down, remember that your financial situation is temporary and will not last. If you plan well, you should be able to land yourself a good job after school. You can also help to reduce your financial burden by applying for as many scholarships as possible. Learning to manage your money is one of the most important things you can do as a young person. If you know how much money you make and how much money you spend, you can figure out the best way to go about spending and saving it. Talking with your parents, friends and people at your banking institution will help you to inform yourself and make smart choices.

    What are you waiting for? Start informing yourself today!

  • Beware of Credit Cards

    Beware of Credit Cards

    Get your free stuff!

    Free CD’s, T-shirts, mugs, hats; They’re all yours and they’re all free if you sign up for a credit card.

    Sounds great, doesn’t it?

    Free swag and your very own credit card. So what should you buy first? Maybe some jeans to go with your new t-shirt, or how about a stereo to play your new CD? On second thought, why don’t you buy it all? After all, you can pay for it later, right?

    Wrong.

    Each year young adults across Canada fall into the credit card trap. It’s easy to operate under the “buy now, pay later” mentality, but a few impulse purchases now can lead to costly mistakes over time.

    According to a 2008 study by the Financial Consumer Agency of Canada, 6 in 10 Canadians between the ages of 18 and 29 had some credit card debt, and at least half of those reported their debt load to be “more than they can handle”.

    72% of young Canadians have credit cards. However, most of them are unaware of the problems they can face if they don’t monitor their usage.

    Credit card companies can raise your credit limit without your consent. So you should always be aware of how much you spend. Don’t assume if you have a $500 limit you’ll be declined if you reach it. The company may have raised your limit to $3000 causing you to spend more than you intended.

    You also need to be aware of interest rates, as they can add up quickly if you don’t pay your monthly balance in full.

    For example, let’s say you owe $1000 and you only make the minimum monthly payments. At an interest rate of 18%, it would take you 12 years to pay off your bill.

    Don’t let flashy cards with your school crest or the logo of your favorite sports team and free stuff be your financial downfall.

    Remember, what you do today affects tomorrow. Careless use of credit cards now can seriously damage your credit rating in the future. This will make it very difficult to buy a car, rent an apartment, start a business, start a family or buy your first house.

    Spend smart!

  • Student Loans – The Basics

    Student Loans – The Basics

     

    As an Ontario resident, you have two different types of student loans you can apply for. The first is federally mandated (Canada Student Loan) and the second is from the provincial government itself (Ontario Student Assistance Program – OSAP). You can also apply for both at the same time using the Canada-Ontario Integrated Student Loan program, which is accessed via the National Student Loans Service Centre.

    Sounds good – but where do I go to apply?

    The best way to apply is online via the OSAP website. You will need to register to use the site by providing some personal information, including your social insurance number.

     https://osap.gov.on.ca/OSAPSecurityWeb/public/login.xhtml?lang=en

     I’ve registered – now what?

    Gather information about your financial situation. You will be asked to provide an overview of your expenses for the school year (rent, utilities, food, etc.). The more information you can provide the better. You will be asked to print out and sign a declaration indicating that the information you have provided is true and accurate. If a parent or guardian will be helping you out financially during the school year, this information needs to be included on your application and they will need to sign their own separate declaration form.

    How much money will I get?

    The amount you get will depend on your unique financial situation. This is why it is important to provide as much information as possible during the application process. The maximum amount you can receive per week is $210 from the Canada student loan portion and $150 per week for the Ontario portion. It is important to note that you will not be given money weekly – it will be paid out to you in a lump sum at the beginning of your semester. This means budgeting is extremely important!

    When can I apply?

    If you are going to be attending school in September 2012, you can apply as early as May 2012. The latest you can apply is 90 days before the end of your study period. It is recommend to apply as soon as you are able to prevent any delays in receiving your funding.

    My application was accepted – when do I get my loan?

    Shortly before the academic year commences, you will be either sent a cheque or a funding certificate. Most students will receive a funding certificate. This certificate is a legal form that authorizes the release of a loan to the student via the National Student Loans Service Centre. This certificate must be taken to a designated Canada Post outlet to be converted into your student loan (you can find a designated outlet by visiting the following link: http://www.canlearn.ca/eng/onlinetools/canadapost/cp_clf/on.shtml)

    You will need to provide a void cheque with your funding certificate so the funds can be electronically deposited into your bank account. You can arrange to have a cheque mailed to you if you prefer.

    Your student loan will then be dispersed to you twice – the first at the beginning of your studies in September (generally, 60% of your total loan amount) and the second at the beginning of January.

    You can always get help and more information by visiting the OSAP website directly. The following link will help you get the answers to the majority of your questions:

    https://osap.gov.on.ca/OSAPPortal/en/PostsecondaryEducation/OSAP/GettingOSAP/HowtoApply/OSAP004031.html

    Good luck and happy studying!

     

     

  • Tips on Student Finance

    Tips on Student Finance

    1. Start planning your finances early. Figure out how much money you’ll need as soon as possible (tuition, ancillary fees, books and supplies, living expenses) so you’ll know how much financial support you’ll need. Include a realistic monthly budget for transportation, laundry, groceries, toiletries, entertainment, rent, etc.

    2. Use free money first if you have access to it (money from parents, money saved for your education including RESPs, scholarships and bursaries, etc.). If you need to borrow money, use low interest or no-interest options first, with OSAP being the best example. If you need to borrow money on top of that, try and get a cheap student loan. Stay away from credit cards if you can.

    3. Check out the OSAP Access Window at http://osap.gov.on.ca. The OSAP Access Window was developed by the Ontario government to help students make informed decisions when planning for their post-secondary education. It provides approximate costs by post-secondary institution, OSAP funding estimators, repayment tools and lots of other useful information.

