Tools for Students
A-Z Index

Funding

Ashley - Wed Apr 11, 2012

It is undeniable that post-secondary education costs are expensive. Aside from employment, student loans, and familial financial assistance; there are other ways to help put yourself through school. These include scholarships, awards, bursaries, and grants. Below is a quick refresher explaining how they differ.

Scholarships are an award based on academic merit rather than financial need. They can be classified into further categories including: field of study, university attendance, and/or student-specific factors (gender, race, medical history, etc.).

Bursaries/Grants are awards mostly based on financial need, but they can also be awarded on academic achievement, athletic skill, or other special abilities. Grants/bursaries can be administered from the government, the province, or other private sources.

Here is a brief description of the programs available through the Student Financial Aid and Information Center.

ACCESS FUND

What is it: The Access Fund is a last resort bursary funded by undergraduate students for undergraduate students in financial need.

How does it work: The Access Fund is broken into 6 application periods running all year round.
Appointments are made starting on the first day of each school term. During your appointment an Access Fund Interviewer will compile all financial information, essentially building a profile where a bursary recommendation can be made to a Selection Committee. Selection Committee meets at the end of each application period to review profiles and make the final decisions on whether the applicant is successful in receiving funding.

General eligibility: You must: be an undergraduate student, have at least a 2.0 GPA, have received the maximum in student loans (not applicable for International Students), have not defaulted on previous student loans, have not opted out of the Access Fund online

How much money will I receive: A lifetime maximum of $6000 is available, with $3000 maximum per year.

STUDENTS’ UNION AWARDS

What are they: The SU Awards are awards given to students who make an outstanding contribution to the campus community

How does it work: Awards applications are available online during October. Once applications are closed and all documents are received, each application is reviewed individually by the Awards Adjudication Committee which decides what candidate is best suited to the award category in question. Awards applicants (successful and non-successful) are notified via email in February.

General eligibility: Each award has its own eligibility requirements. All awards require the student to be an undergraduate (Coca Cola aside) with satisfactory academic standing.

How much money will I receive: Students are able to receive a maximum of $3000.

SUPPLEMENTARY BURSARIES

What are they: The Supplemental Bursaries program is run through the University Bursaries and Emergency Funding (UBEF) which is located in SFAIC’s office. They are intended to
provide financial assistance to students experiencing financial shortfall

How does it work: Online applications are available during December, closing during mid-January.
Once applications are received and processed by the Supplementary Bursary Committee students are notified via email as to their application results. Bursary funds are mailed out by late March/early April to the student directly.

General eligibility: You must: be a registered full-time student during both Fall and Winter semesters, have a minimum satisfactory academic standing (2.0 for undergraduates
and 2.7 for graduates), demonstrate financial need for the application year other eligibility requirements may be requested based on the specific bursary

How much money will I receive: Successful applicants are eligible to receive between $100-$3000.




Understanding Mortgages

Clara - Thu Apr 05, 2012

Mortgages can be a scary thing to think about. It’s a monthly payment that you have to pay, but you also want to save for that vacation to Thailand, and you want to buy that car so you don’t have to cram into a bus every morning like sardines.

But, before looking at mortgages, think about this. Do you really need to purchase that house/condo now? Could you wait a couple more years, save enough for a significant down payment, and decrease the mortgage amount first? Do you have any other payments you need to make first, like student loans?

Next, what kind of budget do you have? Are you looking at something between the $200,000 to $300,000 mark or is it in the higher end, $700,000 to $800,000 mark. Are you looking to purchase a condo, or a house? Will you be selling the condo in order to buy the house?

Purchasing a house VS a condo has it’s pros and cons, but what are you leaning towards more? Getting a condo will ensure security, someone will mow the lawn and clear the snow, but it is a monthly payment. But getting a house will allow you to do those on your own, but does your job allow for this kind of time. Do you plan to have kids soon? How many? Do you want pets? If you have a significant other, talk to them, and know what they would like to have too.

