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| Graduate debt-free (or atleast minimize your debt-load)
by Darlene Morales
Sep 01,2009
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Post-graduate education can be pricey but you’ve already determined it will pay off down the road. Now it’s up to you to minimize the debt you accrue while you’re studying.
Here’s how:
Apply for free money
Once you know where you’re going it’s time to look at how you can pay for getting there. Some scholarships and/or grants may provide enough funding to cover one year’s tuition. Others could be good for longer depending on your grades and other factors.
There are two categories of scholarships: internal and external.
Post-graduate institutions offer a variety of internal scholarships. Requirements for eligibility vary, but most consider your grades, positive contributions you’ve made to your community, experience or talent and your financial need.
External scholarships, ones not offered by the school which you’ll be attending, are also available. Many of these, offered by the government, or by companies and/or non-profit organizations, are listed online, along with eligibility requirements. For example, if you’re a student with a disability, you may be eligible for a scholarship specifically created for students with disabilities entering the broadcasting field. A great place to browse for both external and internal awards is www.scholarshipscanada.com
Become a teaching assistant (TA)
Research and/or teaching assistant positions are sometimes available to students who need help financing their studies. Work may include anything from supervising class exams to helping out with demonstrations. Some assistants even help with marking. Eligibility criteria for these positions vary, as do the time commitments required.
The advantage of being a teaching assistant isn’t just that you’re getting paid – you’re also getting valuable experience in your field of choice.
Get a student loan
If you do opt to apply for a student loan, plan to pay off the debt as soon as possible.
Student loans can help you establish personal credit, says Michael Lofquist, marketing and communications manager at Equifax Canada in Toronto, but they can also damage it if you can’t make your payments.
“If you manage your finances properly you’ll get established credit,” Lofquist says.
Work
Working can help you pay your loan off sooner or even avoid having to get a loan in the first place.
D’Arcy Pascal, 24, worked full-time at a petting zoo in summer and part-time as a bartender throughout her business marketing studies at Algonquin College (Ottawa, Ont.) and still managed to graduate on the dean’s list.
“I worked a lot over the summer and saved for the upcoming year in order to avoid loans,” Pascal says. “It is a huge relief graduating without any debt.”
Just make sure your job allows you time to write papers and prepare for exams, advises Jeanette Gascho a counselor and teacher of individual and group study skills at Waterloo University (Ont.).
The last thing you’d want to do is let your grades slip.
“If you can get a job on campus it’s better because it’s close and because most people at school are flexible and accommodating. Also, students can study while working if there’s any down time,” Gascho says.
Here are a few tips to help you balance school and work:
Prioritize:
Make note of deadlines and complete the most pressing assignments first.
Use an agenda:
Usually available in paper format from your career centre, these are also available online, with the added benefit of alarms. Sticky notes are good too.
Work flexible hours:
When it comes time for exams or your have a paper due, you should be able to request time off to focus on school.
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