    4. Explore early the scholarships, awards and bursaries offered by the university. There may be some program-specific or special interest awards that you may be eligible for. Many scholarships, awards and bursaries have deadlines and require applications.

    5. Don’t miss an application deadline. Include deadlines for financial support applications in your calendar and make sure you apply in time to be considered.

    6. Investigate getting a job as a source of income. If you need to work, work as much as possible in the summer period, rather than during the school year. If you need to work during the school year, try to avoid working a great deal in your first semester or in any semester that you expect to be particularly challenging. If you expect to be pressed for cash, consider postponing your studies for a year and saving some money, or consider reducing your course load from five or six courses to three or four courses per semester.

    7. Look into various means of saving money:
    • Brown bag it. Packing your own lunch is cheaper and healthier.
    • Buy new to you. Whether it’s used books, secondhand clothing or garage sale furniture, you can find what you need at a fraction of the cost.
    • Shop online to browse, create budgets, compare prices and take advantage of online savings.
    • Take advantage of student discounts. Be sure to flash your student ID at entertainment venues, on public transportation and anywhere else that will take it. Check out special deals through your student union.
    • Pick up the free weeklies to see what entertainment is going on in the city for free. Also check out free events hosted by the university.
    •Maximize public and active transportation (walking, cycling) to keep commuting costs down.
    • Avoid the latte effect and buy a coffeemaker or a kettle to make your own.

    8. Resist the temptation to sign up for a student credit card. If you end up falling into the “this-is-my-only-credit-card” crowd, make sure you get one with a low interest rate and ask them to fix the credit level at $500. Then be sure to use it only for emergencies. When credit cards are the only accepted methods of payment, as in online transactions, save the money you will need before you make the purchase. Then pay off your credit card immediately after charging it.

    9. A line of credit typically has a much lower interest rate than credit cards. A line of credit can be a cost-effective, convenient way to borrow money for a short period of time. Most financial institutions have a student line of credit that offers a lower interest rate, no annual fee and fairly lenient terms and conditions.

    10. Monitor your expenses. Keep all your receipts and track your expenses. This will force you to write down how much you’re spending, prompting you to think about whether you really need to spend that money or not. This will also definitely let you know if you need to change your spending habits and/or increase your income before it’s too late.

    11. If you find you’re running into financial difficulties, immediately speak to a student financial assistance advisor on campus or at your bank. They will look at your budget and give you some good advice before you get in over your head.

  • Doing Scholarships the Right Way: Tips on Application

    Doing Scholarships the Right Way: Tips on Application

    Like getting a ton of free money? Of course you do!

    Those lines might sound like the beginning of an un-reputable online advertisement but the truth is there are plenty of scholarships aiming to do just that; hand you free money to support your education.

    So how do you score some of this free cash? Start by applying to any and all scholarships you can.  The more you apply to, the higher your odds of receiving an award.

    If you’re not sure of your eligibility for a scholarship, apply anyway.  Many scholarships are not given out due to lack of applicants. Even if your eligibility is hazy you may be the lucky winner by default.  This was the case when Sandro Rocco, Niagara College Photonics alumni, applied to the Walker Technology Grant.

    “I wasn’t entirely sure if I qualified but I thought why not give it a shot, a lot of people don’t bother,” he commented.

    “Turned out I was the only person to apply for the scholarship so I won. The award was really helpful and got applied directly to my tuition” Sandro continued.

    Some students shy away from scholarship applications because they feel their grades aren’t high enough. However, plenty of scholarships are handed out as a result of achievement in other areas including extra curricular involvement, athletics or charity work. Financial aid and area of interest are also taken into consideration when handing out scholarships.

    Lara Muldoon, Relationship Manager with StudentAwards.com noted, “There are scholarships available that have nothing to do with academic performance or volunteer experience.  We have awards for everyone, from people of specific ethnicities to people that are tall ”.

    Take time out of your schedule to make great applications. Prioritize and spend time on scholarships that are most applicable to your skills and experiences.

    When asked what differentiates a successful candidate from an unsuccessful one Lara responded, “the number one thing is to be really passionate about your subject, pick applications that really speak to you, most providers are looking for students not with great marks necessarily but with a path in life that they are really passionate about”.

    Remember that scholarship application is not limited to your first year of studies.  Many students stop applying after their first year thinking that the majority of scholarship funding is reserved for new students.  This is not the case; many awards are reserved for students in their second, third and fourth year of studies.  StudentAwards.com commented that while the majority of their application pool stems from grade 12 students, their user demographic spans between 13 and 30 years of age.

    Students are sometimes intimidated by the amount of work involved in applying to scholarships, but by using an incremental approach and developing decent time management (yes, it is possible) you will be able to handle the stress and hopefully reap the benefits of scholarship application.

    Many online scholarships allow you to save your work in their own word processors, making it easy to finish one or two parts of the application at a time.

    Having a stock application template done in advance is another easy way to save time and minimize stress while scholarship hunting.

    Have a thorough list of your skills, past experiences, awards and academic achievements on hand as part of your application template.  This go-to list will make a world of difference in the quickness of your application process.

    Also, prepare a general, but flexible essay that highlights your personal qualifications and can be tweaked to fit specific scholarship criteria.

    Keep your audience in mind when filling out applications.

    If you are applying to an academic scholarship be sure to use academic language and keep the tone of your writing as professional as possible.

    In contrast, some scholarship review panels are looking to see a more personal response.  For these, don’t be afraid to use a less formal language and be sure to highlight your own opinion, giving judges a better understanding of your personality.

    Just like that summer job, it is never too early to start the search for scholarships! So good luck and happy applying!