Here is a list of 8 mistakes students often make. So what? Take a look at the repercussions of these mistakes along with tips to avoid them. Click to expand!
1. Bills are paid late
- Penalties and late fees will be added to the bill.
- You will compromise your credit rating and your credit score will automatically lose points. Check out the Your Credit Report Check-Up article.
- Your interest rate could be increased or your account closed.
- Use pre-authorized debits and you’ll never be late again!
2. Tuition isn't paid on time
- You will incur late fees
- You will not receive your grades at the end of the semester
- You will not be able to return to school until all outstanding Mohawk accounts are in good standing
- You will not be able to graduate or receive your transcript
- Once you are in receipt of any funds the priority has to be your tuition. Pay this bill IMMEDIATELY.
- Monitor your student account regularly to ensure all fees are paid. Take a look at how to access and read your Financial Account Summary (opens PDF, 457kb) statement.
3. Bursaries and Scholarships aren't being claimed
- You missed out on an opportunity to reduce your debt load.
- Your budget is tighter than it needs to be.
- You’ll pay interest on a Student Line of Credit or credit cards that you may not have needed to use.
- There are many funds that are prepared to support students by recognizing your academic progress, your financial need, your extracurricular activities etc. Check out Mohawk College Financial Assistance page and apply every semester!
- According to StudentAwards, over $15 million goes unclaimed! One of these scholarships could have your name on it. Click on the expandable box at External Awards and apply!
4. Campus resources and services aren't being used
- You’ll miss out on money saving activities, events and some really helpful programs that will make your experience at Mohawk more exciting, interesting and affordable.
5. Income isn't budgeted properly
- You’ll be spending money you don’t have
- You could run out of funds before the year ends
- You could find yourself in more debt than you can handle or expected
- You could make decisions that are not in your financial best interest
- Look for ways to cut back on expenses and use freebies whenever you can.
- Fill out the Budget Worksheets to make sure your spending stays on track!
6. Loans and outstanding credit card balances aren't monitored
- The debt will grow faster and will get out of your control
- You will make purchases and choices without knowing the consequences of your actions
- Fraud on your account could go unchecked
- Check your loan amounts and credit card balances regularly
- Know the interest rates on the loans and cards by checking online or with your financial institution
- Be aware of the impact this debt will have on your future financial health
7. Credit card balance isn't paid in full each month
- You may end up spending more money than you have available to you
- A lot of wasted money will go towards paying off interest. Check out Credit Cards Explained to see how interest accumulates on your credit card. Warning: This article may scare you into paying off your credit card bill in full each month.
- Those fancy new shoes you got on sale could end up costing more than the original price tag
- Credit card interest rates are high so take advantage of the grace period on cards and never pay interest again. Check out our Credit Cards Explained for more information on how to read you bill.
- Your credit card bill must state how long it will take to pay off your balance if you are only making minimum monthly payments. Read this section of your bill. You may be (unpleasantly) surprised.
8. Students don't file their tax return
- You will miss out on your chance to get a tax refund
- You will miss out on both the Trillium (provincial) and HST (federal) refunds eligible for low income earners
- Even if you don’t have an income you can still file a tax return and be eligible for government programs designed to help low income individuals
- A refund can add to your income and reduce your reliance on borrowing