tds Posted March 10, 2014 Share Posted March 10, 2014 Hey all, Just wanted to see what everyone's experiences are with acquiring and repaying student loans. Positive or negative experience? Also, looking for specific thoughts on getting a student loan from the government versus a bank. Thanks a lot! Link to comment Share on other sites More sharing options...
King Heffy Posted March 10, 2014 Share Posted March 10, 2014 They're a necessary evil if you don't have the money. Go government, as much as they will loan you. You won't get charged interest until you're done your studies. Link to comment Share on other sites More sharing options...
Heretic Posted March 10, 2014 Share Posted March 10, 2014 My wife is almost finally finished paying hers off - but she was a single mom going to school as well so she needed more money. Link to comment Share on other sites More sharing options...
Devoted Posted March 10, 2014 Share Posted March 10, 2014 Yeah, max out those government loans if you can/need. They give a 4 month grace period after graduation to begin making payments. And if you can't obtain work in your field, you can appeal to them. From my experience, if the circumstances call for it, they will waive that month's payment. Which basically saves you roughly $500. Bank student lines of credit usually work on a prime +%4 repayment option. Not bad, but the government loans are better. Link to comment Share on other sites More sharing options...
c00kies Posted March 10, 2014 Share Posted March 10, 2014 I went with the bank and it wasn't that bad because my loan wasn't much, but I could definitely see it adding up if it was prolonged. Link to comment Share on other sites More sharing options...
drummer4now Posted March 11, 2014 Share Posted March 11, 2014 Get the government loans and grants first. I would do a combo of BC government+Federal government loans. Also try getting some scholarships. There are many unclaimed scholarships that go to waste. Some don't even require grades. Like I got one for being tall lol... Also the government/provincial government student loans waive a certain amount depending on what you're studying. Link to comment Share on other sites More sharing options...
Offensive Threat Posted March 11, 2014 Share Posted March 11, 2014 My brother did the max for loans. Was about $65k all told back then. Which would have been OK if he became a doctor or lawyer. But instead he got a degree in history. If your gonna go big like that you need a career that pays at the end He finished paying them back but it delayed his buying a home by about a decade. Moral of the story: Dont go to Uni and study what interests you, like my brother did. FInd a Career that interests you and study what will get you there.(no unreasonable careers like rock star or player agent) I know for a fact that some people get student loans they dont need, their parents are paying their way, and invest the money to earn 8 to 12% interest while paying nothing on the loan while in school. Pay back the principle amount right away and keep 4 years worth of interest. $10K to $15k if done right. It does happen. Link to comment Share on other sites More sharing options...
silverpig Posted March 11, 2014 Share Posted March 11, 2014 Get the government loans and grants first. I would do a combo of BC government+Federal government loans. Also try getting some scholarships. There are many unclaimed scholarships that go to waste. Some don't even require grades. Like I got one for being tall lol... Also the government/provincial government student loans waive a certain amount depending on what you're studying. Are there still separate provincial and federal loans? I know when I started school (1999) they were separate, but my loans have since all been consolidated into a federal program. But yes, apply for the government loans first. They are interest free while you are in school, often come with a grant portion you don't have to repay, sometimes come with partial forgiveness when it comes time to repay, and are fairly easy to get payments deferred if you can't find work right away. Link to comment Share on other sites More sharing options...
Pouria Posted March 11, 2014 Share Posted March 11, 2014 Hey all, Just wanted to see what everyone's experiences are with acquiring and repaying student loans. Positive or negative experience? Also, looking for specific thoughts on getting a student loan from the government versus a bank. Thanks a lot! Student loans from government is always the best route. Link to comment Share on other sites More sharing options...
RiCHC3 Posted March 11, 2014 Share Posted March 11, 2014 Hard to argue against 0%. However, it can potentially be as devastating as giving a kid a credit card who doesn't know how to use it responsibly. If you do go the student loan route, make sure you make a proper budget and eat / live like you're poor until it is paid off. That said, all isn't lost if you can't find a job post-grad. You get a few months where you don't have to pay and you can extend that if your unemployment goes on longer than you expected. To be perfectly honest with you, student loans overpaid me for my education and I simply invested that extra money after the market crash. I was able to essentially pay off my student loans with my student loans. Not sure the market conditions are as much of a home run anymore, but food for thought. Link to comment Share on other sites More sharing options...
kazin! Posted March 11, 2014 Share Posted March 11, 2014 I did 4 years of max loans and have saved a lot through scholarships, bursaries, and loan reduction programs. I've been graduated for a few years but because I did a part-time master's program, I am still eligible for the Repayment Assistance Program (4 month terms). Hopefully I can get it for another 4 months as I continue to save up so I can put down a huge sum on my principle and start whittling away at it. Link to comment Share on other sites More sharing options...
