Working this summer? Here are some tips to help you financially when you return to school.
Apply for OSAP early (before July 1, 2006). Apply online at http://osap.gov.on.ca and save $10.
Are you returning to full-time studies for the 2006/07 academic year? OSAP expects you to be employed full-time during the summer and to save a minimum of $2,000 towards your expenses for the 2006/07 academic year. The more money you can contribute towards your education costs, the less debt you incur in student loans. You'll have more money to do the things you want when you graduate and find employment.
Can't find enough employment this summer? Keep a record of your search for work so you have the documentation required to initiate an appeal of your OSAP entitlement.
TIPS FOR SAVING MONEY OVER THE SUMMER
Set a saving goal. Once you know how much you'll make in the summer, set aside money and don't spend it on anything else.
Set a summer budget. This will help keep your spending in line. If possible, have your employer automatically deposit your earnings to your savings account. Then withdraw only the money you have budgeted for expenses, and only once a week.
Continue to live the lifestyle of a student. Be frugal. Don't use your summer savings to buy big ticket items.
Credit Cards - don't use them! Pay down any debt you have incurred.
SUBLET. If you signed a 12 month lease here and you're going home for the summer, sublet your apartment.
Do not lend your summer savings.
If you are moving, make sure you give your new address information to:
National Student Loans Service Centre, Public Institutions Division
P.O. Box 4030
Mississauga, Ontario L5A 4M4
Tel: 1 888 815 4514
Stay informed. Information on repaying your student loans is available at www.canlearn.ca.
Have a great summer and see you in September.
Office of the Registrar
...We're working for you!
This column is a Student Success Initiative sponsored by Counselling and Student Life Services, Financial Aid and the Office of the Registrar.