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You mean Canada's college system is as messed up as ours?
I'm not too familiar with yours (obviously), but you can't get a 4-year BA here without a 30-60K debt, too. The way things are going for me, unless I win the lottery, I will be about 60-80K in debt from student loans by the time I graduate lol
This future is a bit grim....was watching a documentary about how the future looks with more and more stuff becoming more automated, more workers getting scaled back by machines.... It sounds daunting, but in reality it's the Millennial's kids are going to be more screwed....
Sort of scary stuff.... I used to always sort of poo poo those things, but they are saying that even some of the techie jobs are going to look different in the future and me having a tech job that sort of hit home.
I used to say that people graduating school with what I call "fluff" degrees, you know, the ones that you can't get an actual tangible job were the ones that were in trouble, but like I said it's going to affect all sectors of the workforce.........
Student loans cannot be discharged in bankruptcy. In addition, she makes $35k/yr and MAY qualify for income based repayment but if they get married with his income of $48k, and a total income of $83k/yr it will probably disqualify them increasing their burden tremendously.
They can file separate taxes. IBR is allowable to people who file that way. Only her income would be considered.
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I'm not too familiar with yours (obviously), but you can't get a 4-year BA here without a 30-60K debt, too. The way things are going for me, unless I win the lottery, I will be about 60-80K in debt from student loans by the time I graduate lol
The future is grim
Not trying to argue, but my boss went to Queens in Kingston and that doesn't match his exp.? My friend that lives in Vancouver, is frugal, his son went to school in BC and didn't have hardly any student debt.
Not trying to argue, but my boss went to Queens in Kingston and that doesn't match his exp.? My friend that lives in Vancouver, is frugal, his son went to school in BC and didn't have hardly any student debt.
It depends if you're taking out loans. Although, I'm not familiar with the system in BC because it's really province-to-province. However, I am certain that must have something similar to us. I live in Ontario.
When you apple for loans, you don't do it with a bank or any private loaning company, it's through a government assistant program called OSAP. You apply for it and if you're approved, they calculate the amount you will need based on your income and expenses. I would say that it is akin to applying for a welfare program.
The give out a few bursaries and grants. I did not qualify for any scholarships, however I did receive about $500 in grants because I am an ethnic minority.
I qualified for about $15K in student loans based on my projected tuition and housing arrangements. I am no longer living at home, so I had to take out loans to ensure residence. I believe my tuition, for a full course load, was about $8K. Which isn't that bad, but when you tack on living expenses, it gets ugly.
Ironically, enough, the residence that I live in was almost as expensive than tuition itself haha. It was maybe about $7K.
This is not including the expenses for living, i.e. food and textbooks. They require you to pay for full tuition and residence costs before the school term, or else they start tacking on interests charges. Now, can you imagine the interest a 16K balance would acquire? I took my loan and put it right back into the hands of my school. However, the way that OSAP distributes the money (You get half one term, and then the other half the next) made it impossible for me to pay the amount in it's entirety. I think I ended up with an additional 1K on debt from interests charges. To me, that was the most frustrating part of this because it was completely ridiculous that they were charging me 100% of my tuition/residence when they were aware that I was only receiving 50% of my OSAP funding.
I had to take out another loan from the bank, which I didn't qualify much for, to pay for my actual day-to-day expenses. More importantly, I had to purchase all my books for the school year. I think that I spent around 500$, which was actually on the cheaper end of things. I lived in a townhouse-style residence, which meant that we lived in a little house where all utilities and internet was paid for. However, we were in charge of buying all our kitchen stuff (because we were expected to cook, unlike dorm-style res. where you could have a meal plan) and personal items (i.e sheets, lamps, desks, towels, TV and anything else you can think of that you would need moving into a new house). All in all, my parents helped with the moving expenses and purchased most of my new things. However, I was unemployed for the first 4 months of school, so I relied on the bank loan my sustenance and day-to-day expenses.
Now, I'm working and things are a little bit easier. I haven't taken out anymore loans and I'm trying to budget myself. Obviously, some of these expenses will fluctuate throughout the course of the next three years. This was only my first year towards a four-year BA. I think this entire year, all in all, was about $20K. Hopefully, that number decreases as I learn to manage my money and to be as economically efficient as possible.
Mortgages are given based on your ability to repay. Student loans are not. Mortgages are secured loans. Student loans are not.
I owe $140K on my house and make $140K per year and therefore I am in a better position to repay than the girl with the same debt but only $35K. My house is also worth $310K and I could sell it and pay off the loan because a mortgage is backed by an asset (ignoring the housing bubble). Student loans are not backed by any asset therefore there is nothing to sell to pay them off.
