HOW TO GRADUATE (NEARLY) DEBT-FREE
Forget about tuition and the cost of books—the hidden cost of a university education doesn’t start adding up until after convocation, when student-loan interest kicks in. Take for example Jack, who graduated with $20,000 in student loan debt. His friend Jill racked up $30,000 in debt. After graduating they both scored decent jobs and were able to pay $4,000 annually against their loans. But because the government began charging 10% interest as soon as they graduated, it took Jack seven years to pay off his $20,000 in principal, which cost him an additional $9,128 in interest. Jill who only borrowed $10,000 more than Jack made loan payments for more than twice as long as he did and forked over $28,228 in interest.
Here are 10 tips for minimizing student loan debt:
Start saving early Ask your parents if they have contributed to a RESP. Put aside a portion from your summer job income—saving even $500 can save you hundreds in interest.
Consider alternatives Can you start your degree at a college where tuition is usually cheaper? Is there a school closer to home so you can live with your parents for the first year or two?
Plan your education carefully Over 50% of undergrads change their major or university. Plan ahead so you don’t end up paying for unnecessary classes.
Maximize awards Research scholarships and bursaries, keep an organized application folder containing essays, references and your résumé and apply for as many awards as possible.
Create a reasonable budget Monthly budgets will help you make informed choices about your expenses. But make it realistic; if you pledge never to spend a dime on going out for a beer or other indulgences you’re sure to blow the budget.
Save on textbooks Hit up cheaper alternatives to the campus bookstore such as online sellers, used book stores, libraries, friends, or your student union. Some unis even rent textbooks.
Work part-time Ask around campus about student-friendly jobs or look for casual gigs like tutoring.
Quit your car Most universities offer cheap transit deals. The reality is that cars might be meant for people richer than you.
Learn about cash flow Avoid wasting money on credit-card interest, phone-bill penalties, or tuition late-fees by understanding your flow of expenses and income.
Be a stingy gourmet Working on your cooking skills can save you loads of money. Experiment on cheap dishes and bring leftovers to school to avoid pricey cafeteria lunches.






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