Getting ready for school? Tips for managing your finances
When it comes to getting ready for postsecondary school, some things come easier than others. Deciding which courses to take, and receiving your much-anticipated acceptance letter? Those are big decisions and take hard work. Getting financing to help you pay for school? Thankfully, with our StudentFLEX™ Line of Credit, this process is easy. You can borrow up to $10,000 per year, up to a maximum of $40,000. Plus, StudentFLEX doesn’t require a cosigner or previous credit history.
Once you have your financing in place, it’s important to set your budget. Here are a few tips for managing your finances as a student:
Create an initial budget
Budgeting is all about understanding the best way to balance your expenses and revenue. Although you may have built a budget before, or have an idea of what expenses you had before school, it’s important to re-evaluate your plan every time your financial circumstances change. Start by setting up an initial budget, and carefully track your spending for the next few months to see if your plan is realistic.
Wait until graduation for repayment
While in school, you have big expenses like transportation, textbooks, and laptops to pay for — likely while working minimal hours. With that in mind, it’s okay if you aren’t able to repay what you borrow right away. When you build your budget, your focus should be on covering your monthly, interest-only payments and life insurance costs for your line of credit.
Once you leave school, you’ll have a 12-month grace period during which you are only required to make monthly, interest-only payments which can help your financial situation while you land that dream job. When you’re ready, one of our lending specialists will help you create a plan to repay the balance.
Consider applying for a credit card
In order to build your credit, consider applying for our SCU Collabria Cash Back Mastercard® and use your line of credit to pay the balance every month—just like you would with a chequing account. When used responsibly, this credit card is a great option for you to build credit while earning cash back on your purchases.
Interested in applying for a StudentFLEX line of credit? Fill out a contact form or visit any branch and talk with a lending specialist.
®The Collabria Mastercard is issued by Collabria Financial Services Inc. pursuant to a license from Mastercard International Incorporated. Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.