How to minimize student debt

The federal Financial Consumer Agency of Canada has produced this guide to help students and their parents plan financially to cover the cost of university or college.

Paying for post-secondary education

Post-secondary education is a major expense, whether you choose to study at a university, a college or learn a specialized trade.  Coming up with the money to pay for school can be a big challenge for both students and parents saving for their children’s future.

FOR STUDENTS

For the majority of students, personal savings alone will not be enough to cover the cost of a post-secondary education.  Students often rely on student loans for financial support.  But everyone planning for post-secondary education should aim to graduate with as little student debt as possible.

As a student you can minimize how much you need to borrow for school if you:

If you’re vigilant before and during your post-secondary studies, you can cut down on what you need to borrow while developing solid financial habits that will make paying down student debt easier once you graduate.

FOR PARENTS, GRANDPARENTS AND OTHERS

If you’re saving for a child’s education, consider opening a Registered Education Savings Plan so that you can take advantage of the tax benefits and government grants that you become eligible for.  The earlier you start saving, the better.

Follow the links below for more helpful information:

 

 

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