I realize student loans do not have collateral. It isn't an asset, but we don't know her finances or her ability to pay. She could be eligible for income-based repayment. That is her income now, but she could pull in a higher income down the road. I doubt 35k is her forever salary.
Is she still in school?
If she ever purchases a home in a HCOL area and the housing market improves significantly there's always the option of paying off remaining or a good portion of the debt at resell.
What is the real issue. That she has this high debt she'll be paying $400-800 a month on for 10-15 years? If she can afford the monthly expense, I don't see the issue.
This future is a bit grim....was watching a documentary about how the future looks with more and more stuff becoming more automated, more workers getting scaled back by machines.... It sounds daunting, but in reality it's the Millennial's kids are going to be more screwed....
Sort of scary stuff.... I used to always sort of poo poo those things, but they are saying that even some of the techie jobs are going to look different in the future and me having a tech job that sort of hit home.
I used to say that people graduating school with what I call "fluff" degrees, you know, the ones that you can't get an actual tangible job were the ones that were in trouble, but like I said it's going to affect all sectors of the workforce.........
Sorry to be heavy on a Good Friday and all.
Fluff, as in, not a STEM job? I appreciate the STEM field. I briefly contemplated a couple programs within the IT/cybersecurity field, and even intelligence, but, after a lot of mulling I decided I wanted to choose a field that I'm passionate about and want to work in, not one I'm pressured into because it fits others' ideals of what "success" or the American way is. I couldn't give a rat's a#$ about such things.
I'll have quite a bit of student loans once I'm finished, though not six figures, and that's for "fluff" degrees. I want to teach in my field, because I'm damn good at what I do. And while I'll never pull in six figures, I will be able to make the student loan payments. Heck, I had two car payments totally $600 for 10 years during my first marriage. My rent was over twice that. So $400 a month isn't some "oh my bob... that's soooo much! She's utterly screwed!" situation.
In any case, I *do* get what you're saying. I am curious to see what various parts of the workforce will look like in 10-20 years. If machines begin taking over various jobs I'll begin to wonder what that will mean for the large majority of the workforce, blue collar folks.
Fluff, as in, not a STEM job? I appreciate the STEM field. I briefly contemplated a couple programs within the IT/cybersecurity field, and even intelligence, but, after a lot of mulling I decided I wanted to choose a field that I'm passionate about and want to work in, not one I'm pressured into because it fits others' ideals of what "success" or the American way is. I couldn't give a rat's a#$ about such things.
I'll have quite a bit of student loans once I'm finished, though not six figures, and that's for "fluff" degrees. I want to teach in my field, because I'm damn good at what I do. And while I'll never pull in six figures, I will be able to make the student loan payments. Heck, I had two car payments totally $600 for 10 years during my first marriage. My rent was over twice that. So $400 a month isn't some "oh my bob... that's soooo much! She's utterly screwed!" among.
In any case, I *do* get what you're saying. I am curious to see what various parts of the workforce will look like in 10-20 years. If machines begin taking over various jobs I'll begin to wonder what that will mean for the large majority of the workforce, blue collar folks.
Hello, Skynet.
Fluff is a bit of a harsh term.... people have rousing discussions over in POC about STEM fields versus the Liberal arts and obviously I'm biased.... As I get older I do have a much greater appreciation for the other side of things, things not technical in nature and music arts and the like is becoming a higher priority in my life.
That being said, it's really hard to run down employment with certain educational backgrounds, I mean they don't make jokes about Starbucks having some of the most educated workforce for nothing....
I do get that an education should be more than just a path to earning a paycheck, but in the coming yrs and even now to a degree, it seems like one might have to be a bit more pragmatic... IDK....If someone can go and earn a degree and do what their passionate about and be able to make enough money to live reasonable well, doesn't have to be six figures I'm all for it.
Not just the debt, but the fact that she WAITED to tell him until she felt like she "hooked him" (moved in together.)
Unless she was a medical resident or something (upside) it would be a HUGE red flag.
The fact that she HID it....
(and damn well knew what she was doing.... As is obvious based on the past relationship.)
DONE!
(he's a sucker, and she's hooked him.)
Exactly. I would give some consideration to medical, law or similar where going this far in the hole is almost normal on the path to a lucrative career, but, the "sneak attack" of hiding this very important fact from the guy makes me think no way, not even for a budding doctor or lawyer.
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Could you expand on that a bit?
As I get older I do have a much greater appreciation for the other side of things, things not technical in nature and music arts and the like is becoming a higher priority in my life.
