She Strengthens

Breaking Free from Student Debt: My Journey to Financial Freedom

As I look back on my university days, I’m reminded of the immense pressure to succeed. For me, that meant graduating debt-free and buying my own home at the tender age of 24. It wasn’t easy, but my journey taught me valuable lessons about financial discipline, hard work, and the importance of staying focused.

The Panic That Sparked a Plan

In 2008, I experienced my first panic attack during my last year of high school. With university applications looming, I felt overwhelmed by the unknown costs and lack of financial guidance from my family. But I didn’t let anxiety get the best of me. Instead, I took control of my financial future and started researching scholarships and bursaries.

Paying for University: A Year-by-Year Breakdown

First Year: Scholarships and Bursaries
I spent hours in the library and guidance counselor’s office applying for every scholarship and bursary I could find. My volunteer work and community involvement paid off, earning me funding for my entire first year. Those small awards added up, and I even secured a $1,500 entrance scholarship and a $2,400 Aiming for the Top scholarship.

Second Year: Working Full-Time and Living at Home
I worked full-time on weekends and lived at home to keep living expenses low. I saved around $500 a month, which translated to $6,000 a year. My “fun” consisted of hanging out with friends in the library, watching videos online, and taking webcam photos – all free entertainment!

Third Year: Paying Off OSAP
I mistakenly accumulated interest on my OSAP loan, so I paid it off in full. With less than $500 left in my bank account, I knew I had to keep working to manage my finances. I took a break and volunteered with Katimavik, a government program that covered my living expenses while I gained valuable life and work experience.

Fourth and Fifth Years: Co-op Jobs and Travel
I landed my dream co-op job with the City of Hamilton, working full-time and attending school part-time. I eventually took four months off to travel the world and was rehired by the City upon my return. This job paid for the remainder of my university education.

Graduating Debt-Free: The Key Takeaways

While it wasn’t easy, I managed to graduate debt-free and enjoy my university experience. Here are my top 10 tips for doing the same:

1. Apply for scholarships: Research and apply for every scholarship you can find, no matter how small.
2. Don’t buy books: Share costs with friends, photocopy pages, or use library resources.
3. Work: Don’t rely solely on student loans; pay off your loans while still in school.
4. Go to school part-time: It may take longer, but it’s worth it in the long run.
5. Do a co-op: Gain relevant work experience and make money while still in school.
6. Avoid temptations: Enjoy university in moderation; avoid unnecessary expenses.
7. Save aggressively: Develop good saving habits while expenses are lower.
8. Remember how a loan works: Treat borrowed money with respect and responsibility.
9. Plan: Regularly check in with yourself and your financial situation to stay on track.
10. Stay focused: Keep your eyes on the prize – financial freedom – and don’t let anxiety hold you back.

Living Life to the Fullest

Graduating debt-free was just the beginning. I’ve gone on to travel to 15 countries, live in a different province, and enjoy life on my own terms. My journey taught me that financial discipline and hard work can lead to a life of freedom and adventure.