Credit Cards
What is a credit score?
A credit score is used to help lenders determine the probability of an individual repaying their debts.
What is a budget useful for?
A budget can be used for many things. Mainly, saving money for things you need the most
Name three expenses that need to be accommodated for if you decide to live on campus.
(answers may vary) - meal plans, residence, textbooks
What does OSAP stand for?
The Ontario Student Assistance Program
How many days do you usually have to repay your debts?
21 days
Name three reasons why budgets are important.
(Answers may vary) - they can help keep track of your income and expenses, prepare for unexpected expenses, avoid overspending, stay on top of you monthly goals and they also help find different ways to save money.
What is one way you can save money while you are in university?
(answers may vary) - Budgeting your money, limiting the amount of times that you eat out.
What do you need to repay and what do you not have to repay
Grants are non repayable, but loans must be repaid once you are finished school
What is the range of a good to excellent credit score?
A good to excellent credit score ranges from 700 to 750 and above.
When should someone start budgeting?
On average, how much do students spend on textbooks each semester?
$500 to $1000 per semester
How many weeks before should you apply to OSAP
10 weeks
Name two advantages and two disadvantages to having a credit card.
Advantages (answers may vary) - rewards and benefits, can be useful for making purchases that you may not have enough money for.
Disadvantages (answers may vary) - forgetting to repay debts on time, fees and charges may be applied.
When should you review your budget?
You should change or review your budget when there is a major change in your financial situation. For example when you pay off debt, get a raise, have a baby, approach retirement, lose a spouse, get married or divorced or add an expense you should review you budget. When debt levels and goals change try to update your budget. You should also try to review your budget every 4 paychecks to see if everything is going as planned.
On average, how much do students living at home spend on their university costs per year?
$9,300
Who is eligible for OSAP?
OSAP is open to Ontario residents of any age who are Canadian citizens or permanent residents