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Student Money Guide – MoneySense

How to help kids save money on student housing costs

The cost of housing can be a big one (it can easily add up to a shocking $50,000 bill over the course of a four-year degree). However, there is a way to turn this financial burden into an opportunity, if you are in the fortunate position to have the financial means to do so: Buying a property in the vicinity of your kid’s chosen post-secondary institution, and becoming their landlord, can help you both save money (especially if your kid rents out rooms to their classmates). Read more.

For students:

Financial aid guide for college and university in Canada

There are many paths to funding your education, aside from a your own savings and your parents’ contributions. Get a list of the bursaries, scholarships, grants and provincial loans that may be available to you right here.

How to apply for OSAP

If you need to fund your post-secondary education but don’t have much in the way of savings, you can use student loans to fully or partially cover costs, depending on your approved amount. The Ontario Student Assistance Program (OSAP) works in conjunction with the federal loans and grants programs to make sure you can pursue the education you want, with a relatively low-interest loan after graduation day. See more details on how to apply for OSAP. Outside of Ontario, check out this list of options.

How to save money during school

Even if you have scholarships, other funding or work after school, you may still have a tight budget throughout the academic year. These strategies can help you save money and take advantage of your student status, including making the most of student discounts and finding cheaper travel and textbook options. Read the entire article here.

The best credit cards for students

If you’re looking to build your credit history while earning credits (see what we did here? #dadjokes), there’s a selection of no-fee cards with useful perks, like earning cash back on groceries or free tickets at the cinema, that can help make student life more fun. We’ve rounded up the credit cards best suited to students’ budgets and lifestyles here.

The best bank accounts for students

When budgets are tight, the last thing you want is to be hit with a $20 monthly fee (that’s two burrito dinners!). These low and no-fee accounts are perfect for students, as they offer useful features like unlimited transactions and useful points on purchases of essentials like gas. Some even include sign-up promotions that offer cold, hard cash. Read the complete list of bank accounts—and their features.

Is having a car worth the cost for students?

Having the freedom to get to class, to your part-time job(s) and your extracurriculars while at college is a huge advantage (and time-saver). We calculated the cost of owning a car while in school to see if it could be worth it for you, in this article.

Finally, how to pay off your student loans

Whether you’ve taken out Canada Student Loans, a provincial or territorial student loan, bank loan and/or a line of credit to fund your education, you’ll need to repay that once you’re finished school. Considering interest usually starts accumulating once you’ve ended your studies, paying off your loans should be a top priority. In this article, we crunched the numbers to figure out the best repayment strategies that will leave you with the lowest interest bill. We’ve also outlined different repayment scenarios to show you which one could work for you. And if you can’t afford to pay your student loans right away (it happens!), we’ve outlined other approaches on what to do next. All to keep interest payments low and your credit score in tact.

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