Comments on: Student Debt Legacy

By: Amanda

Amanda — Sun, 26 Jun 2011 00:07:09 +0000

I really wish I had read these articles before I went to university because they contain great advice. I originally thought that my mom would pay a part of the tuition (because she agreed to this), part of it would be OSAP and my summer job would pay for my books and other expenses. However, something came up and ended up using the money that would have helped to pay tuiton for something else and I had no choice but to take OSAP the first year. I’m heading into second year and yes, unfortunately I’m using OSAP again since I’m in summer school (to complete a dgree requirement now so I won’t have to worry later) and will only be working for about a month. I’m going to manage time better so that I can handle school, extra-curriculars and possibly a part-time job. The extra-curriculars should be helpful when I apply to scholarships (which I did apply to a few in my last year of high school) next year to avoid this situation again.

I think that there should be a course where high school students are educated about the expenses of adulthood BEFORE you pursue college, university, an apprenticeship, etc. Also, if any students are reading this – talk to your parents about this because even if they have a little money saved up, some of them don’t really understand how expensive school is even when you’ve tightened your belt.

By: bellysmith

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By: Lianne

Lianne — Wed, 27 Apr 2011 17:19:39 +0000

I’ve never quite understood people having mountains of debt after school if they were just getting plain ol’ bachelor’s degrees. I didn’t get my first job until December of grade 12, when I started at Extra Foods for $8.25 an hour (this was in 2005). I started university in September of 2006, and paid for it all along the way just with the money from my part time job. Granted, I was living at home, and my parents wouldn’t charge me rent as long as I was in school, but still. Paying for school was never even a challenge. I didn’t save much (until I started my co-op jobs in my last couple of years of school), but I also never had a single penny of debt. It can be done.

By: Kimberley

Kimberley — Tue, 05 Apr 2011 21:53:44 +0000

We have 3 children aged 19, 17 and 15 and will probably have 3 of them in University at the same time for a short period of time. We have a small RESP for each of them but our expectation is that we will help with education, housing and food expenses but they are too also work for their education. Our daughter is just finishing up her first year at University away from home so there are housing costs, food costs, tuition, etc. Our daughter worked from Feb-Aug when she left for school and paid her full tuition. She also got a part time job and paid her housing costs. We provided her with a car/insurance and some gas to get to and from work and home (4 trips from Sep-Apr). She has a student credit card that she paid off every month during the summer and hasn’t used it once during the school year. We feel such pride that she has worked so hard and also maintained an 80% average in her first year. She too is very proud of herself and doesn’t want to go into debt. So, it can be done it just takes hard work and a committment to what is important.

By: Ellie

Ellie — Mon, 14 Feb 2011 17:14:39 +0000

I didn’t qualify for OSAP, so I went to Waterloo and did co-op. I had scholarships and help from my parents for the first year, and some additional scholarships as I went along. By year two and three I was largely self-sustaining.

I had a great term in my fourth year working abroad in the US and getting paid in USD when the Canadian dollar was worth about $.55 US — and stupidly loaned a lot of my gross to my then-boyfriend so he could put a down payment on a condo. (God, that was dumb. I still wince when I think about it. But I had enough to pay my tuition and the lesson of learning not to pay for other people’s nonsense didn’t cost me very much in the grand scheme of things.)

My degree is in literature, so you really can do co-op in anything — I worked as a technical writer and the placement rate was over 90 per cent. Co-op’s not just for engineers and accountants, to say nothing of the interview experience it gives you.

I wish more students would consider co-op as a viable option for financing their education.

By: Debt Her

Debt Her — Tue, 01 Feb 2011 01:22:56 +0000

I have a JD and that mortgage style debt you talk about. Currently, it stands at about $111k. I watch your show regularly. I don’t have the relationship problems that follow for many of the couples. My beau and I are pretty upfront about our financial situations. That said, I can’t imagine getting married until this debt is paid off. Does that make sense? Am I delaying my future indefinitely?

