I’m Going to School
Congratulations!
You’ve been accepted to a post-secondary institution, are enrolled in an apprenticeship program, or are starting a training program – you’ve come to the right place. From tuition to books and supplies, and living expenses, it can all be so overwhelming, but with our savings and lending options, you’re sure to get a handle on your finances so you can focus on what matters most, your education!
I need to save
High Interest Savings Account
The savings account designed for long term savings. This account is service-charge free providing you manage your money online or through telephone banking. A convenient way to save while earning more with a premium rate of interest!
Automatic Transfer
Need help being consistent with your savings? Set up a recurring automatic transfer to your savings account.
GIC
The simple way to lock up your savings and get your money moving for you. With a GIC, you get a guaranteed rate of return over a fixed period of time with no risk to your principle.
Features:
- Fixed terms from 1 to 5 years
- Index Linked GICs
- Registered and Non-Registered terms
Check out the current rates to get a better idea on how to save.
Student Account Package
Don’t forget to sign up for our Real Value Student package once you’re enrolled in school. Click here to see how you can benefit from this package.
I need to borrow
Our Student Loan and Line of Credit products are competitive options for financing your education whether you need funds for tuition, books, or living expenses. As part of our EPIC Student Bundle, we also include a Student chequing account with no monthly fee, a first deposit match of $50 for school supplies and a smart wallet.
Eligibility:
- Full-time student: 60% normal university course load as designed by your educational institution
- Part-time student: 1 course per school year/semester/trimester
Features:
- Interest only payments while in school
- Grace period after graduation of 3 months
- Prime rate while in school
- Prime rate + 2% after graduation/grace period
Application Requirements:
- Confirmation that you are enrolled at a Canadian post-secondary education institution (College, Univeristy, Career College, Registered Apprenticeship, Job Training Program)
- An estimate of your education costs which includes tuition, supplies, fees, accommodations, food, travel, etc.
- A list of your financial resources including any savings earned, bursaries, summer employment, etc.
- A suitable guarantor or ability to meet standard lending requirements (a parent or guardian who meets standard lending requirements is eligible to be co-applicant or suitable guarantor)
I need to budget
There’s nothing more important than creating a budget that you can stick to. Take a few minutes and follow these simple steps to come up with a base that will see you through your academic year!
Step 1—Estimate your Money coming in
Make a list of all the sources of money you have to help you pay for school and all the associated costs. If you’re not certain of some of the amounts, be conservative and underestimate.
| Your Sources of Money | Monthly | Yearly |
|---|---|---|
| JOB | ||
| STUDENT LOANS | ||
| SCHOLARSHIPS | ||
| BURSARIES | ||
| FAMILY or FRIENDS | ||
| OTHER: |
Step 2—Total your Expenses
List all of your expenses so you know where you need to allocate your money. Separate them as “needs” and “wants” in your list. If you’re not certain of the exact amounts, estimate higher.
*tip: we recommend adding a spot for Savings in this list.
| Your Expenses | Monthly | Yearly |
|---|---|---|
| NEEDS | ||
| Tuition | ||
| Text Books / Supplies | ||
| Rent | ||
| Groceries | ||
| Utilities | ||
| Misc., Necessities | ||
| Other | ||
| WANTS | ||
| Entertainment | ||
| Pub Night | ||
| Shopping | ||
| Spring Break |
Step 3—Do the Math
Add up your income and your expenses. If you have a deficit, you have too many expenses; if you have a surplus, you are in good shape.
If you have a deficit:
If your expenses outweigh your income, you will need to look at making some sacrifices in your “want” list. You want to ensure you stay on budget and out of debt throughout your school term so consider the following options:
- Decrease your expenses (ask yourself, “What can I live without?”)
- Find ways to increase your income
Step 4—Review Regularly
In order to be successful, the key is committing to your budget! We recommend revisiting your budget each term and making adjustments where necessary. You will likely find that your expenses change throughout your time at school.
Whatever the state of your budget, remember that we are here to give you advice and help you through this very important stage of your life. Feel free to contact a branch if you have questions regarding your student finances.
I need money-saving tips
Here are a few ideas to keep more money in your pocket:
Know your wants from your needs
Learn how to balance your wants vs. your needs and always remember your needs come first. You will likely have to sacrifice some of your wants, but remember it’s not forever!
Divide your money
It’s a good idea to put money for rent and other living expenses in a separate account that you won’t access on a daily basis, especially if you’re getting all your education money at the beginning of the year (ie. student loan). Then you can safely budget the rest on a monthly or weekly schedule.
Consider used books
You’ve seen the prices of some of those textbooks, shop around! Many institutions run second-hand book sales or rental programs and you can also check out online sites like Amazon or eBay to shave off a few bucks (and for future reference—you can sell your books too).
Set a weekly spending limit
And stick to it! Always take the time to pay yourself, but don’t go overboard on shopping and other entertainment. Those expenses add up quickly!
Scope out student discounts
Many businesses offer deals to students to help make everyday purchases more affordable to you (keep in mind that most require a valid student card). You can also sign up for a student discount card like SPC and save up to 15% on various purchases. Some schools even offer deals to students on their health and wellness programs or gym memberships.
Buy bulk supplies
School supplies can be pricey, but if you can buy it in larger quantities you will be saving in the long run.
Don’t let food eat up your budget
Learn to cook! Try to save more by eating meals at home and not buying a coffee or lunch every day (just $6 per day equals $180 in a month!) Keep an eye on grocery store specials and coupons so you can stock up when your favorite items go on sale.
Avoid credit
If you don’t have the money for something, you really don’t need it. Try to pay with cash whenever possible so you can avoid those high interest credit cards.
Start an emergency fund
Try to put some extra money away every week into an account you won’t touch. You don’t want to be left short when your car gets a flat tire, or you get a phone bill that’s bigger than usual.
Choose the right ATM
If you find yourself in need of cash fast, try to find an Exchange ATM so you won’t pay inflated service fees (download The Exchange ATM Locator app so you always have it handy).
Ttrack what you spend
Review your bank account on a weekly basis and see where you can cut costs going forward (maybe you really didn’t need that new pair of shoes!) You’ll be amazed at how much you can downsize your spending when you really commit to it.
Choose activities wisely
There’s plenty you can do that doesn’t require spending a lot of money. Consider having your friends over for dinner and a movie instead of going out every weekend or split the cost of a group activity. When the day is over, you will be glad you made the thrifty choice.
Walk, walk, walk
If you are within walking distance to school, the store, your job, or the gym, do it! Park your car and save the extra money you would have spent on gas (plus exercise is good for you!).