MONEY, MONEY, MONEY
Some students may wonder why they should bother attending college or university so perhaps the following information may help to make that choice. In 2015, the average salary for a high school graduate in Canada was $39,320, a college graduate earned $50,842 while the average salary of a university graduate was $62,626.
The cost of attending post-secondary institutions can be an expensive investment into your future. The University of Manitoba estimates it will cost $13,775 for your first year of university when factoring in tuition, books, and residence costs. There are a number of ways to help pay for this important investment including summer and part-time employment, scholarships, bursaries, family contributions and student loans. Consider attending a university or college closer to home and commute or look into distance education options. You could also attend university part-time and work more hours to cover your costs. This will take a longer time to finish your degree but if it means less debt then it may be a good option.
Learn more about your options by visiting www.canlearn.ca - This government website provides excellent information to students and parents about post-secondary planning, financing, budgeting, debt-repayment, and other helpful topics.
Here is another helpful website from the Manitoba Institute for Policy Research: www.financingpse.ca. There are links for students, for parents, to resources, etc on topics such as budgeting, scholarships and bursaries, and student loans, to name just a few.
GOVERNMENT STUDENT LOANS:
www.studentaid.gov.mb.ca - The Manitoba Student Aid website will answer your questions about government student loans and allow you to apply online for student assistance. To help students from low-income families are some excellent bursary programs which will reduce the debt load of students. Students are automatically considered for these loan reductions when they apply for Government Student loans.
Think before you get into a large debt - the money you borrow must be paid back. Here is a guide to show you the amount you will be paying for almost 10 years after you are finished your university or college program:
$30,000 student loan will equal $363.98 a month for 10 years (based on 8% interest rate)
$50,000 student loan will equal $606.64 per month for 10 years (based on 8% interest rate)
BANK/CREDIT UNIONS STUDENT LOANS:
Many banks offer student loans to help fund university or college programs. Check with your bank or credit union.
Bank of Montreal Student Line of Credit Info - http://www4.bmo.com/personal/0,2273,35649_36829,00.html.
Westoba Credit Union Student Line of Credit Info - westobacu.com/personal/borrowing/student-choice-line-of-credit/