For the Students or for the Government; Part 2

BY: BRITTNEY CHANNER 

For those who are joining us for the first time, today’s entry is a continuation of my last submission relating to Doug Ford and the Conservative government’s decision to eliminate free tuition for low-income students and decreasing tuition fees within the province of Ontario by 10%. Just to recap, on January 17^th, the decision was made by Doug Ford and his cabinet to cut the grants that were provided to students by the Ontario Student Assistance Plan (OSAP) because it had become unsustainable. The previous Liberal government that was in power increased the number of grants that were provided to students in 2016 in order to make it possible for low-income students to attend college or university free of cost.

However, with the soon to be an obsolete tuition-free grant program that was made available through OSAP, many students are left wondering if they will be able to afford the costs associated with attaining a post-secondary education. On top of that, many students are worried that once graduation draws near, the removal of the six-month interest-free grace period will leave new graduates with massive debt regardless if they have obtained a job or not.

Lastly, another barrier to the cuts posed by Doug Ford and the Conservative government that was not mentioned in my previous entry revolves around mature students and any individual with interest of going back to school. The new terms under OSAP redefine what it means to be a “mature student” which requires students to be out of high school for six years, which has gone up from four. Mature students who are within the six-year bracket, their parent’s income will be taken into consideration into the OSAP needs assessment.

As we begin to analyze the possible setbacks that these changes could have for many students, we can also see how the implementation of such policies continue to perpetuate a never-ending cycle of poverty by creating educational limitations for those who are at a disadvantage in society; making it extremely difficult to dodge the continuous peer pressures of life.

For many students coming from low-income families, they are usually the first ones within their household to attain a post-secondary education; and the free-tuition grant program made that a reality for many people across the province. Now, with its sudden removal, there are many individuals who will now have to come up with additional ways of financing their education should they not fulfil the new OSAP requirements as of the new 2019/2020 school year.

It saddens me that there are brilliant young minds within the province who won’t be able to utilize this opportunity with respects to attaining an education, nevertheless, as a student myself, all hope is not lost as I may have some potential ideas or solutions that may assist those who truly would like to go back to school.

1. Usage of a line of credit

Yes, I know. Borrowing more money may not seem like the solution especially since within a timespan of a year, students were paying next to nothing for their tuition. However, a student line of credit was specifically made for the purpose to pay for things like tuition and books.

Also, depending on which bank you choose to obtain one from, some of them have the same 6-month interest-free grace period that the Ford government decided to remove from OSAP. It may not be the best option, but it definitely can assist you regarding your financial needs. By the way, the interest rates on a line of credit are relatively lower than the interest rates you would pay on OSAP; think about it.

1. Open a tax free savings account (TFSA)

Opening a TFSA can essentially help you when it comes time to pay your loan off. The good thing about this account is that when you deposit money into the account, it takes 2-3 business days for you to get it back should you want to withdraw from it. Having an account like this as you start your first year of post-secondary education can help you save towards paying down your student loan as graduation draws near. A TFSA can be the difference between owing $30,000 and $20,000.

The recent changes made by Doug Ford and the Conservatives have a lot of students in despair wondering if they can overcome such a hurdle, however, I am here to say that this is just a minor bump in the road. You CAN do this!

Education is something No One, Including Mr. Ford, can take away from you.