Going to College? Get your Finances Early

You’ve got the marks, you’ve got your acceptance letter and now all you have to do is wait for your first day of classes, right? Well, not quite.

Going to college comes with a hefty price tag. Having your finances in place and a budget worked out before you walk into the classroom can be the difference between success and failure.

“No one wants to arrive at college and have to worry about finding the money to pay for tuition, books, residence, groceries or an emergency,” says Geretta Partington, Financial Aid and Awards Officer at Lakeland College. “To counter this scenario, several options and services are available to students to help them prepare for college and/or university.”

A traditional source of funding for post-secondary education is government student loans. At Lakeland, about 40 per cent of students access government loans and bursaries. But with changing limits and eligibility requirements, it’s important to seek alternate sources as well. Most banks offer student lines of credit or student bank loans at competitive rates. Registered education savings plans (RESPs) are another source that is being accessed more frequently in recent years.

"Websites such as http://www.canlearn.ca provide a lot of helpful information for students and parents," says Partington. "Another useful planning tool available is Lakeland College’s fee calculator."

Of course attention to finances should not disappear after classes start. To help students maintain a healthy balance in their bank account and their college life, Lakeland’s Financial Aid and Awards office provides students with one-on-one counseling and group information sessions on budgeting and money management. As part of Lakeland College’s one-week Student Success Course offered to incoming students, a session on budget planning is also included and provides students with tools so that they can be more fully aware and engaged in paying for costs that may have been covered by mom or dad.

“Learning to manage one’s money is part of becoming a responsible young adult,” says Partington. “For many students, it’s another lesson that they can attribute to their college experience.”