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Graduating from University debt-free

1195982_graduate_photoThis is an article from Sean Cooper, Pension Analyst, RESP administrator and Income Tax Preparer. Even though tuition fees are high and saving for university is more and more difficult, its still quite possible to graduate debt free.

In a nutshell:

1. Consider part-time jobs throughout your degree (with a healthy balance, otherwise your grades will suffer)
2. Summer Work (this is probably where you make most money for the next year)
3. Buying Used Textbooks (no brainer)
4. Eliminating Wasteful Spending
5. Bursaries and Scholarships
6. Living with parents, if possible. (Generally speaking, if you went to York U, Ottawa U, McGill U, etc. makes no difference to your future employer. The education program is government regulated and your degree paper will be of equal value no matter where you've studied.)

At the end of the day - its all about discipline. If you can control your spending, you'll be fine.

Read the full article.

Comments (5)
stay away from school
5 Wednesday, 10 August 2011 11:02
Go and learn a trade. Plumbers make like $100 per hour. It's universal no matter where you travel (unless you live in a cave) and you can make a decent living.
credit cards
4 Tuesday, 26 July 2011 11:43
Steve B
Stay away from credit cards! These bastards with the sign up sheets are like vultures in the hallways. Sell your soul for a cap or a frisbee.
re : part time job
3 Monday, 04 July 2011 07:22
Part time jobs are nice, but if you are studying for a degree such as engineering, you won't have enough time for that.

I've lived with my parents when I was in school, but my part time job was enough to pay for my bus-pass and lunch. First year was ok, after that I had to quit.

Bursaries are also overlooked by a lot of students - at least when I went to school. Nortel was booming at the time and they were giving out bursaries left and right. I think I got between $500-$1000 for every year I've studied.
RE: Education debt
2 Thursday, 30 June 2011 12:42
Its true, but you have to consider how these people spent their loans. There are people in Canada that end up with loans that big, it doesn't mean it all went into education.
Education debt
1 Wednesday, 29 June 2011 14:00
We should consider ourselves lucky in Canada - with all the complaints about school debt and education cost - it's still fairly low, compared to the States. The numbers below are astronomical and no part-time or summer job will ever cover that.

Erik Solecki
Student debt: $185,000
Degree: Bachelor's in industrial engineering from Kettering University

Saniquah Robinson
Student debt: $82,000
Degrees: Master's in Health Science from Chatham University; Bachelor's in psychology from Temple University

Shane Dixon
Student debt: $72,800
Degrees: Master's in public health from University of South Carolina; Bachelor's in biology from Clemson University

Michelle Shipley
Student debt: $140,000
Degree: Bachelor's in political science and international development from Tulane University

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