With the new school year around the corner, thousands of post-secondary students across Canada are getting ready for the first day of school. Whether students are attending in-person or virtual classes, the financial challenges brought on by the COVID-19 pandemic are still a reality for many. With the new Scotia Funds Your Future contest, Scotiabank is giving post-secondary students the chance to win* $30,000 towards their tuition.
The COVID-19 pandemic has been challenging for post-secondary students with many experiencing job loss and work placement delays or cancellations. This loss of income only emphasizes debt as a major point of concern for students. According to Statistics Canada, half of post-secondary graduates have student debt at graduation with a median debt of $17,500.
“For many, the years spent at college and university are an exciting time but it’s also a time when students are burdened with debt from the cost of tuition, books and rent,” said Tracy Gomes, Senior Vice President of Retail Customer Value at Scotiabank. “The Scotia Funds Your Future contest is just one way Scotiabank is helping students alleviate some of the financial pressures they face.”
With the Scotia Funds Your Future contest, Scotiabank will help two lucky winners with their tuition costs. One domestic student and one international student will each be awarded a $30,000 prize. Contest winners will have the opportunity to meet with a Scotiabank advisor to help create a financial plan. Contest runs between August 3, 2021 to January 31, 2022 and the winner will be selected on March 1, 2022. Eligible students can earn entries by holding or opening a new Scotiabank eligible account* and registering for the contest. For more information visit scotiabank.com/ScotiaFundsYourFuture
“As a parent myself, I know one of the most important things I can do is to ensure my kids learn the basics of personal finance so they can develop good money habits now for use in the future,” added Gomes. “Scotiabank offers many tools and resources for students to learn how to manage their money effectively to set them for future success.”
Money tips for starting your school year strong
A return to campus means several financial obligations from tuition and fees to housing and groceries. Developing strong financial habits early opens the door to better money management over a lifetime. Here are six tips from Scotiabank on managing your money:
- Create a budget. Track your fixed costs such as tuition, rent, books, and utilities, as well as your variable expenses such as a groceries and entertainment for a month. Now it’s a numbers game – make sure your total expenses don’t exceed your monthly income. Track your spending each month and compare against your budget, then adjust where necessary. If you’re having trouble with your finances, you can also speak with a financial advisor at your local bank branch – their advice is free, and they are there to help you find solutions that work for you.
- Make a plan for student loans. With the suspension of interest on student debt, now is the time to develop a game plan to pay off your student loans. Start paying your debt while you’re still a student, set up automatic payments and, once you start earning more money, pay more than the minimum payment. Don’t forget that if you received a qualifying loan under the Canada Student Loans Act, or similar provincial legislation, you may be entitled to a tax credit for interest on your loan.
- Take advantage of tax season. Canadian students currently enrolled in a post-secondary institution can claim tax credits for tuition fees. If you had to move to a new city or at least 40 km closer to campus, you may be eligible to deduct moving expenses such as transportation and storage costs.
- Earn when you spend. Consider how to make the most of your bank account. Does your account offer different benefits and perks, including unlimited debit transactions and the ability to earn and redeem points from your debit purchases? Scotia Rewards® is one of the most flexible rewards and loyalty programs in Canada where you can earn points from your debit card transactions and redeem your points for thousands of rewards.
- Start an emergency fund. Contributing whatever you can to an emergency fund, even $20 per month, will make a big difference over time. Setting up automatic deposits to your emergency fund will allow you to save without having to worry about it. Better yet, consider putting your savings into accounts that earn interest that can be redeemed without penalty.
- Lean on Advice: Setting strong habits early will make all the difference in your financial future. Start utilizing online resources to improve your financial literacy by visiting Scotiabank’s Student Hub and the Scotiabank Advice+ Centre. Getting strong advice early can put you on the fast track to achieving your financial goals and Scotiabank advisors can help set up a plan to get through today while setting you up for success in the future.
For more information on the Scotia Funds Your Future contest, visit scotiabank.com/ScotiaFundsYourFuture
*NO PURCHASE OR ACCOUNT OPENING NECESSARY. Contest runs from August 3rd, 2021 at 12:00:01 am (ET) to January 31st, 2022 at 11:59:59 pm (ET). Open to Canadian/Permanent Resident students and International Students 17+ who as of March 1st, 2022 are resident in Canada and enrolled in a post-secondary institution in good standing. Two (2) winners will each receive 1 prize valued at CAD $30,000 consisting of (i) $10,000 deposited into a Scotiabank Student Banking Advantage Plan, (ii) a 1-year non-redeemable GIC for $10,000, and (iii) a 2-year non-redeemable GIC for $10,000. Total value of all Prizes to be awarded is CAD $60,000. One prize will be awarded to a Canadian Citizen/Permanent Resident, and one prize will be awarded to an International Student. Odds of winning depend on total number of eligible entries received from each category of entrant. Skill-testing question required. Some conditions apply. See full Official Rules at https://scotiafundsyourfuture.armreward.com/rules for complete details.
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