Getting an education is a valuable opportunity to invest in yourself. An important part of preparing for your academic years is to save as much as possible so that you can limit the amounts you’ll have to borrow.
Early on, your parents might set aside money to help pay for the expected costs of your post-secondary education. It is important for you to continue to budget once you begin your schooling so that the money will last as long as possible.
There are many ways to finance your education. Your parents, other family members or legal guardians might choose to set up a Registered Education Savings Plan (RESP) for you. This plan provides them with a tax-advantaged opportunity to save funds on your behalf and may be eligible for some government-matched funding. For more information on RESPs visit the Government of Canada website.
Later, when you are nearing the point of attending a post-secondary school, these financial tips will help you plan for success:
- Save as much as you can from any part-time or summer jobs. Even a small amount saved will reduce your need to pay interest on a loan later;
- Research whether there are scholarships available, such as through your school;
- Learn about eligibility for government loans or grants that are available to students;
- Research student aid and resources that you might be eligible for in your province or territory.
- It makes sense to borrow money if you need it for your education, because you will gain skills that will help you earn more in the future. But borrow as little as possible so that you will owe less down the road, and
You can learn more about financial options to help students on the Government of Canada website.
Planning for your education early can help you be more prepared and ease financial pressures later on so that you can focus on your studies.