Editorial: Take the time to learn about managing finances

Carleton students need to take advantage of the financial information the university offers to minimize the effect of struggling financially in school and the amount of student debt they graduate with. From government-funded programs like OSAP, to GoFundMe campaigns, to working near full-time hours while in school, students are looking to various methods to afford high tuition and other school-related costs. However, this is just one step in paying for university. University students needs to know what to do with the money they have, and how to budget to afford university and graduate with as little debt as possible. This starts with taking advantage of the resources available to them at university. For example, throughout the month of November, the […]

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Carleton hosts Financial Literacy Month

Carleton’s Awards and Financial Aid is hosting Financial Literacy Month (FLM) throughout November. Mark Robinson, manager of financial aid at the Awards Office said: “We think [financial literacy is] really valuable information to get out to students.” According to their website, FLM aims to teach students how to take charge of their finances. “It is a bit of an uphill battle,” Robinson said about trying to get students interested in the topic. “As you can imagine, it’s not always the most exciting topic for students to be thinking about or necessarily the most top of mind as they’re worrying about exams and stuff.” Events this month will seek to teach students about topics such as consumerism, banking products, budgeting, paying […]

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CUSA votes to increase financial transparency

The Carleton University Students’ Association (CUSA) council meeting on Oct. 20 amended a bylaw that states the regularity by which David Andrews, vice-president (finance), must present bi-monthly financial statements to council. The bylaw currently states that the vice-president (finance) is required to provide council with regular updates about financial affairs, as well as upon request. The argument presented during the meeting was that this bylaw is unspecific, as it does not mention how often these presentations should be made. The proposal was brought forth at a previous council meeting by arts and social sciences councillor Ruth Lau-MacDonald. Prior to this meeting, the Constitution and Policy Review Committee had voted unanimously that this amendment would specify the time as every two months. […]

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Editorial: Become financially literate while in still university

March is in full swing and tax season is upon us. With T4 and T2202 tax slips being tossed your way, this is a good time to have a conversation about financial literacy. But many students still struggle with understanding basic finances and how to pay their taxes on their own. The average student in Ontario pays about $7,500 in tuition a year, according to Statistics Canada. Add living expenses and the cost of basic necessities on top of that and a university education becomes a significant investment. Finding a high paying job is difficult, especially considering many students have little work experience beyond an internship or summer job. The average student graduates with $28,000 in student debt, according to […]

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Editorial: Huge deficit result of accounting – not reckless spending

There has been quite a lot of discussion around the Carleton University Students’ Association’s (CUSA) 2012-13 audits and the enormous deficit the audits revealed. Audits and budgets and deficits are confusing. Each summer, CUSA presents an operating budget—a guideline for what it plans to spend during the year. It then undergoes an audit from an accounting firm—an official account of how much they spent and where throughout the year. In late November/early December, CUSA receives these audits and the vice-president (finance) presents them to CUSA council. Folarin Odunayo, the current CUSA president who was vice-president (finance) in 2013-14—when the 2012-13 audits were released to CUSA—did not present them to council. He said it was an “oversight and an error” on […]

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