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  • What Is the Canada Student Loans Program?

    What Is the Canada Student Loans Program?

    The Canada Student Loans Program provides financial assistance in the form of loans and grants to post-secondary students who demonstrate financial need.

    Application Information
    – Students must first apply for a provincial or territorial student loan. Students are automatically considered for a Canada Student Loan when they apply for a provincial or territorial student loan.
    – Loan application forms are available from provincial and territorial student assistance offices and at financial aid offices in educational institutions.
    – Students must apply every year in order to receive funding.

    Important Information
    – Students must give loan providers proof of enrolment within six months of finishing their last study period in order to maintain interest-free status while studying. Confirmation of Enrolment forms are issued by educational institutions.
    – The governments of the Northwest Territories, Nunavut and Quebec do not participate in the Canada Student Loans Program but offer their own financial assistance programs for students.

    Student Loans
    Government student loans are a great way to help you pay for your post-secondary education at a designated college, university or other post-secondary institution.

    The Government of Canada and most provincial or territorial governments work together to deliver federal and provincial student loan and grant programs. This makes things simpler for you.

    – In Ontario, British Columbia, Saskatchewan, New Brunswick, and Newfoundland and Labrador, the Government of Canada and the provincial governments work together to provide financial assistance through Integrated Student Loans.
    – In Alberta, Manitoba, Nova Scotia and Prince Edward Island, Canada Student Loans and Grants are available alongside provincial or territorial student financial assistance.
    – In Nunavut, the Northwest Territories and Quebec, Canada Student Loans are not available. These jurisdictions have their own student loan programs.
    – In Yukon, only Canada Student Loans and territorial Grants are available to permanent residents of the Yukon.

  • Cash Advance Loans and Students – A Dangerous Mix

    Cash Advance Loans and Students – A Dangerous Mix

    Are you a college student wondering how online cash advance/payday loans fit into your finances? If you are a smart college student, then you will know online payday loans are only for emergencies. The payoff comes in just a few short weeks, so steady income is a must in order to pay it off without putting more damage into your finances.

    Here are five tips for college students who are looking to get their finances off on the right foot.

    1. Take your time getting new credit. For every creditor you apply with, there will be a mark left on your credit score. Hard inquiries to your credit done by potential creditors looking up your history will take a few points off your score for a year or two at a time. When your finances are just starting, this could bring you low really fast. Low credit scores will be denied. Too many creditors applying at once is also a warning sign for potential creditors that the applicant is desperate for cash. New creditors may take a different approach and offer incentives for the new debtor to spend more. A college student is an easy target for many marketing campaigns. Newcomers to finances are often attractive to reward programs which can trap the debtor into spending more than intended.

    2. Don’t spend your credit on frivolous things then leave yourself no room for emergency costs. Emergency costs do not need to be funded by online cash advance loans when you have room on your credit card to lighten the load. When you use and manage your credit account wisely, they are a great source of third party money to help you get by and build your credit at the same time. Make your payments on time and keep the balance below 30% whenever possible.

    3. If you are having trouble finding a creditor to approve you, you can fall back on being an authorized user on one of their accounts or have them be a co-signer to start you out on your own. The issue here is that your parents, or whomever you choose as your co-signer, will be responsible for any debt you accrue. They will also be privy to what you charge, when you charge it and where. This may not matter to some people but if you are one who may not be the best manager of money, it could be a sticky point in the relationship. If you are going to take this route, make it work for you so your credit will build into something helpful when you graduate.

    4. Are you coming out of college and are finding your student loan debt to be financially draining? Don’t default on these loans. The federal government is not a creditor you want to have after your money. Before you miss a payment, look into finding a way to defer the starting date if you still have not gotten full-time work. Ask about reduced payments or changing your payment dates to better fit your pay cycle. If you have multiple loans, try to consolidate them for a lower monthly payment. Managing your money by making on time payments may best be done with automatic payments. Some people are not organized enough to make on time payments even when they have the cash in the bank.

    5. Look into your options, which include deferring payments for a short amount of time, making reduced payments, or re-configuring your current payment schedule. Also consider consolidating multiple loans into one new loan. This often results in a lower monthly payment. Have the loan amount directly withdrawn from your bank account so you never pay late.

    Cash advance loan lenders offer emergency cash for those times when there is no other place to turn. College students often do not have the income needed to support an approval. A responsible lender will not want loan to someone without a certain income. College students have it tough in the beginning but will have great financial success when managed correctly.

