Keeping track of student loans
Keeping track of student loans
August 13, 2012
If you’re in your last year of high school, you may be thinking about going to college or university. It’s a solid choice, but you’ll need to do some planning to make sure you’re well prepared—especially when it comes to money.
While paying for your post-secondary education can seem overwhelming, the Government of Canada and most of the provinces and territories have loan programs. These programs can help lighten some of your financial worry, before you crack open your first textbook. I received a provincial loan and a federal loan while I was in university—it gave me peace of mind knowing that I wouldn’t have to stress about paying for tuition while I was in school.
Eligibility criteria for loans are different, depending on your individual circumstances and which province or territory you call home. However, a general rule of thumb is that government loans go to the people who need them most. Many details are considered, including how much money you’ve saved or made that year, your parents’ income, your tuition costs (including books and supplies), and your living expenses—whether you have to live in residence or off-campus. Before you apply, make a list of expected expenses so you don’t have trouble providing accurate numbers on your application.
It’s important to remember that loans aren’t free money and that you need to pay them back, with interest. What makes this process more manageable is the fact that you can track your loan balance online. While repaying my loans, I often logged onto the National Student Loan Services Centre. There, I could see every payment I made, and how much interest had accumulated. It made the process of paying back a loan much more understandable.
This video may also provide you with some insight as you prepare for further education!
Enjoy the rest of your summer!