Post-graduate education can be pricey but you've already determined it will pay off down the road. Now it's up to you to minimize the debt you accrue while you're studying.
Once you know where you're going it's time to look at how your school can help you get there. Some scholarships - AKA free money - might be enough to cover one year's tuition and others could be good for longer depending on your grades and other factors. There are two categories of scholarships: internal and external.
Post-graduate institutions offer a variety of internal scholarships. Requirements for eligibility vary, but most consider your grades, positive contributions you've made to your community, experience or talent, and your financial need.
External scholarships - ones not offered by the school which you'll be attending - are also available. Many of these, offered by the government, or by companies or non-profit organizations, are listed online, along with eligibility requirements. For example, if you're a student with a disability, you may be eligible for a scholarship specifically created for students with disabilities entering the broadcasting field. A great place to browse for both external and internal awards is scholarshipscanada.com.
Research or teaching assistant positions are sometimes available to students who need help finance their studies. Work may include anything from supervising class exams to helping out with demonstrations. Some assistants even help with marking. Eligibility criteria for these positions vary, as do the time commitments required. The advantage of being a TA isn't just that you're getting paid ÔÇô you're also getting valuable experience in your field of choice.
If you do opt to apply for a student loan, plan to pay off the debt as soon as possible.
Student loans can help you establish personal credit, says Michael Lofquist, marketing and communications manager at Equifax Canada in Toronto, but they can also damage it if you can't make your payments. If you manage your finances properly you'll get established credit, Lofquist says.
If all else fails, you can always get a job. Working can help you pay your loan off sooner or even avoid getting a loan in the first place.
D'Arcy Pascal worked full time at a petting zoo in summer and part-time as a bartender throughout her business marketing studies at Algonquin College and still managed to graduate on the dean's list.
I worked a lot over the summer and saved for the upcoming year in order to avoid loans, Pascal says. It is a huge relief graduating without any debt. Just make sure your job allows you time to write papers and prepare for exams, advises Jeanette Gascho a counselor and teacher of individual and group study skills at the University of Waterloo. The last thing you'd want to do is let your grades slip.
If you can get a job on campus it's better because it's close and because most people at school are flexible and accommodating. Also, students can study while working if there's any down time, Gascho says. jp