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By NOKNOY XAYASANE
Staff Writer
It's not a hand-out. Students often forget that the loans they receive aren't theirs to keep. They do have to be paid back at some point.
Students have a lot of needs, but the Ontario Student Assistance Program (OSAP) can't cater to them all.
"With OSAP I pay my bills, buy weed, and all that other good stuff,"
says Dave, 24, a Niagara College student from Caistor Centre, Ont.
The
biggest mistake is looking at the loan as a lump sum. This isn't just a
financial bonus; these are your living expenses.
Learning to manage
your money can be almost impossible when you see how much booze you can
get with all that money. There are many ways you can fully enjoy your
college experience without going broke.
Terry Savage, financial
expert and columnist, says it's just a matter of keeping track of your
spending.
Hold on to every penny and set up a budget, says Rita
Marshall, of Longbow Business Solutions. Remember the extra change
jiggling in your pockets? The change you tossed away because it wasn't
enough to buy anything useful can be saved in a jar for rainy days,
laundry or the weekend. It adds up.
Also (the biggest secret on
campus that isn't really a secret) eat at The After Hours; it's cheaper
than cafeteria food.
Ben Rubenstien, managing editor at Centerstage,
says don't be fooled by sale items. You think you're saving money, when
in reailty you aren't. We're in a struggling economy. The reason store
products are so cheap is because the stores your money.
Charles
Fishman, chairperson of Fast Company, discovered in a recent
investigation that Wal-Mart sold $244.5 billion worth of goods last
year. It sells in three months what the No.2 retailer Home Depot sells
in a year.
Instead of helping Wal-Mart clear its inventory, help
yourself by paying off those bills so you aren't evicted.
"I don't
budget my money at all. That's why I'm broke. Visa must have me on speed
dial," says Dave. Realize how much is going in and how much is coming
out, says Savage.
The Ontario Undergraduate Student Alliance (OUSA)
has the "Food for Thought" challenge. Students who live away from home
receive $226 for food a month.That's $52.56 a week, which leaves $7.50
per day. Without realizing it, students have probably gone over-budget
the first day on campus.
Aishah Butt, 20, of Wilfrid Laurier
University, in Kitchener, says, "I spend 15 bucks a day on food. I'm
already double over my budget. That hardly seems fair."
The OSAP
allowance provides a total of $34.72 a day for food, shelter, public
transit and miscellaneous expenses. For a student living away from home,
this would average out to $12,540, that's $3,000 below the low-income
cut-off. Thousands of students are living below the poverty line.
"OSAP
is designed to assist students, not cover everything. Students are
expected to contribute towards their own education in some way and not
solely depend on OSAP," says Kamiel Hayward, 19, of Fanshawe College, in
London, Ont.
Savage says, "Make your money work for you as hard as
you work for it."
You're going to spend cash regardless. Buy clothes
at clearance sales or discount stores. Versatile footwear is ideal. Put
half of your paycheque into a savings account. Get a job or two and
don't get a credit card unless you're in dire circumstances.
For a
detailed OSAP living allowance, visit www.ousa.ca.
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