Rypien37 Posted March 11, 2014 Share Posted March 11, 2014 Work/save up first. Then go back to school. NEVER fall into debt if you can avoid it. It's a perpetual cycle and once it starts...it's hard to stop. Link to comment Share on other sites More sharing options...
Lancaster Posted March 12, 2014 Share Posted March 12, 2014 Work/save up first. Then go back to school. NEVER fall into debt if you can avoid it. It's a perpetual cycle and once it starts...it's hard to stop. It all depends on whether or not the student knows what he/she is doing. If that person wants to major in Interpretive Dancing and then a Masters in Basket Weaving, meanwhile spending all remaining amount of money for clubbing, drinking, etc. Then that's a completely stupid idea. On the other hand, if that student decided to get a student loan to major in Bio-Chem and then work towards a MD, then the borrowing is worth it. Unfortunately, there seems to be a lot of people who does the former... and they're usually the ones complaining about repaying their student loans. Link to comment Share on other sites More sharing options...
tds Posted March 12, 2014 Author Share Posted March 12, 2014 Great thoughts everyone....much appreciated. Link to comment Share on other sites More sharing options...
Down by the River Posted March 12, 2014 Share Posted March 12, 2014 Don't forget to apply for scholarships and bursaries. Also, if you are going to SFU, there is a work-study program (I believe UBC and UVic also have this program). Undergrad students who have student loans or are in other forms of financial need can qualify. Once you qualify, there is a list of research centres at the university that you can apply to. You don't get paid a ton, but the hours are always very convenient. You get t. I've hired work-study students before and basically let them set their own hours. There are more details but I won't drone on unless anyone is interested. Link to comment Share on other sites More sharing options...
GLASSJAW Posted March 12, 2014 Share Posted March 12, 2014 ^ but if you're at UVIC don't bank on a work study job. there isn't many offered, and as he said, the pay ain't that good. i think it's $10/hour here, but if you've got a good employer, they can maybe double your hours or exaggerate them so it works out to be $15-20 Link to comment Share on other sites More sharing options...
Down by the River Posted March 12, 2014 Share Posted March 12, 2014 Yeah, pay for the WS program is like 10.25 an hour at SFU. Benefit is that you go to class and then go to work without any additional commute. Also, if you impress the people you are working for, the may later want to hire you on as a research assistant. Pay is much much better. Link to comment Share on other sites More sharing options...
GLASSJAW Posted March 12, 2014 Share Posted March 12, 2014 Yeah, pay for the WS program is like 10.25 an hour at SFU. Benefit is that you go to class and then go to work without any additional commute. Also, if you impress the people you are working for, the may later want to hire you on as a research assistant. Pay is much much better. ya, i had a couple work study jobs i was able to do all from home, with doubled 'hours' so i basically made $20. was good stuff, and i could work as often as i wanted in any given week over the span of a semester, so long as the goal was reached Link to comment Share on other sites More sharing options...
Down by the River Posted March 12, 2014 Share Posted March 12, 2014 I'm interested. What kind of jobs usually do these positions offer? They don't make the jobs known until you qualify for the work study program. A lot of projects get work study students to do data entry, literature reviews/searches, etc. Link to comment Share on other sites More sharing options...
themcdeal Posted March 12, 2014 Share Posted March 12, 2014 My brother did the max for loans. Was about $65k all told back then. Which would have been OK if he became a doctor or lawyer. But instead he got a degree in history. If your gonna go big like that you need a career that pays at the end He finished paying them back but it delayed his buying a home by about a decade. Moral of the story: Dont go to Uni and study what interests you, like my brother did. FInd a Career that interests you and study what will get you there.(no unreasonable careers like rock star or player agent) I know for a fact that some people get student loans they dont need, their parents are paying their way, and invest the money to earn 8 to 12% interest while paying nothing on the loan while in school. Pay back the principle amount right away and keep 4 years worth of interest. $10K to $15k if done right. It does happen. 8-12%? where are they investing lol I want in Link to comment Share on other sites More sharing options...
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