With fall in full swing, many people are reminiscing about their fond memories from college and university. Post-secondary school is all about meeting innovative people, taking interesting classes and experiencing new things.
However, if you’re currently enrolled in post-secondary school or are thinking about enrolling next term, you’ve probably noticed that it is an expensive endeavour (textbooks don’t pay for themselves).
If you’ve found yourself in debt or want to avoid going into debt, there are several things that you can do. If you don’t know where to start, we insist that you use these helpful suggestions.
1. Get a Grant or Scholarship
If you’re still in high school, you should try to get as many scholarships or grants as possible.
For those that don’t know, many colleges and universities will offer students special incentives known as scholarships. These incentives can range from discounted tuition to what is known as a “full-ride”.
Additionally, many students can apply for government grants. The main difference between scholarships and grants is that scholarships are generally based on a student’s academic or athletic performance, while grants are often given to students based on their financial needs.
2. Consolidate Your Debt
If you have multiple forms of debt, it can be extremely difficult to keep track of them all (especially if you have more than one credit card). If you accidentally forget to make a payment, it can affect your credit and make the situation worse.
Instead of leaving it to chance, you should get in contact with a not-for-profit credit counseling agency like CreditCanada so you can set up a debt consolidation program. These programs combine all of your unsecured debt (i.e., credit cards, payday loans, unsecured lines of credit, etc.) and consolidate them into one lower monthly payment. This means you can spend less time worrying about your debt and more time enjoying post-secondary school.
3. Consider an Internship or Part-Time Job
Many people view college and university as a full-time commitment, making it difficult for them to justify getting a job. However, when they look at how much debt they are accruing, they often realize that they need to supplement their income.
If you want to have some extra cash in your wallet, you should think about applying for an internship or part-time job. As a bonus, you can earn great work-experience if you find an internship or part-time job in your chosen field. However, a word of caution: keep an eye out for internships that don’t offer any form of compensation
4. Avoid Eating Out
Although it’s undeniably convenient, you should always try to avoid eating out at restaurants and fast-food chains if you want to avoid student debt. These establishments will often charge an arm and a leg for food items that can be easily replicated at home.
Alternatively, you should try making these meals yourself. This will help you save money, as home cooked meals are a more economical choice for college and university students. Not to mention, these meals are noticeably healthier and tastier.