Keeping those questions in mind, search every bank’s website, go talk to their mortgage specialist and understand what a mortgage is. Know what kind of interest rate they’re looking at. Can you make changes to your mortgage payment, interest rates, repayment terms? Can you make a lump sum payment without penalty? What kind of rates do they use? Prime +1%, 3% or more?

Don’t limit yourself to the bank your have your chequing and savings account with. Shop around, and think about your own career advancements, family arrangements etc before deciding your mortgages.




Saving Money

Gisele - Fri Mar 23, 2012

The summer break is coming up and like many students you're probably looking forward to have a chance to start earning some money after 8 months of being a starving student. Your first impulse is probably to go treat yourself and to jump into a more comfortable lifestyle. Well, it might be a good idea to reward some of your hard work, but before you go ahead and indulge your impulses, just stop and think first about what your long-term priorities are.

The summer months are a good opportunity to get ahead so that you can pay for the things that matter to you the most. Before you start trying to save money, a very important step in this is to define your goal. What is it that you would like to have money for? Would you like to have more money to help you get through your next school year to alleviate financial stress? Would you like to start putting money aside for a trip? Would you like to have money saved to put towards a new laptop or other electronics? Would like to lighten your debt load? Whatever your goal is, it's important to define it! Once you've found it, take some time to review your goal to make it a SMART goal.

S - Specific (What do you want? When do you want it?) M - Measurable (How will you know when you're reaching your goal?) A - Attainable (Is this goal realistic? Are you being too ambitious?) R - Relevent (Is this goal meaningful to you?) T - Timely (What's your time frame?)

Let's say that over the summer my goal to save at least $2000 by the end of August. I want to save this money so that I can pay for a new laptop in September. I would need to save $500 per month. I'd set up a savings plan with my bank so that the money goes directly to a savings account that I can't access with my debit card. I'd need to start preparing lunches for work to reduce my expenses and I'll avoid buying coffee by preparing it at home and taking it along with me. This is an example of setting my SMART goal. I would also just keep reviewing this goal over the summer months, just to make sure that I'm heading in the direction that I'm aiming for.

The important thing is to first have the incentive to save your money, then consider some of the following tips:

Budget your food - Only buy food purchases that you were expecting to buy. Food can often be the most pricey impulse expense, because there are so many cheap, available options when you're on the run and hungry. Just be sure that wherever your food expenses are going, that you've planned for those expenses. Bring a grocery list with you when you go to the store, and limit your restaurant expenses to what you're comfortable spending. If you feel up for it, consider asking to have a dish split between two people. If you like going out for drinks, just consider the mark up on whatever it is you're drinking. Usually it costs less than a third the price to buy your drinks at the store and have your drinks at home with friends.

Credit - Use your earnings to pay down credit card debt! The longer you carry that debt, the more you pay in interest. It can get so pricey that you end up paying near double the cost of the actual expense. All credit card bills are required to tell you how long it will take you to pay your credit card if you continue to make only the minimum payment. Take a good look at this and consider if those credit card purchases are really worth what you're paying. The following website illustrates my point http://creditcanada.com/money-management/debt-calculator

Transit - Buy a bus pass or ride a bike over the spring and summer. If you need a new bike, consider looking for a used one in newspaper ads, online sites (ex. kijiji) or police auctions. Driving to and from work or taking cab rides in the summer might just end up draining your earnings.

Recreation - Consider signing up to use the U of A's facilities (pool, gym etc) rather than paying more somewhere else. Also think about what types of activities you do, how much they cost you and whether they are worth what you're paying for them (ex is it worth paying $15 to see a movie when you would have been satisfied with watching something else at a friends house instead?)

Deals - Be on the look out for deals from things like text books for next year, or winter gear that's on clearance, or flights home that you'll eventually need to book. And think about your student housing early so that you're not stuck paying more than you're comfortable with.

