TORONTO, Aug. 13, 2013 /CNW/ - Acceptance into university, college or grad school is a major milestone, and you want to be able to do it without racking up an overwhelming amount of debt. Scotiabank offers tips for managing expenses during the school year:
| 1) | Take the time to make a plan: As a first step, create a budget where you list out what you need versus what you want for your school year. If you're living away from home for the first time, figure out how much you can afford to spend each month and stick to that budget. Online resources like Scotiabank's dedicated student website, fundyourfuture.ca, can help you with access to special tools, like the Student Budget Calculator to help get you started. |
| 2) | Apply for scholarships, grants and bursaries - Most post-secondary institutions offer a range of scholarships and bursaries for students with different backgrounds and skill sets. Grants and bursaries can also be awarded depending on students' financial need and academic and athletic achievement. On Scotiabank's student website fundyourfuture.ca, there are links to over a hundred scholarships that the bank sponsors. Go to fundyourfuture.ca/scholarships to see which ones you could still apply for this year and which to keep in mind for next year. |
| 3) | Consider your loan options - Work with a financial advisor and decide what makes sense for you and your budget. Some important things to consider when taking out a student loan are how long it will take you to pay back the loan and in what increments, as well as the interest rate, any repayment grace periods and the loan terms and conditions. There are a range of options from a student line of credit, to federal or provincial government loans or the Canada Student Loan Program. |
| 4) | Build credit the right way: Use credit, such as a credit card, to responsibly build your credit history while you are in school. Good credit will help you in the future with things like buying a home or car. Check your credit bill online often to keep tabs on your spending and pay off your bill in full on time to avoid paying interest. |
| 5) | Make the most of your bank account - Are you holding onto a savings account from your childhood? Consider a savings plan designed for students. The Scotiabank Student Banking Advantage plan is a no-fee account with no transaction limit that can be paired with SCENE or L'earn credit cards. The Scotiabank SCENE debit or VISA card can also reward you for your everyday spending with free movie points for those all-important breaks from studying. |
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"Having a financial plan will put you in the best position to focus on your education not your bank balance," says Mike Henry, Scotiabank Senior Vice President and Head of Retail Payments, Deposits and Lending. "We recommend meeting with a financial advisor, who can help you look at solutions that will work for your education."
About Scotiabank
Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 83,000 employees, Scotiabank and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. In December 2012, Scotiabank became the first Canadian bank to be named Global Bank of the Year and Bank of the Year in the Americas by The Banker magazine, a Financial Times publication. With assets of $754 billion (as at April 30, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.
SOURCE: Scotiabank
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Diana Hart
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