By: Misty

Misty — Thu, 27 Jan 2011 18:20:54 +0000

I’m 25 years old and for the last year have worked very hard at staying on my budget and am now just 3 months shy of being debt free. My concern is for my best friend who is away at school getting her BA and is herself just shy of graduating. Now she says she wants to go get her Masters, because her BA will be useless in the “real world” I graduated from college from a fashion program, and now work in a totally different area (animal sciences). Since turning 25 I have realized how short life is and how badly I want things like a house and a dog or two, once realizing this I also realized how hard it is to actually pay off your debt in order to just be able to save for a house and be approved for one. I actually moved home into my parent’s house to be able to put my own plan into action. I have tried explaining this to her since she had informed me that by the time she finishes doing her Master’s she will be $80,000 in debt (plus her boyfriend has $15,000 and he wants to get his masters as well) assuming they stay together they will each be in their 30’s and have over $100,000 in school debt + their car loan. I think this is insane. Her idea is that once she graduates there are government jobs that pay well and offer to pay some of your osap loans for you. I wish her the best, but one thing I have learned and seen my other university graduate friends go thru is the fact that nobody is waiting at the end of it all with a giant cheque and high paying career opportunity. Am I a pessimist? A worrier? Or does this seem like a giant risk? I’ve told her if this is something she really wants to do she should move home (she lives 13 hrs. away now) and do the schooling here (it’s online) and work while she does it, in order to start gaining work experience and pay for the additional tuition. But somehow she just doesn’t seem to see the big picture.

By: Laura

Laura — Thu, 11 Nov 2010 21:57:06 +0000

I worked full time while in undergrad and then law school, and still had a pile of debt when I came out, because, unfortunately, when you choose to go on to a second degree (and law school to boot!), the cost rises exponentially. However, working is the only way to keep the debt manageable. You also have to be creative about applying for bursaries and scholarships, and you cannot be a “princess” i.e. no cable t.v. (bunny ears are fine until your debt is paid and while you are in school – you should be studying anyways!). And always, always, work with Gail’s budget system, both while in school and once you are out. And even if you do have a fancy degree, don’t count on the fact that you will be earning big bucks! Do your research before you go to school and figure out exactly what the salary will be for your career, in your geographical area!

By: Davina

Davina — Mon, 14 Sep 2009 02:55:37 +0000

I’ve always paid for my tuition, books and transit pass (though was able to live mostly rent-free with my parents for my undergrad). I won scholarships that covered my entire tuition, and also worked full time in a number of minimum wage and higher jobs (while attending school full time). When I graduated from undergrad, I had no debt and about $30k in savings – so my fiancé and I bought a house!

I’ve now completed an MA degree with full funding, and have just begun my PhD with full funding as well. My total tuition for all 3 degrees will equal about $65 000 – which has all been covered by scholarships.

I’m not some sort of super genius by any means. I’m just a really hard worker, which is something I think anyone should be able to do (especially considering I have a physical disability that affects my motor skills!). I didn’t go out partying or drinking, and I always gave my schoolwork the attention it deserved. Because I was so busy working, I had to make school a priority – I still hung out with my friends every few weeks, but my priority was working hard, so I could enjoy the benefits later. And now I am! No debt, a happy marriage and a spacious condo. Life is good

By: Mary

Mary — Tue, 25 Aug 2009 17:22:29 +0000

Is there any way that the interest from a student line of credit (not a student loan, because it was easier to get and less paperwork) can be tax deductible? I just found out from the CRA that it is not allowed, but would still like this confirmed – if there is indeed someone higher than the CRA! Thanks.

By: Mary

Mary — Tue, 25 Aug 2009 14:17:41 +0000

By: Catherine

Catherine — Sat, 15 Aug 2009 16:49:19 +0000

@Kenda
Congrats on continuing your education no matter what your age. Being open to learning keeps you young!
Tough question. I, like you, feel safer knowing I have a safety net with the cash in an account. On the other hand, the interest charged for putting the tuition on a CC for a few months would irk me no end. What to do?????
As you mentioned that you would have the tuition paid off again in 3-4 months, I think I’m leaning towards paying cash and building the account back up ASAP. I think I’d probably have the impetus in replacing the cash in my account faster.
Good luck!

By: Kenda

Kenda — Fri, 14 Aug 2009 21:16:02 +0000

I work full time plus attend school on a part time basis. I often wonder if its worth the time, effort and money being as I am in my mid forties. However, I have just signed on for 2 more courses at the local college. I only need 1 more after these 2 are complete to receive my Certified Payroll Manager designation from the CPA. I have one credit card with a zero balance which has a small credit limit of 1300. The tuition was 1200. Should I carry this balance or take the cash from my savings which drops it below my comfort zone. I only have 3K in it and that my “sanity” fund knowing I have it there. It really bothers me to carry that balance even though I will have it paid in 3-4 months. Should I leave it on the card or use my cash and work to rebuild the savings as quickly as I can??

By: Amanda

Amanda — Wed, 29 Jul 2009 18:23:42 +0000

I was wondering if you had seen this article:

http://www.post-gazette.com/pg/09210/986936-298.stm

By: Marc

Marc — Tue, 21 Apr 2009 15:22:52 +0000

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