  • Books and Bills: Financing your Post-Secondary Studies

    Books and Bills: Financing your Post-Secondary Studies

    An education is a worthwhile investment—but if you’re making the decision to go to college or university, you may find yourself questioning the amount of money going into your studies. Tuition fees can pile up, and can range anywhere from five to eight thousand dollars per year. Specific programs, like business or engineering, are even more expensive at many institutions. When examining the costs of it all, post-secondary education seems more and more daunting, but (though it might take a little work) there are ways to get the learning you’re entitled to without breaking the bank.

    When you’re looking at a post-secondary program, finances should be one of your points of consideration. Depending on the university or college, tuition rates can vary, and if you know your program is offered in equal quality at a cheaper school, this could be a logical deciding factor. The thing is, post-secondary finances are comprised of much more than tuition payments: in all programs there are auxiliary costs, like textbooks, that you have to consider. Furthermore, there is the issue of residence; you may choose to live at home in order to save some money, since residence can cost you up to ten thousand dollars every year. But if you’re looking at an institution that’s a little further from home, living expenses are mandatory costs as well.

    Overall, going to college or university can be a financial ordeal if you don’t have the funding. That being said, don’t feel you have to miss out on educational opportunities due to financial problems. Scholarships that are awarded based on academic merit are often included upon your admittance to a post-secondary program, provided you fall into a certain grade category (typically, very large schools tend to have more stringent academic requirements for entrance scholarships). There are also scholarships you can apply for, whether based on grades, extra-curriculars, or community involvement, and these scholarships can be offered by the school itself or available through external sources. You just have to do your research.

    Financial assistance can be available to you even if you don’t qualify for scholarships—bursaries, which are based solely on financial need, are also offered by many universities. These require an application, but are definitely a worthwhile investment. Bursaries are grants, not loans, so they don’t need to be paid back! If scholarships and bursaries don’t work out, consider applying for a student loan (basically, borrowing money from the government). Programs like OSAP in Ontario are in place specifically to help people get through school, even if they don’t have the funding for it. They also allow some time after you graduate to get yourself organized until you are able to pay the money back.

    Post-secondary can be a financial burden, but don’t let yourself miss out on the opportunity to get an education. With scholarships, bursaries and loans in place, there are always ways to get the help you need.

  • Canada Apprentice Loan

    Canada Apprentice Loan

    Economic Action Plan 2014 proposes to create the Canada Apprentice Loan by expanding the Canada Student Loans Program to provide apprentices registered in Red Seal trades with access to over $100 million in interest-free loans each year.

    Apprentices in skilled trades do most (80 to 85 per cent) of their learning during on-the-job paid employment. They are also required to participate in technical training for short periods of time ranging from six to eight weeks each year. Apprentices can face significant costs to complete these periods of technical training required by their program, including educational fees, tools and equipment, living expenses and forgone wages. These costs can be particularly acute for apprentices who intend to complete their training after a number of years on the job, while supporting their families.

    Economic Action Plan 2014 proposes to create the Canada Apprentice Loan, which will offer interest-free loans to help registered apprentices with the cost of their training. The Canada Apprentice Loan will assist more apprentices in completing their training and encourage more Canadians to consider a career in the skilled trades.

    Apprentices registered in their first Red Seal trade apprenticeship will be able to apply for interest-free loans of up to $4,000 per period of technical training. Interest charges and repayment of Canada Apprentice Loans will not begin until after loan recipients complete or terminate their apprenticeship training program. At least 26,000 apprentices per year are expected to apply for over $100 million in loans. The estimated net cost of these loans to the Government would be $25.2 million over two years and $15.2 million per year ongoing.

  • March Scholarships of the Month – Apply Now!

    March Scholarships of the Month – Apply Now!

    March is here and that means exams are, too. Why not take some time between studying to ensure you can get some free money secured for your first year of college or university in the fall? You’ll be glad you did! Check out the latest scholarships and bursaries we’ve found for this month.

    1. OutputLinks Communications Group Sponsors Scholarships – Open to all students who are nominated by an employee of one of the companies that sponsor OutputLink Communication Group’s services. Amount: 3 prizes of $2000 (USD). Deadline: May 1, 2014.

