Planning your finances

Planning your finances

If you don’t have a financial plan for the upcoming academic year, now is a good time to think about money management. There are a lot of things to factor in and you might be surprised to see how quickly it all adds up.

Your costs as a student

As a student, you’ll be responsible for paying tuition and student fees. If you’re applying for on-campus housing, you’ll need to include your housing fees. You’re probably going to want to eat, so factor in your meal plan. If you’re going to be living off campus, you’ll need to consider your weekly groceries and rent (and remember that it needs to be paid on time). And let’s not forget all of the miscellaneous expenses such as clothing, entertainment, and your various monthly bills.

It can seem overwhelming, but UBC’s cost calculator can help you get a handle on what your money situation will look like.

Let us help you

If things still don’t make sense, contact your ESP, who will be more than happy to sit down and help you create a realistic budget for the year.

Financial planning and student loans

Financial planning and student loans

University is a costly endeavour, there’s no doubt about that. There’s tuition, books, residence fees or rent, food, monthly bills, clothing, entertainment – the list goes on. Coming up with a financial plan to manage these costs is an important first step, and UBC can help you with that.

Student loans

Sometimes, you need a little bit of extra help. If you’re a Canadian citizen or permanent resident, you may want to consider a student loan. The benefit to this program is that the government will pay the interest on your loan as long as you’re a full-time student. You will not be required to begin repaying it until six months after graduating (or ceasing to be a full-time student).

BC students can now apply for a loan for the 2016 academic year online through StudentAidBC. Students coming from another province can apply through your provincial lender. If you’re a US citizen, you’re eligible to apply for a Direct Loan. It usually takes a while for loan applications to be processed, which is why we recommend that you apply at least six weeks before the term starts to ensure your funding is available for the start of term.

Applying for a student loan is also part of the process of applying for a UBC bursary. This program is meant to help cover any unmet need if your student loan wasn’t enough. Please keep in mind that your student loan must be confirmed by September 15, so we recommend that apply for your loan by July 15.

Contact UBC for help planning your finances

There’s a lot of detail here, so if you have any questions about some of the financial aid opportunities available, please contact an Enrolment Services Professional (ESP) on the Vancouver campus. On the Okanagan campus, please email Student Services and Financial Support or call 250.807.9100.