Moe Maishlish
Supporting Actor
- Joined
- Mar 30, 1999
- Messages
- 992
I took out OSAP (Ontario Student Assistance Program) in my second year of University to help get me through completing my Computer Science Degree. I had made a conscious decision after my first year that:
a) My parents would not shoulder the burden for the cost of my post-secondary education.
b) I would do what I had to do to guarantee that I could continue studying in my field of choice.
Having limited funds, I had to go with a student loan. These are not as easy to obtain as one would think, almost every cent went to payment of tuition, books, and other school expenses (parking pass, etc). Some money was left over, and I used it to subsidize my tuition in my next year of school.
In Canada, the system has been seriously abused, and as a result certain actions have been taken to remedy the situation. This includes the hand-off of the loans to the banks, which led to higher interest rates for us students when our loans go into repayment, as well as making it MUCH more difficult to obtain these loans. In the end, a student leaves school in massive debt that goes into high-interest repayment within 6 months of graduation. Having spoken with my father, it wasn't like this 30 years ago... but it is now.
Oh yes... all this also means that less money is actually given out.
After my second year, I began working about 30 hours a week, while completing my Honors Degree in Computer Science, just so that I could avoid the need to continue taking out loans.
Mathew,
Credit Cards are high interest because you're supposed to be responsible enough to know that if you're going to buy something, you're going to need to carry or pay off the extra credit.
Eventually, abusing the system as you're doing is going to raise and change the credit rates on student loans. And then one day, they will no longer be available.
Moe.
a) My parents would not shoulder the burden for the cost of my post-secondary education.
b) I would do what I had to do to guarantee that I could continue studying in my field of choice.
Having limited funds, I had to go with a student loan. These are not as easy to obtain as one would think, almost every cent went to payment of tuition, books, and other school expenses (parking pass, etc). Some money was left over, and I used it to subsidize my tuition in my next year of school.
In Canada, the system has been seriously abused, and as a result certain actions have been taken to remedy the situation. This includes the hand-off of the loans to the banks, which led to higher interest rates for us students when our loans go into repayment, as well as making it MUCH more difficult to obtain these loans. In the end, a student leaves school in massive debt that goes into high-interest repayment within 6 months of graduation. Having spoken with my father, it wasn't like this 30 years ago... but it is now.
Oh yes... all this also means that less money is actually given out.
After my second year, I began working about 30 hours a week, while completing my Honors Degree in Computer Science, just so that I could avoid the need to continue taking out loans.
Mathew,
That's ironic, because everyone else can not necessarily rely on a low-interest/no-interest student loan. Low interest rates are granted to students because students are not supposed to necessarily have the money to pay back high-interest items.student said:Quote:
Credit Cards are high interest because you're supposed to be responsible enough to know that if you're going to buy something, you're going to need to carry or pay off the extra credit.
Eventually, abusing the system as you're doing is going to raise and change the credit rates on student loans. And then one day, they will no longer be available.
Moe.