3 tips to keep your student finances on track
There's no time like the present to fine-tune your budget and funding plans
When in doubt, apply for funding early. It typically takes six to eight weeks from application to approval for a government loan.
Funding your education while studying can be a lot to juggle. Learning a few tips to keep yourself on track financially can go a long way to helping you focus on your studies. As COVID-19-related government supplements wrap up, it’s important to update your budget to reflect your current situation.
Make yourself a student funding plan
If you’re a Canadian student applying for funding, whether it’s from a federal, provincial or Concordia-based source, be sure you apply enough in advance of the start of term. When in doubt, apply early. It typically takes six to eight weeks from application to approval for a government loan.
Once you’ve been approved for funding, learn exactly what is required for you to receive it. Most funding requires that you are registered and maintain full-time status. If you’re on the waitlist for a course, it won’t be counted toward your registration until you are fully registered. This might cause your funding to be delayed. You can always contact the Financial Aid and Awards Office (FAAO) to check on the status of your registration.
The same goes for loans that require you to be registered as a part-time student; you are only eligible for funding for the courses in which you are actively registered. Be sure you’re enrolled in the credits you need to receive your funding.
Make a habit of checking the Financial Aid and Awards webpage
There are awards and bursaries to apply for year-round. The "Notices” section on the FAAO page is always updated with the latest deadlines and opportunities. There’s funding for students from every faculty and circumstance — try to make a habit of checking in on a monthly basis to stay up to date on the latest calls for applications.
Make room in your budget for ‘fun money’
Even when money is tight, planning for some fun will help you avoid stressful surprises down the road. Plan treats for yourself so you can have a good time while also keeping your budget on track.
Learn more about bursaries and awards on Concordia’s Financial Aid and Awards Office page.
Read about financial wellness while studying at Concordia.