    2.  Society for the History of Discoveries Essay Contest – Open to all students who submit an essay (no more than 6000 words) on the topic of the history of discoveries, such as voyages, travels or cartography. Amount: $600. Deadline: May 15, 2014.

    3. Progressive Economics Forum Essay Contest – Open to Canadian students enrolled in post-secondary education who submit an essay based on political economics or economic theories. Amount: $1000. Deadline: May 5, 2014.

    4. Workers Health and Safety Centre Scholarships – Open to residents of Ontario beginning their first year of college or university in the fall of 2014. Must submit 600-1000 word essay on the subject of health and safety in the workplace. Amount: $1200. Deadline: June 13, 2014.

    5. Scotiabank Sikh Foundation Scholarship – Open to Canadian students who are entering their first year of college or university in the fall of 2014. Amount: $5000. Deadline: March 20, 2014.

    6. Fraser Institute Student Essay Contest – Open to students in high school, undergraduate and graduate programs who submit an essay on the topic of capitalism. Amount: $1500, $1000 and $500 at each education level. Deadline: May 30, 2014.

    7. SOS Children’s Safety Scholarship – Open to Canadian students who submit an essay based on preventing social issues like bullying. Amount: $5000. Deadline: July 31, 2014.

  • How to Survive Without a Salary

     

    Today my grandmother gave me a thick antiquated book entitled “How to Survive Without a Salary”, by Charles Long, circa 1981. The truth is that I’m employed, as a writer here for Jobspeopledo and a barista at a coffee shop. My grandmother is aware of both those facts. So I do in fact earn summer salaries, but with her infinite wisdom, my loving old granny felt the need to bestow the book upon me nonetheless. With a career as a student and jobs that pivot around an education’s schedule, it’s pretty much impossible to predict long term income or complete financial stability anyway. My grandmother knows that despite the state of a person’s finances, tips on how to adopt what Long calls the “conserver lifestyle” are always good to consider.

     

    So let’s consider them. Long defines the term conserver lifestyle as “a means of coping better with what (one) already has.” Chapter one of his novel deals with internal factors preventing you from finding success in that regard. For interest’s sake, let’s pretend we don’t have any of those. But chapter two is ‘Assessing Yourself: Making a Budget,’ which is definitely worth a look. You never want to be spending more than your wallet can handle, especially when, as students, there are some costs that can’t be evaded.

    According to Statistics Canada, Canadian student tuition fees alone averaged at $5,777 in 2008-09, with Quebec’s $2,488 average the lowest and Ontario the highest, at $8,797. But there are also “ancillary fees,” those compulsory extra charges over and above tuition to cover things like athletic programs, health services and student associations. These fees added an average of $695 more to the demands on a full-time Canadian undergrad in 2008-09, ranging from a low of $423 in New Brunswick to a high of $827 in Nova Scotia. Ancillary fees are usually unregulated, but you can often look into them on school websites and find opportunities to opt out of what you don’t need.

    We can all survive without a salary while we are students if we keep watch on costs and budget ourselves accordingly. Long claims that “costs are always more important than earnings…there is nearly always more advantage in reducing costs than in increasing earnings.”

    In order to be able to sustain yourself while you get an education with an unstable salary and all of these subsidiary costs to student life, several banks like RBC and TD Canada Trust have places for you to create your own budget lists on their websites. At the time the book was written, without widespread use of the Internet it was a bit tougher to budget, but today many student budget list templates can be found online as well. The Office of the Superintendent of Bankruptcy Canada’s student budget section is a good resource, at http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br01399.html.

     

    After the section on budgeting Long gives eleven more chapters of detailed analyses on financial strategies, many of them useful. He says, “A penny saved is not a penny earned. A penny saved is a hell of a lot more than a penny earned today.” We know that simply by keeping our savings in the bank, they grow with interest. That can apply to scholarship money or bursaries that may be extractable for personal holding (OSAP, for example).

    Chapter six, on ‘The Second-Hand Market’, is my personal favourite, advocating the benefits of getting everything and anything used or pre-owned. Shopping in thrift stores doesn’t only help your wallet, but choosing to reuse can help our planet too.

     

    I’m glad to have been given this book, and prepared to become more money-conscious. With sky high tuition costs and the absence of established careers at this point in our lives, it’s smart to consider advice from anyone, outdated or otherwise, especially a published professional. And where did my grandmother find this yellowing treasure? At Value Village, naturally.