Consider all your options and you might surprise yourself with your ability to save your money and put it towards something that really matters to you!




You are what you Edo

Dylan - Fri Mar 16, 2012

It’s 6:00 pm, you’re at campus working on a ten page paper due tomorrow and your stomach is growling. Your choices are: going home to cook a hearty meal; eating Subway for the fourth day in a row; or ordering a large Dominos pizza because of that super amazing 50% off deal for students. Too many times in the past I have opted for the latter two options and I’m sure many students have done the same. Some students may not have the luxury of getting home cooked meals every night, and the reality is that grades are given priority over health. We have all heard it before. If you eat healthy and exercise then you will be less stressed and your cognitive abilities will be improved. However, this little fact is too easy to ignore when that calculus assignment is giving you a headache and all you feel like eating is a greasy cheeseburger to make you feel better. When under stress, we either undereat or overeat. I know for me personally, those high-fat foods or snacks make me feel better, at least temporarily. Maybe this is an evolutionary adaptation from our cave man days. Back then high calorie meals were likely desired, because often there could have been periods of starvation due to the unpredictability of hunting (Note: this is just my theory. No actual research was completed out of laziness). So what does this all have to do with you? Well, often students’ think of university as a time in their lives to study hard and party hard. Maybe they think “I don’t have to worry about my health, that’s for old people”. While this may be partially true, a busy and stressful lifestyle is not going to end at university. Pretty soon you will graduate and you’ll be furiously looking for a job to pay off those enormous student loans. Then you’ll get a stressful job and large double-doubles, beer, and frozen dinners will become your staple diet. But they don’t have to be. Other then the obvious short-term benefits of eating healthy such as increased energy, improved cognitive performance and greater attractiveness, probably the most important long-term benefit is the habits you will develop as you transition into another period of your life. If you start to incorporate healthy meals into your daily life, then you should have no problem carrying these habits on after university. Plus everyone loves a good cook. Eating healthy is all about planning. Your Sunday mindset is likely very optimistic. “This week I’m going to cook meals every night. I’m going to go to the gym three times, and I’m going to be in bed by 11:00 pm”. It’s so easy to make promises during the week before the stress kicks in. One way to tackle late night urges is to plan each day. If you know you have a time-consuming assignment to work on that day, spend a little extra time to grab snacks at a grocery store before studying. Buy food that you can snack on throughout the day such as nuts, vegetables, dried fruit, etc. For dinner you can try making something the night before. If that assignment is really taking a lot longer than usual, then take a late night trip to the grocery store. It might be a bit farther away from the university fast food restaurants, but your body will thank you later. I most definitely am not an expert on eating healthy, but I think I can understand those urges people have. Sure Dominos hits the spot late at night and those vending machines in CAB can keep me snacking all night long, but the times I have felt the greatest and have been the most productive were when I have consumed healthy foods, got plenty of rest, and exercised. Somehow in the past, my mind has rationalized that by spending a little extra time on healthy living I will be sacrificing the precious time I need for studying. This is definitely not the case as taking care of my body has improved my school performance. My high school self would not stand for sacrificing my body over grades and neither will my post-university self. So do a huge favour to your body. Treat it right. It’s the only one you got.




Investments

Siwei - Fri Mar 09, 2012

As a student, you are always looking for more ways to make money, but you don’t want to (can’t) take out more loans or you don’t have time to work. You may receive scholarships but those are not always reliable sources of income.

Students often forget about some of the easiest ways to make money: investments. They may not be the quickest, but you can definitely get a few low-risk investments that can show incredible increases over many years.

