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Welcome to

Green Light’s Virtual OUF!

[Financial Planning]

We will begin in a few short minutes, in the meantime please ensure your microphone is muted & video is turned off for this presentation!

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Instructions

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Be Respectful

Please ensure you are treating all attendees & speakers with respect. Any disrespectful or hateful behaviour will not be tolerated.

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Be Open Minded

Keep in mind that everyone’s experience with a situation is different! A speaker’s opinion is not representative of everyone’s!

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Be Engaged

The speakers have taken the time out of their day to be here with you today! Please focus on their presentation & ask questions!

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Asking

Questions

Feel free to use the chat function to ask questions throughout the presentation! Please be patient as speakers may not answer them until the end & we may not get to all of them!

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Place your screenshot here

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Speakers

Jahnavi Sheth

Western University, Second Year, BMOS

Co-President

jsheth7@uwo.ca

Manraj Virk

McMaster University, Second Year, Life Sciences

Co-President

virkm9@mcmaster.ca

Nicholas Renolds

Western University, Second Year, BMOS - Finance

Director of Outreach

nickrenolds13@gmail.com

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Table of Contents

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Finding Fees & Expenses

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OSAP + Scholarships

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Part-Time Jobs

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1.

[Finding Fees]

Using Tuition & Expense Calculators

Example:

https://future.mcmaster.ca/money-matters/cost-estimator

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Breakdown of Costs

Tuition Fees

Ancillary Fees

Health/Dental Plan
Transit Pass
Contribution to student services

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Tuition + Ancillary Fee Breakdown:

Ancillary Fees

Sample Ancillary Fee Breakdown:

Western Ancillary Fees

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What Else to Plan For?

Housing Expenses

On-Campus Residence vs. Off-Campus Housing

Food Expenses

Meal plan

Textbooks

Tips and timeline

Entertainment + Other

Budgeting

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More Tips!

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Open a student bank account!

Lower/No Fees + Cashback/Points
Link OSAP

Download budgeting apps

Link your bank account and track spending
Ex. Pocket Guard, Mint

Money Conversation

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2.

[OSAP + Scholarships]

OSAP explanation

How to sign up

Scholarships vs bursaries

How to find scholarships

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OSAP? What's that?

Ontario Student Assistance Plan
No interest on student loans until graduation
Start paying loans up to 6 months after graduation
Application takes only around 15 minutes

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What do you need to sign up?

Student’s Social Insurance Number
Parent’s Social Insurance Number
Student’s tax information
Parent’s tax information

All tax information can be found on income tax returns

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Steps to sign up

Register online at ontario.ca’s OSAP page
Complete the OSAP application by the deadline (Oct 1st for 2020 fall/winter term)
Complete Full/Part time MSFAA
Complete signature & declaration forms and upload them to your application

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Canadian Student Financial Assistance Estimator

http://certification.esdc.gc.ca/lea-mcl/eafe-sfae/eafe-sfae-h.4m.2@-eng.jsp

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Allows students to estimate their financial aid amounts based on approximate family income and situation

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Scholarships vs Bursaries & grants

Scholarships:

Non-repayable financial support
Awarded based on assessment of individual criteria (merit based)

Bursaries:

Non-repayable financial support
Awarded based on financial need
Interchangeable with the term “grant”

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Commonly used scholarships and bursaries

OSAP - Grants based on financial need

CESG - Money that the government adds to a student’s RESP

Admissions scholarships - No application required, dependent on admission average

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Where to find them?

Scholarships Canada (scholarshipscanada.com)

Student Awards (studentawards.com)

Your University’s website

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Other options to pay school fees

Emergency loans from schools

Bank loans

Self funded

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3.

[Part-time Jobs]

Jobs v.s. Internships

Part-time Jobs

Opportunities Platforms

Income Management

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Jobs vs. Internships

Jobs

Work based on qualifications
Adding value to the company
Paid

Internships

Specific learning objective
Usually based on qualifications
May/may not be paid

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Part-Time Job Specifics

Student Minimum Wage: $13.15
Age of 16+
Under $12,069 = tax exempt
Additional reductions:

RRSP
Union dues
Employment Insurance
CPP

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How to Find Part-Time Jobs

Using employment-oriented search engines:

LinkedIn
Indeed
Joblist

University Favourites:

Walmart
Grocers
Retail

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Career Counselling

Every university/college has its own career counselling and advising centre.

Highly recommend using this aid when:

Jobs close to campus/within city of campus
Jobs relatively specific to study
Preparing for interviews
Further general advice

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Income Management

A few things to consider:

Using the income to pay off any immediate expenses
Maintain a certain balance that allows you to spend on spontaneous occasions
Any ‘extra’ money should be placed in a savings account!

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For the vast majority of students, a part-time job is mainly to acquire enough money to manage your expenditures and school expenses. Remember that whenever you get that paycheck, it is not to be immediately used on leisure IF you have pressing expenses that need payment soon. Examples of this would be rent, tuition, textbooks and course material, and other living expenses such as groceries or utility expenses (If not included in rent).

Always have a certain amount available on hand in your account after paying a few expenses for any spontaneous occassions. Everyone’s priorities are different with how they will use their money for such occasions. Some will keep extra if they know they will be going out frequently. Others might need just a bit to pay quick purchases like getting snacks or food. This depends on you but remember that you are liable in this segment for how you use your money. This brings us to the third point. If any ‘extra’ money is left, it is highly advised to put it in a savings account. This will ensure….

So like I said before, you are responsible with how much you think should be on hand. Just because you have ‘extra’ money does not mean you should necessarily increase your allowance on hand. However, the priority in your decision lies within you. Once again, it is strongly advised that you do place ‘extra’ money in a savings account as it will greatly support you in the long-run.

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Questions about managing student finances?

Follow ACE!

Weekly infographics, links to resources plus much more!

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Instagram: @liter.ace

Facebook: @liter.ace

LinkedIn: ACE Financial Literacy

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Contact Us!

Jahnavi Sheth

Western University, Second Year, BMOS - Accounting

jsheth7@uwo.ca

Manraj Virk

McMaster University, Second Year, Life Sciences

virkm9@mcmaster.ca

Nicholas Renolds

Western University, Second Year, BMOS - Finance

nickrenolds13@gmail.com

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Questions?

Feel free to send any other questions into the chat!

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Thank You!

If you want more guidance & advice, sign up to be a Green Light Mentee!

www.greenlightmentorship.com

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Big Thank You to Speakers :)