By Sheryl Smolkin

 

“More Money for Beer and Textbooks” by Kyle Prevost and Justin Bouchard is 200 easy-to-read and digest pages of down-to-earth advice about how to finance a post-secondary education without going into massive debt. And the authors do not advocate living an austere party-free existence.

Both are in their mid-twenties and graduated from the University of Manitoba. Kyle is a high school teacher and Justin is the Dean of Residence at St. John’s College on the University of Manitoba Campus. They also blog at myuniversitymoney.com and  youngandthrifty.ca.

They recognize how difficult it is to get a high school or university student to sit down and read a book that won’t be on a final exam — particularly a personal finance book!

That’s why instead of counselling extreme frugality, they look at post-secondary education from the perspective of two guys who wish they knew then, what they know now. They figure they would each be at least $5,000 richer if they had taken their own advice.

They start off by comparing the cost of four years of school living away from home (about $80,000) to living at home (about $34,000). They also run the numbers for a two year college degree ($30,000 vs. $11,000). Nevertheless, they conclude that higher education is and will continue to be an excellent investment in an information-based economy.

When evaluating whether going away to school is a worthwhile investment, they weigh the pros and cons of on and off campus living for students.

One interesting living option proposed is for parents with more than one child attending the same school to consider buying a house with additional bedrooms for renters to help defray the mortgage costs. Prohibitive housing costs in cities like Vancouver or Toronto may make this idea impractical, but it could be a workable solution in smaller college towns.

For kids or their parents who think Canada and provincial student loans are the answer, the comprehensive section on applying and qualifying for student loans and paying them back is an eye opener.

The application process is so complex, the book gives a checklist of 16 types of information to have available before even beginning to complete the online form. And depending on parental income, it is assumed that the Bank of Mom & Dad will make a major contribution to school costs.

Repayment of student loans doesn’t start until six months after the end of university, but interest starts accruing at the end of the final semester. Former students can opt for a variable interest rate of prime plus 2.5% or a fixed interest rate of prime plus 5%. A bankruptcy will not wipe the slate clean but a Repayment Assistance Plan is available in limited circumstances.

The chapter on scholarships and bursaries reveals the surprising fact that every year in Canada about $7-million in free money earmarked for post-secondary education goes unclaimed. There are lots of great suggestions about where to find scholarships and12 scholarship tips anyone can use.

For example, the authors say don’t just Google “scholarships” and apply for the top three like everyone else. The people who really succeed in the realm of scholarships are those who apply EVERYWHERE.

Too much trouble?

Most scholarship applications are similar and once a student has applied to several, he/she can cut and paste the rest with a little creative tweaking. And if the application process is really complicated, the odds are the applicant won’t have much competition.

There are also lots of good illustrations of how scholarship applicants can market themselves. For example, a former McDonald’s employee can emphasize the positive by describing the experience as “building practical business and communications skills in an entry-level position while learning how to contribute positively to building a team atmosphere.”

Providing references with a summary of activities and attributes they may not be fully aware of is another great suggestion that could result in detailed and glowing letters of support for scholarship applications.

Trying to keep costs down while still having a good time?

Kyle and Justin suggest students drink at home instead of in a bar to improve their “booze-to-dollar” ratio. They can also score free soft drinks and save money each time they offer to be the designated driver. For those with the space and inclination, they even suggest making homemade beer or wine can as another way to minimize cash spent on alcohol!

Other chapters deal with summer jobs, student tax returns, credit cards, budgeting basics and the importance of choosing an “in demand” career.

As both educators and recent graduates, the authors are able to strike the right balance between a breezy presentation and delivering lots of useful information. This book can be the catalyst for important discussions between parents and their college-bound offspring.

More Money for Beer and Textbooks can be purchased for $14.40 online at Chapters.

By Sheryl Smolkin

If you always wanted to go to college or university and life got in the way, it may not be too late. Some schools like Vancouver’s Simon Fraser University have eliminated tuition waivers for seniors due to provincial budget cuts. However, at least one Saskatchewan University plus several other well-known Canadian schools do not charge seniors for tuition.

For example, the University of Saskatchewan waives tuition fees for people 65 years of age or older, who are provincial residents and who register in the following types of courses and programs:

• Regular sessions: To a maximum of 15 credits
• Evening or off-campus courses: To a maximum of 15 credits
• Intersession and summer session: To a maximum of 6 credits
• Non-Credit extension programs

At the University of British Columbia, BC residents who are Canadian citizens or permanent residents aged 65 years or over during the session in which they are registered are not assessed application, tuition, or student fees. However, there are tuition fees levied for some programs where facilities and resources are limited.

Tuition and fee waivers apply for seniors who meet residency and age requirements at the University of Manitoba.  Although most of costs are waived for senior students, they still must to submit an application form and meet entrance requirements.

York University’s deal applies to Canadian citizens or permanent residents whether they are registered in a degree course, as a visiting student or simply auditing a program.

Ryerson also offers free tuition to students over 60 for four-year undergraduate programs and McMaster University in Hamilton has a similar program for undergraduates over 65. In addition, McMaster reduces fees by 50 per cent for seniors registered in Continuing Education courses.  However, you are out of luck if the program you want is at University of Toronto, as only nominal ancillary fees are waived for older students.

Dalhousie University encourages learning opportunities and professional development by offering senior students 65 years of age or over who are Canadian citizens or permanent residents at the time of registration and are enrolled in an undergraduate non-professional degree program a senior citizen waiver. This waives only the tuition portion of the fees. The student must pay any incidental fees.

Other colleges and universities across country also offer seniors a tuition break. For more information, contact the school of your choice.

I got an LLM. in the mid-90s, 20 years after I was called to the Bar, so embarking on another rigorous degree program at this stage is not at the top of my “To Do list.”  But if I ever get around to retiring and have some time on my hands, I will definitely be tempted to audit opera, music, theatre and other general interest courses.

Do you have tips for seniors who want to fulfill their lifelong dream to get a university degree? Share your tips with us at http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card. And remember to put a dollar in the retirement savings jar every time you use one of our money-saving ideas.

If you would like to send us other money saving ideas, here are the themes for the next three weeks:

10-Oct	Thanksgiving	Paying it forward: Volunteer opportunities
17-Oct	Halloween	Cheap and cheerful costumes, snacks
24-Oct	Charity	How to raise money for almost anything on Indiegogo