Below are some of the more common and low-risk investments that students can get:

Tax-Free Savings Account (TFSA) A tax-free savings account is a way for Canadians to accumulate savings tax-free. Anyone over the age of 18 can invest $5,000 each year cumulatively (so if you open one at the age of 20, you can put in $10,000, not only $5,000). In addition to the tax-free nature of the program, which can save you lots of money (possibly thousands over decades) in comparison to taxable savings, the way in which the account is set up is particularly helpful for students. I know for myself that if my money is easily accessible, I will use my credit card or withdraw cash from an ATM quite frequently; however, the TFSA requires that you go into the bank to deposit or withdraw from the account, which can be a helpful obstacle to stop students from spending too much of their money. Furthermore, you can set up regular automatically deposits, so you will be less likely to spend all of a paycheck as it comes in. If you want to calculate how much money you can earn over the years using a TFSA, check out the TFSA Calculator: http://www.tfsa.gc.ca/tfsacalculator-eng.html

Registered Retirement Savings Plans (RRSP) Registered Retirement Savings Plans are similar to TFSAs but are more geared towards retirement. While TFSA withdrawals are not taxed, those from RRSPs are. On the other hand, RRSPs are tax-deductible and TFSAs are not. RRSP contributions are limited annually by a percentage of your income. Both TFSAs and RRSPs can be redirected and invested into things like GICs and mutual funds (see below).

Guaranteed Investment Certificates (GIC) GICs are essentially loans you give to an organization with the investment interest paid to you. The organization in which you are investing is directly indebted to you, so even if they go bankrupt, you get paid out first, so your investment is extremely safe. That’s in contrast to shareholders who get paid whatever is left after all of the organization’s debt-holders are paid. The only limitation is when you set up the GIC, you have to decide how long you want to invest for and are not able to take it out before the term is up. Like the other types of investments, it can work to students’ advantage to have money you cannot withdraw earning interest over a number of years as a way to increase savings.

Mutual Funds Mutual funds are a mix of different investments like stocks, bonds, or other securities. By investing in something with a large number and types of investments, if one loses money, you are more likely to gain money elsewhere, thereby lowering your risk and losses. Mutual funds are relatively safe investments as a result, but are more risky than the other types of investments previously mentioned.

Stocks The riskiest way to invest your money is by purchasing stocks. You can stand to gain a lot of money from playing the stock market but the opposite is also true. Whether or not students invest in stocks depends on the type of person you are and the amount of time you have. There are a lot of resources available online to teach you how to invest in stocks. If you do your research, investing in stocks can be right for some students. There are even simulators out there that you can practice on before starting for real.

Ultimately, there are a lot of things you can do with your money that are pretty low maintenance and risk while earning you money. Even if investments aren’t earning lots of money for the short term, getting into the habit of saving can greatly benefit you in the future.




Interest-Free Status

Ashley - Fri Nov 25, 2011

The DL on Loans in Short

When you submit an Alberta Student Loan application it is sent to Students Finance for review. Once the application has been processed you will receive a Notice of Assessment (detailing how much you will receive for the year and when you will receive it) through the mail as well as a loan certificate. By bringing your signed loan certificate to a designated post office to be “cashed”, information is sent to your lenders to release your funds either by cheque or electronic deposit.

Lenders: What You Should Know

A lender is who you borrowed your funds from. In most cases as an Albertan resident, you have borrowed money provincially and federally from Edulinx and National Student Loans Service Center (NSLSC) respectively, despite making one student loan application. Each year you apply for an Alberta Student Loan a separate loan is taken out from the lender. This means that by the end of your study period, let’s assume four years, four loans have been borrowed from both Edulinx and NSLSC. Once you have finished your full-time studies and after a six-month grace period, your loans will be consolidated into two (one with Edulinx and one with NSLSC) and you will be required to make monthly payments to each lender.

Interest-Free Status: the Quick and Dirty

While you are a full-time student you are not required to:

? make payments on your loans or ? pay interest on your loans as long as you are in good standing with your lenders.

