Month: February 2023

College is the first time many students need to be financially independent — and many are not ready. Budgeting, taking out loans, figuring out whether you need a part-time job, and saving money may all be new to you. Learning about financial concepts is key to preventing costly mistakes. Here’s a guide to get you started.

Comparing Your Student Loan Options

If you’re unable to afford tuition upfront, a student loan can be the solution. However, there are many different types of student loans — some better than others. It’s important to compare options by considering the repayment requirements and interest rates to ensure you find a loan suitable for your situation.

You may also be eligible to receive financial aid like grants and scholarships. These are preferable to loans because you never pay the money back. Make sure you research all your options and apply to any programs that are relevant to you. To receive more advice on financial aid options, you should visit the financial aid office on your college campus.

How to Budget

By budgeting, you ensure you have enough money for all your essentials. It means figuring out how much you need for each of your expenses (such as housing, food, clothing, school supplies, and entertainment) and setting spending limits. It may take you a few months to accurately calculate your budget because you’ll need to track where you’re currently spending money. Make sure you don’t forget to account for unexpected expenses.

If you have money left in your budget at the end of the month, the best way to use it is to split it into thirds. Use one-third for fun — as a reward for not spending all of your budget. Allocate the second third to debts, such as your student loan. Put the final third into a savings or investment account.

Should You Have a Credit Card?

Credit cards can make budgeting more difficult because they give you access to money you don’t actually have. Since interest rates tend to be high, you’ll end up spending much more if you’re unable to pay off your balance in full each month. Plus, missing a payment can hurt your credit score and have a long-term impact.

Financial Education

Your college may offer financial workshops and other events on campus covering topics like budgeting, credit, investment, savings, and financial aid. Take advantage of these — after all, there’s always more you can learn. Alternatively, you may be able to take an elective to improve your financial literacy while earning credit.

A smart financial choice all students can make is to move off campus. You’ll save money and be more comfortable — for instance, you’ll have your own room and be able to prepare your own meals, instead of being stuck with a pricey meal plan. For Durham College student housing, there’s Foundry Simcoe. Since our suites all are fully furnished, you won’t need to purchase any furniture. Plus, the apartments come with a washer and dryer to avoid you needing to spend at the laundromat and rent includes high-speed internet. Apply now to make your time at college more affordable.

You may think the days of worrying about your GPA are behind you when you start university. After all, you’ve already secured your spot in the school of your choice for the major you want. It’s true you should be focused on absorbing as much information as possible and developing useful skills. Plus, your GPA only reflects your performance on assessments, rather than the true extent of your knowledge. Nonetheless, your GPA is still the best way for other people to see how well you understand the material you’ve learned.

What Is a Good GPA?

To determine whether your GPA is up to standard, you need to know what is a good GPA at university. This is important because it may differ from what you considered good at high school.

Typically, a GPA of 3.0 is considered good, whereas 3.5 is very good and 4.0 is excellent. A GPA of 2.5 is satisfactory and below this is poor.

Eligibility for Financial Aid

To stay eligible for financial aid, you need to meet certain academic standards. The exact GPA you need will depend on the program, but 2.0 is typical. For scholarships awarded for academic performance, you may need to maintain an even higher GPA, such as 3.0 or above.

Admission to Graduate School

If you want to go to grad school after you finish your degree, you’ll also need a high GPA. Most universities only accept candidates with a GPA of at least 3.0. If you’re applying for competitive programs, an even higher GPA may give your application an edge.

How to Increase Your GPA

To gain a higher GPA, studying needs to be your priority over everything else. Of course, you should attend all your classes, but you may also need to cut back on social events to dedicate more time to writing papers, completing the required readings, and preparing for exams. Managing your time will make a big difference, as you may find you do have enough time in your schedule for academics and extracurriculars if you stop procrastinating.

If you’re struggling, seek support. Take advantage of the academic services on campus, such as the writing centre, tutors, and advisors. For instance, an academic advisor can help you choose the right balance of classes to give you the best chance of gaining high grades each semester and can tell you when it may be a good idea to retake a class to improve your grade.

Finally, you may need to take things slower. Although the idea of graduating as soon as possible may be appealing, this could mean your GPA suffers. Taking fewer classes one semester may ultimately be the best move, especially if you have problems with your family life, finances, or health.

If you’re serious about improving your GPA, you need to live somewhere you can study in peace without facing constant distractions. Move out of Ontario Tech University residence and into off-campus housing at Foundry Simcoe. You’ll have your own room and en suite bathroom in a three- or five-bedroom suite. We make it easy for you to study hard by providing all our residents with free high-speed internet. Plus, we’re right by campus, meaning you’ll always be able to make it to class on time. Apply now to take advantage of the lowest rates of the year.