Tips For Managing School And Debt At The Same Time

Post-secondary school is a challenging experience. The coursework is exhausting and the mornings are early. If you add debt to the mix, the situation can feel totally overwhelming. How are you supposed to deal with everything on your plate, and the stress of this season of life? Here are some great tips for managing school and debt at the same time:

1. Apply For Grants And Scholarships

- In this day and age, there is an abundance of available grants and scholarships. If there’s a grant out there that could help lessen your financial struggles and help you get through school, why wouldn’t you pursue it? A great place to start is Canada Student Grants, but also remember that many private corporations offer their own scholarships and grants as part of their charitable giving. Find their community or philanthropy pages on their corporate websites to find information on any grants they may give to students.

2. Save Whenever and Wherever You Can

- We know this sounds like a tall order for students who are chewing gum for dinner to scrape by. Some of you get money for Christmas or birthdays, maybe you have an inheritance or a favorite uncle who discreetly slips you some cash at family get-togethers. What we're trying to say is, any unexpected money could buy you popcorn and a ticket to the latest Star Wars flick, or it could be growing in a savings account. Keep in mind, it'll be advantageous to have some spare cash when you graduate, so you can start paying back those student loans.

3. Find Employment That Helps With Your Coursework

- For example, jobs like a teaching assistant would be incredibly advantageous if you were studying for your practicum. If finding work related to your field of study isn’t possible, you could always tutor or edit papers for students. This type of work allows you to set your own hours and earn some extra cash.

4. Use Credit Cards Responsibly

- Use your card to only pay for things that are unavoidable, like your wireless bill, and be diligent in paying your credit card balance off in full every month. This way, you’ll be slowly building your credit score, and not accumulating any more debt. Win-win!

5. Budget

- Creating a budget and sticking to it is basically the holy grail of all things financial. If you can manage to make budgeting a habit, you’re already ahead of most Canadians twice your age. Budgets don’t have to be complicated - money in vs. money out, so that you know where you can cut expenses or find ways to boost income. Make a budget for each category of spending and try to leave the rest tucked away so that you aren't tempted to spend it.

It can be scary to start out your adult life with a heavy load of debt. What we hope you understand after reading this blog, is that it’s not impossible. It boils down to how you handle your financial situation, will you take control, or let your debt control you?

If you’ve found yourself in credit trouble because of student loans or the cost of living while going to school, it’s not the end of the world. There are many credit building programs available to you that require no money up front. Click here for more information on getting your credit score back on track.

Did student loan debt ever stress you out? How did you handle it? Let us know in the comments!