In order to obtain interest-free status, you will need to do one of two things. First, you can apply for student loans for the current year. As long as your loan certificate has been cashed within six months of your last end of study date (for most students this is November 1), you will automatically be updated into interest-free status. However, if you have not processed your loan certificate within that time period or you have not applied for student loans for the current year, you will need to confirm your full-time enrollment as it will not be updated automatically. Remember, this is because your lenders are separate from Students Finance and just because you have previous loans doesn’t mean they know you are still a full-time student so it is your responsibility to make sure they know.

To confirm your enrollment, you will need to acquire two documents from either the Students Access Center in the Administration building (as an undergraduate student) or FGSR (as a graduate student). These documents are a:

? Form B to update your provincial lender Edulinx and ? Certificate 2 to update your national lender NSLSC.

Once you have received these documents from either the Administration building or FGSR and an official has filled them out, it is important to fill out your portion. If you are unsure about what that is, ask the official or have a staff member at SFAIC explain it to you. After the two documents are filled out you can either mail them to the typed addresses on the forms or fax them at SFAIC. Note: faxing is faster but it does still take time for the lenders to update your file once they receive it, so do not leave this until the last day before you are required to send in the forms.

Finally, as an added insurance, you should call both lenders within five-ten business days to make sure your file is properly updated and that you are in good standing.




The Campus Food Bank

Alfonso - Mon Nov 14, 2011

Contrary to popular belief, the food pyramid of a University student does not only consist of beer and pizza. In order to have success in all of your ventures at the University of Alberta, you must first take care of yourself. A healthy diet is an important and necessary aspect of our everyday lives, but unfortunately, this can seem like a luxury to some students. Here at the University of Alberta, students should hunger for knowledge, not for food, which is why we have an awesome resource available to everyone: the Campus Food Bank. The Campus Food Bank is a service provided to you by the Students Union, The Graduate Students Association, the University of Alberta Chaplain’s Association and many others.

Founded in 1991, the University of Alberta Food Bank has distributed food hampers and toiletries to all of the members in the University community. Last year, the Food Bank was able to provide goods and services to over 2500 members in the community; thanks in part to campus’s generosity. Their confidential services make it easy and safe for students who are in need to be able to obtain the assistance that they require without the fear of embarrassment.

In order to access food hamper services and hamper requests, you must first sign up in person with the Campus Food Bank main office on the lower level of SUB. The sign-up process is quick and simple. Once you have registered, you will obtain a food hamper right away and then given the choice to request hampers online, by phone or in person. Please note, that a 1-2 business day notice is required in order to fill out the food hampers. The food bank is there for the sole purpose of helping out their community, so while you are there, they may refer you to other great services on campus.

If you are interested in supporting this service, you can help out with monetary or food donations or you can volunteer your time with them. Getting involved with the Campus Food Bank is a great way to be able to give back to your community as well as be able to obtain great experience for the future! They are active all year around and if you are an enthusiastic and hard-working person, then the Food Bank is looking for you. The Campus Food Bank also has many great events occurring all year round; such as the Trick-or-trEat, the de Vera Cup and the Fast and the Studious.

If you would like more information on any Food Bank related service and or events, feel free to visit their website at www.campusfoodbank.com or contact them by telephone at (780)492-8677, via e-mail at foodbank@su.ualberta.ca or stop by their office location between the hours of 10AM – 6PM Monday thru Friday at suite 040J in the SUB basement.




Employment

Siwei - Wed Nov 09, 2011

While we all agree that tuition costs have skyrocketed and students are more disadvantaged than ever when it comes to debt, it is important to remember that funding education is the shared responsibility of students, parents, partners and the government, keyword being ‘students.’ One of the easiest and most secure ways of contributing to one’s own debt is through employment. The cost of tuition and other costs may seem insurmountable, but it is important to note how much of am impact a job can make.

