Thursday, September 13, 2007

The Plan

Recently I began my Bachelor of Education degree at the University of Prince Edward Island. In order to do so, I willingly accepted a debt burden in the form of student loans. However, unlike most people who use that money for both living expenses and tuition, I am hoping to cover basic needs with several jobs. Thus student loan dollars should only be going into tuition.

With that being said, I am hoping that my final assesment of the loan will give me enough to cover two-years of tuition so I don't have to reapply next year.

To keep track of the amount I owe, I plan to put the full amount of what I get into a seperate high interest savings account through PC Financial. Not only will it be easy to see how much is there, but I will be able to gain some interest before repayment time hits.

Finally, as part of a repayment strategy, I plan to start putting money into that savings account while I am still in school. I beleive with this plan I will be in good shape to pay off most of the balance relatively soon after obtaining my degree.


Sam Arsenault said...

There's no better feeling than letting money that's effectively got someone else's name on it sit and earn you interest.

This is the reason I make all my purchases on my visa and then pay it off at the last possible day from my savings account.

/Don't you hate pants?

doug said...


Would love to see another post if you get the chance between your word papers and book learnings.