Stretching
Dollars, Making Cents
by Jennifer Jacoby-Smith
It’s an unavoidable
fact.
Post-secondary education requires money -- lots of it. And as you’ve
probably already figured out, it’s going to cost more than you’ve
got stuffed in your piggy bank.
No worries.
Above all else, realize funding for education is probably not going to
come from a solitary source. Money can come from your savings, parents’
contributions, scholarships and loans.
Exploring a combination of funding sources will make the task less daunting.
Here are some answers to your questions about financing post-secondary
education.
LOAN
ZONE
While it’s true most students associate post-secondary education
with student loans, it is probably wise to explore other options first.
Loans may seem like an ideal solution, but once your studies are finished,
repaying them can drag your finances down for a decade or more.
Also, there are other borrowing options. For instance, your parents can
consult with their financial institution about borrowing against their
RRSPs.
For an excellent resource on borrowing money, whether considering personal
loans or government loans check out www.canlearn.ca.
SAVED
BY THE BILL
Whether you borrow or save up income from a summer job, there’s
still the responsibility of spending that moolah wisely.
Here are some tips to living frugally:
Make a budget and stick to it.
Include in your spending plan some funding for fun stuff. You’re
less likely to cheat if you know you’ve allowed for a movie night
with friends next week.
If you must have a personal phone line, skip all the features like call-waiting.
Those extras can really add up.
Limit long-distance phone calls by buying pre-paid long distance cards.
If you are paying for your own utilities, stock up on warm sweaters and
blankets. Personal warming is cheaper than house warming!
STEERING
THE SCHOLAR-SHIP
There are a variety of gift monies available for students. Your parents’
employer, for example, may have a bursary fund set up.
Some schools offer financial assistance based on scholastic performance
or need. Check with your school’s student finance office to see
if you qualify.
For a free on-line guide to other Canadian scholarships, visit www.studentsawards.com.
DODGING
DEBT
For some students, working during full-time studies might be impossible.
For others, it might be wise to slow down your degree progress if it means
being able to pay for your education without incuring a huge debt. Whatever
the case, make sure to live a balanced life.
LEAN
AND LEARN
During your college years you will learn the stewardship of what may seem
like meagre finances. Use this time to pursue godliness in small things.
For example, while you experience these lean times, you can invest in
the Kingdom by giving of your time and finances.
“Learning to give generously and purposefully to our God must start
early and be nurtured even through the years of independence and limited
incomes that most college students experience,” says Bob Parker,
pastor of Saskatoon Church of Christ.
He notes the patterns established during those first years away from home
become entrenched for life, long after being gainfully employed.
Pursuing higher education is about more than simply getting a diploma,
just as a financial decision is about more than just money. It is an opportunity
to grow in Christ.
As you get your financial plan in order, start exercising the faith that
will take you through future life trials. Remember, you are not in this
alone. Pray about your financial needs and allow Him to provide for you.
The Bible explains it best: “And don’t worry about food --
what to eat and drink. Don’t worry whether God will provide it for
you. These things dominate the thoughts of most people, but your Father
already knows your needs. He will give you all you need from day to day
if you make the Kingdom of God your primary concern.” (Luke 12:29-31)
AVOIDING
DEBT AT ALL COSTS
The
majority of college students are in debt for their freshman year, their
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