Even taking a hypothetical employment situation with minimal commitment and pay, students might be surprised at the contribution. Alberta’s minimum wage is $9.40/hour. If students work just 10 hours a week, that’s $94 dollars a week, $376/month, and $3,008 in an 8-month school year. That can cover quite a large portion of tuition simply in a low-commitment, minimum wage part-time position while in full-time studies. Students should take a look at some job opportunities in which they are interested and do the math on exactly how much of their costs can be offset by simply getting a part-time job.

Of course, jobs are difficult to juggle with school. If students are taking five (or more!) courses a semester, volunteering, preparing for further education, and somehow maintaining a social life, adding something with as much commitment as a paid position can be daunting. However, like anything else, finding out what works best within a certain schedule and lifestyle can better target the job search. Do you need time to study at work? Do you want something that pays a lot? Do you want a job that will let you break for class and come back? Do you want long shifts on fewer days or short shifts over many days? There may not be a job out there that caters to all of a student’s needs, but in prioritizing the requirements students have of their jobs, adjustments can be made elsewhere to accommodate for the work.

Although students may want a job, finding one and then getting it are also hurdles to overcome. The Students’ Union has a number of websites with job postings specifically for students. Students can check out jobkin.ca and caps.ualberta.ca. Furthermore, CAPS provides students with services that increase chances of obtaining employment. They will review resumes, hold workshops on interview skills, and provide many resources for reference. Finally, the world wide web is always available through general search or some well-known websites like monster.ca or workopolis.com.

It is also possible that students just do not have time in the school year to get a job. There just aren’t the previously mentioned 10 hours to pull from many undergraduate student who really need the money. Alternatively, one of the best times to make money is during the summer. Considering the potential for full-time employment over a full four months, wages can increase significantly over minimum wage. As an undergraduate student, the government will fund a maximum of $13,300 a year. Working backwards, if a student works full time (40 hours/week) for the full four months, the minimum hourly wage a student would have to earn is ($13,300 divided by 4 months, divided by 20 work days in a month, divided by 8 hours a day) $20.78. That number can be broken down into taking more than one job, or also, as previously mentioned, spreading it into the school year. Keep in mind that this would be if students needed the full amount of government funding.

Sometimes, it not possible to hold a job during the year or even in the summer, but before deciding not to work, students should make sure to research the available options and evaluate their schedules with the option of moving some things around. It can also be surprising at what flexibility exists in some jobs, particularly around campus. Sometimes it’s easier to ask for help, and help is offered both on campus and in the government, but the contribution that employment can make towards reducing students’ debt loads should not be disregarded lightly.




Student Line of Credit

Clara - Tue Nov 08, 2011

Today, the fee assessment for my Fall and Winter tuition came out and being newly admitted into the School of Business program, I face an additional market modifier fee for every business class I take from now on. And unfortunately by registering into 10 business classes this year, that means an additional $2400 of tuition on top of the $6000 I already pay.

So obviously I will be applying for government loans but with the new tuition amount and increased living expenses, my loans won’t be enough to cover all my expenses this term.

Then, walking along the streets towards Sobeys, I passed by the CIBC at College Plaza and they were advertising Student Line of Credits. “Sign up for one of the student accounts and get a chance to win $2500 in new technology”. Very tempting.

However, before signing up for a student line of credit with the bank you are with, make sure to shop around at each bank. Even though the bank may have free perks for signing up with them now, remember that a student line of credit accrues interest cost every month for the amount you spend off the line of credit.

Each bank will have a different set of criteria for eligibility. You may need a co-signer, proof of employment, credit checks etc. And depending on your program, full-time or part-time student status, the amount of credit available to you will differ.

