Originally Posted by
Asymmetriad
Sorry, I'm an ignorant ******* (even for a student), but how exactly does a credit card allow you to pay back what you borrowed for your education in a couple years where a student loan does not? I'm not aware of any restrictions on how quickly you pay back an OSAP loan, for instance.
I took out a student loan this year and got a part-time job, after studying two years of engineering without either. I don't carry a balance on either of my credit cards so I don't even know what my rates are (although I think one of them is around 18.5%/ann) but I don't see why it would be an advantage anyway vs. deferred interest on a government loan. Not counting, of course, the fact that the paperwork alone is a colossal pain in the ass.
I think the general strategy is to use the credit card as one tool among many in staying solvent while studying. Other strategies would include part-time job and maybe a term off if things got out of hand. The interest-free grace period of many loans seems to be an incentive to over-spend.
Also, you can use credit card points to fund exotic vacations.
I think the later being more important...