If you’re deciding which college acceptance letter you want to accept, you may also be worried about the cost of your upcoming post-secondary education. If you don’t have a large RESP that you can dip into, the idea of paying for school, and all of the added expenses it brings, can be daunting. It’s no secret that college isn’t cheap — and the price of education is continuing to increase year after year. But paying for college doesn’t have to break the bank or put you deep into debt.
Student loans can be a great way for students to get help paying for school, but they don’t always cover the entire cost, and depending on the college, students are graduating with tens of thousands of dollars in debt — with no hope of paying it off anytime soon.
If you are heading to college in the fall, these tips can help take the sting out of paying for college:
Stay close to home
Tuition and books are not the only costly expenses you’ll need to worry about when sending your student off to college. Living expenses, including housing and transportation, also add up. According to the Ontario Student Assistance Program, the average cost of housing for an on-campus residence is $5,000 for a school year. One way to cut down on these expenses is to attend a school that allows your child to live at home while going to school.
Explore alternative school schedules
Working while attending school is difficult on a traditional school schedule that meets during the day. Many colleges and universities offer programs and class schedules that help accommodate students who need to work during the day. Night classes and online programs allow them to work to pay for school and living expenses while still working towards a degree.
Look for internships
Internships and apprenticeships are excellent ways to earn college credit and can help pay for school at the same time. Many programs also offer paid internships.
There are a number of services that can help you find paying internships that also offer credit. The Public Service Commission’s Post-secondary Co-op and Internship program, for example, helps students find internships within the public service arena.
Take advantage of scholarships
Scholarships aren’t just for people with straight A’s or talent in sports. There are hundreds of scholarships available that will help cover portions of tuition with various requirements. You can register with a free scholarship search program that allows you to search by major, school, and dollar amount. If your student is still in high school, you can also meet with a guidance counselor who will help you find available scholarships and apply for them.
If you are already in college, you should check with faculty members and advisors to see what type of scholarships they offer for current students. Financial aid offices can also provide you with information about available scholarships.
Going to university is supposed to be a gateway to the world of money-making, now the beginning of a life of debt. If you are in a position where you are already finding yourself struggling with debt while in school, or post-graduation, we may be able to help. Contact our offices today for a free, no-obligation consultation.