Interest rates are also the most tempting. Banks will be charging Prime +1% or just Prime (set by Bank of Canada). And compared to the interest rates on student loans (Canada Prime + 2.5%, Alberta Prime rate), line of credits are far more tempting than applying for a government loan. But beware of the fine print! Lines of Credit from the bank will not give additional bursaries for low or middle income family students, or even Loan Relief Completion Payment (Alberta students) or other loan repayment programs for students when you graduate. Interest rates may go up when you complete school, or even minimum payments may increase! If you’ve applied for student loans but it isn’t enough, look for additional scholarships, bursaries or award programs run by the school you are attending or potential school you plan to attend. Apply early and do lots of Google research! If you are in a professional program (Medicine, Dentistry, Law, or Masters of Business Administration), banks will have Professional Student Line of Credits available for you to apply for as well! Sometimes they’ll have additional perks like don’t make any interest payments (but interest will accrue!) but make sure to shop around.

Bottom line with student line of credits, don’t go to the bank you usually have your checking or savings account with and immediately sign up for one. Look around and weigh the pros and cons. Talk with your financial aid office and see what additional funding options are available before turning towards a student line of credit.

Good luck!




Managing Stress

Gisele - Fri Oct 28, 2011

Sometimes it just feels like it's impossible to get ahead in school with all the midterms, studying, assignments, group projects that are starting to pile up. Some days, things get so busy that eating and sleeping become low on the priority list next to... say, writing an exam worth 40% of your final grade, or starting a term paper due tomorrow, or showing up for the class that you missed the last 2 weeks in a row because you slept through it. Not only that, but lots of us have other responsibilities besides our studies that can really start to add up. There's paying your rent, buying your books, waiting for your loan cheques to come through, living in residence, getting used to your roommate's annoying habits, dealing with family, and the list goes on!

It's easy to get swept up in the stresses of student life, but don't get caught by this trap! Slow down and remember that there are ways that you can take care of yourself. In the end, taking care of yourself will save you time. People are most efficient when they take care of themselves - physically and mentally.

To take care of yourself physically, start just by doing things that are going to make you feel good about yourself. That could be having an 8 hour night sleep at least 3 times a week, cooking your favorite meal for dinner, re-attempting a sport that you used to love when you were in high school, reducing caffeine and alcohol intake, or just setting aside time every week to buy the groceries you need. Your physical health is important in making your body feel more prepared to handle the anxieties that students face.

Not sure where to start? Check out what Campus Recreation has to offer at www.campusrec.ualberta.ca. Or maybe you prefer to check out U of A's health nuts at www.ualberta.ca/~healthnt for some favorite student recipes . Sometimes it happens that you can't afford to eat a healthy diet. Whatever you do, don't give up eating altogether! Don't rely on just caffeine to get you through your day. Lots of students go through rough patches, and Campus Food Bank can help you if you're having a hard time. It doesn't matter how you choose to do it, but just make sure that you make your health a priority.

You'll feel even better about yourself if you feel good mentally. Try taking breaks from studying - and not just by checking facebook or e-mail - but take ten or fifteen minutes to walk outside or around the library, get a snack, whatever. It's important to give your brain and eyes a break from time to time. Give yourself time to meet with friends. However, don't waste your time with friends by doing things that are going add to your stress, like spending money unnecessarily, or playing video games when you have readings to do, or spending a weekend on a drinking binge. Try to take a couple hours with friends that you can trust, and then move on to something else. Sometimes just studying with classmates can help you to stay on track, and help you to reduce your stress levels. If you need a distraction from school from time to time, consider volunteering with an organization that interests you. Not only does this look good on a resume, but you can meet great people with similar interests.

Another great way to feel less stressed is to take the time to manage your schedule. Now, I won't pretend that this is fun. Looking at a long list of to-dos can be overwhelming and it's something that people generally prefer to avoid. But the payoff is that when you set aside specific times to achieve your goals, you're more likely to accomplish those goals.

