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Vlanis

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Hey guys, Im hoping for some advice here. Im getting ready to start post secondary in the fall, however funding is already looking like it will be a problem in a year or two. So I need to know what my options are for money (any thing from secret bank accounts that help build my money to special loan plans or somthing) Im just trying to figure out what I have available to me but I dont know much about the banks and my parents are worse then useless. so far I'm looking at student loans and even after going and talking to some people thats looking to be my best option... anything is fine so if you think of it then throw it at me.

Also if any one has any tips for what I can do to get money (I plan on part time work and possibly internship altho I wont know for sure untill I get to that point)

I want to avoid getting a large student loan for as long as possible so anything you guys can give is a help

Thanks in advance

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Since you're starting university, you probably aren't aware that you will end up getting some bursaries. To qualify you simply need to be taking OSAP. All of my room mates got close to $1500 in bursaries when applying. Also, study very hard and try to do well in school, since this will increase your chance of attaining scholarships. You can also stay with your parents. The best way to make big cash is to start a small business. However, the successs of the business is contingent on how good the idea.

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If you're really strapped for cash or want to stay as loan-less as possible, work as much as you can during the summer, hopefully with a job that pays more than minimum wage (e.g. government, hospital, but work with what you got). You could look into doing NSERC during your summers between university years if you're interested in research and/or would like to have research on your resume/CV for applications. Working part-time during university is doable but it can make life harder, especially when you get shifts the whole weekend before an exam (It's probably a good idea to ask for those weekends off maybe a couple months in advance just so you don't have to worry about that), and with other extracurricular activities you'll have going on taking more of your time.

 

Apply for as many bursaries/scholarships as possible, you never know what you could win. As the last poster said, try to get your average as high as possible if you're still in high school so you have a good chance of getting these as well as entrance scholarships (which I believe you can automatically get without applying but that might vary from school to school).

 

If your parents can give you or loan you money for university that'd be great, but not all parents are that generous. That's all I can think of at the moment.

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If you plan on attending med school after undergrad I wouldn't worry too much about student loan debt during your bachelors. Unless your fam has the money to fund it you'll be getting a pretty sizable debt load over the coming years.

 

Part time work won't do a lot unless you're making 20+/hr. Starting up a small business is a pretty big risk unless you have a very good idea and the time to invest in it's growth.

 

Talk to the banks about lines of credit for students. Probably need your parents to co-sign, but it could help if gov loans don't cover everything.

 

Or, go to college for two years and save some cash that way. Doesn't impact your chances as long as you do well and it could save you 5k per year.

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If you plan on attending med school after undergrad I wouldn't worry too much about student loan debt during your bachelors. Unless your fam has the money to fund it you'll be getting a pretty sizable debt load over the coming years.

 

Part time work won't do a lot unless you're making 20+/hr. Starting up a small business is a pretty big risk unless you have a very good idea and the time to invest in it's growth.

 

Talk to the banks about lines of credit for students. Probably need your parents to co-sign, but it could help if gov loans don't cover everything.

 

Or, go to college for two years and save some cash that way. Doesn't impact your chances as long as you do well and it could save you 5k per year.

 

I was thinking about that, and I wouldn't bank on it because not everyone gets into med after planning on doing medicine when they enter undergrad. I don't know numbers but I do know that most people I knew that wanted to do medicine coming out of high school decided against it within the first couple years of university, due to the work involved to get in, changes in life plans, probably various other reasons. I'm not saying don't get a loan, you'll still most likely have to get as much of a loan as the government/possibly bank will let you have. Just don't have the attitude that you're getting into med for sure, because you never know. This isn't to discourage you but it's to prepare you for possibilities.

 

The business idea seems like a pretty big gamble, I personally would stay away from it. Same thing for investing in, say, a friend's small business.

 

Line of credit's always your last resort (unless you feel like robbing a bank, maybe get the LOC before you try that), since you rack up interest immediately on the money you take out from it, unlike government loans where you only start accumulating interest after you graduate. Like hking said, you'll need a co-signer (very likely, I can't see an undergrad not needing one unless they won the lottery or something?), and it's possible that it may need to be backed by collateral. I don't remember the exact term for it but it's like if you have a house, they can connect your house to the LOC so that if you can't pay it back they liquidate it or something. Maybe I shouldn't be saying stuff I don't have experience with... someone else can talk about that.

 

I think the safest thing to do financially would actually be to take a year off from school and work, I don't know if that's a possibility or even necessity for you. I'd probably try to find a way to start university right away, but I just think it's "safer".

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It is possible to get through undergrad with no loans, but it is not easy. I would have a hard time doing it again, but I am glad I did. If you plan your courses right, you can work it so you have Tue or Thurs off. I waitressed Thursday, Sat and Sun during the school year (often making around $20 an hour after tips). For the first two years, I worked 2-3 part time jobs per summer (often one in the morning, one at night, always 7 days a week). After that, I did 4 co-op work terms and kept waitressing on the weekends. Remember for medicine, you need to also throw volunteer into the mix, but you should be able to do that between classes during the day or nights if you do co-op. In order to make it work, you will need to be diligent and study as much as possible throughout the term (cramming does not work when you have to juggle work and exams). Do not bank on scholarships, but when you get them it is very useful (especially when you are wanting to purchase some bigger ticket items - like a used car or new bed!). It is immensely satisfying to graduate with no debt, and it is feasible to get through school and do very well while working enough to pay your expenses. I would also dare to say that you may study even harder knowing how much you are sacrificing to get your education!

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