Event summary produced by The Globe and Mail Events team. The Globe’s editorial department was not involved.
With fewer summer jobs and the economic downturn, paying for postsecondary education will be more of a challenge this year. The Globe and Mail, in partnership with TD, hosted a webcast on June 25 to provide students and parents with tips and advice to raise the money needed for school.
The event was organized with knowledge partner, HigherEdPoints. Highlights from the discussion appear below the recorded webcast.
1). Create a budget
Many students and their parents don’t have a full picture of the costs related to school, said Suzanne Tyson, Founder of HigherEdPoints. During the webcast she shared checklists showing typical expenses and said it’s important for students and parents to figure out who will pay for what.
David Golen, associate vice-president of customer strategy with TD said students need a budget as part of good financial literacy. Apps such as MySpend can help students understand where their money is going, he added.
2). Start with the financial aid office
There are many sources of finance for students, from non-repayable bursaries to grants, loans and scholarships. Some are available all year round, said Shelley Clayton, director of the financial aid office with Student Services at the University of New Brunswick. There are also government grants to help students with disabilities access the equipment and support they need for a virtual semester, she noted.
She stressed the importance of visiting, calling or emailing the student financial aid office right away as staff have all these funding options on hand. They also have emergency gift cards for essentials such as groceries, she said. Many students are shy to ask for help but a conversation with financial aid staff can connect them with funding sources they might not have known about.
3). Pick the right program
Postsecondary education is a good investment, provided students choose a program with good employment prospects, said Rob Carrick, personal finance columnist with The Globe and Mail. This year it’s even more important for students to think carefully about the program they plan to enroll in, given the financial challenges.
Mr. Carrick noted the school year won’t be the same from a social point of view given most classes will likely be online. The silver lining though is students will save on residence costs, meals and transportation.
View the full webcast, including checklists and helpful links, above.