Are things totally out of hand? That's okay. You don't have to manage everything completely by yourself. If you need to talk and get things off your chest, remember the Peer Support Centre is there to listen(www.su.ualberta.ca/psc). If you need help with academics, check out the Student Success Centre at www.uofaweb.ualberta.ca/academicsupport. If finances are getting you down, come to our office (1-80 SUB). There are lots of places on campus geared towards helping the student body, so if you're not sure where to look for a specific something, check to see if Infolink can help (www.su.ualberta.ca/infolink)

If I can leave you with one piece of advice, it's that University is a place where you learn a lot more than just how to do advanced calculus, or write 30 page papers, and so embrace the opportunities you get to learn from your life on campus. Figuring out solutions, and scoping out resources to help you through your rough patches will enable you to come out a smarter, better person in the end.




How to Approach your Parents for Money

Dylan - Fri Oct 21, 2011

Start Taking Control of Your Own Financial Situation

Being a University Student means taking on a lot of new responsibilities and one important responsibility is managing money effectively. Some students may be lucky enough to live at home and have their parents pay for everything. Unfortunately most students are not so lucky. However, for those students who are given handouts from the "Parental Bank", proceed with caution. Money management is a skill that everyone must learn eventually and having everything given to you now may negatively impact your ability to save in the future.

Here are some things you can start doing to take responsibility for your own financial situation: • Get your own bank account. • You aren't 12 years old anymore. You are an adult and you need your own bank account. • Calculate your estimated need for the school year • Estimate all your resources during the school year (savings, job income, scholarships, etc.), and then minus all of your costs during the year (tuition, books, rent, food, gas, etc.) • Try to create a budget for variable living expenses such as food, entertainment, clothing, etc. • Explore options to fund your education • These may include scholarships, part-time employment, government loans, or possibly your parents. • Take charge and actually take the steps necessary to obtain this funding • Planning is good, but it means nothing unless you actually do what you plan • Apply for scholarships, apply for jobs, talk to your parents, and apply for loans

Asking Your Parents for Money

If you are going to ask your parents for money and they are not the type to immediately offer you handouts, it may be helpful to follow the steps below.

Step 1. First consider if your parents can actually afford to provide you with funding. • If it is obvious that your parents are experiencing financial difficulties, then it may not be wise to go about asking for $7,000 to pay for you University tuition. If you still have a considerable financial need then you should apply for government student loans. Step 2. Approach your parents in a mature manner and show them your financial plan. • Proving to them that you have calculated your need for the school year and created a budget that you are planning to stick with may be sufficient to convince them you are mature enough to have their money. Step 3. Provide them with a repayment plan. • Maybe your parents are willing to give you money but they eventually want it back. • Provide/discuss an estimated monthly repayment plan once you are finished with your education. Step 4. If your parents are still unwilling after a mature and reasonably discussion, then it may be best to consider student loans instead.

Step 5. If you were successful in convincing your parents to give you money then be extremely grateful. • Thank them in whatever way you can. Baking cookies, making dinner, or even just giving them lots of hugs will go a long way and confirm to them that they made the right choice. • Also, make sure you follow your budget and are responsible with their money. If you are irresponsible with their money, they may never be willing to bail you out of a difficult situation again.

Government Student Loans

For many students, government loans may be the best option to provide them with additional funding to meet their need. If you are considered a dependent student, then your parents are expected to contribute to your educational costs (See the student loan policy manual of your province for information on the difference between Independent and Dependent students).

How the parental contribution is assessed? • The required parental contribution for dependent students depends on the parents income earnings from the previous year. Other parental assets may be taken into consideration depending on which province you are applying to.

What if your parents cannot afford the expected contribution amount?

• If your parents are experiencing significant financial difficulties then they should send a letter along with the appeal form explaining their situation.

What if your parents refuse to provide you with the parental contribution amount?

• Again go through the steps above. Talk to your parents in a mature and respectful manner explaining that the government expects them to contribute to your education. • If your parents are unwilling to pay, then unfortunately this is not considered grounds for appeal. • You may have to consider other funding options to meet your need. Luckily the Student Financial Aid Office does have other options available such as: • The Access Fund • Students Union Awards • Supplemental Bursaries • Emergency Student Loans




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