<p>Basically, I am choosing between McGill and the U. of Toronto which, in USD and including room & board, cost $20k and $24k respectively. My parents have chosen NOW to inform me that they can only afford McGill, not Toronto, so if I went to Toronto I would need to pay the difference (at least $20k over four years) myself, through work and a loan.</p>
<p>I had been agonizing over the choice before the financial angle was introduced, and I had finally decided that I was leaning towards the (more expensive) one. Then this happens.</p>
<p>Thoughts? </p>
<p>Is it worth taking on so much debt/work obligation just because I like one school a little more than another (though I like them both)? </p>
<p>Given that I would work during the summer and probably school year, how much would I actually have to take on in the form of loans?</p>
<p>Given that I am thinking law school in the long-term, should I bite the bullet and go for the less expensive school because I know I may have an even larger financial burden in the future?</p>
<p>You are wise to think about this now. My son turned down his top choice last year because of the prospect of having to borrow about $28K over 4 years. He’s very happy where is ended up though. Different people are comfortable with varying amounts of debt. How much extra is the $20K buying? I like cheeseburgers better than hamburgers, but if the cheese costs an extra $2, I can live without it. I don’t know anything about Canadian U’s so I can’t compare the two. Whenever you go make sure you graduate in 4 years - or less. If law school is in your future you will likely be taking on more debt before starting to pay anything back.</p>
<p>$20k paid back over 10 years is around $230 per month. This is not an outrageous amount, especially if your major is a relatively well-paying one.</p>
<p>You have 4 summers to earn money, which should get you around $3K per summer or more if you can work full time, and if you get a job on campus you can earn another $2K or so. So that adds up to $20K right there.</p>
<p>Also, it is usually cheaper to live off campus, so you might be able to save some money there in your later years (don’t know if that is an option for Canadian schools).</p>
<p>I think you have a pretty good chance of coming out with zero debt if you can get good summer jobs.</p>
<p>I think it’s great that you’re thinking about this now, and that you’re going to escape with “only” $20,000 or $28,000. For many students, at this point they’re thinking - $50,000 or $100,000! But then, Canada is different.</p>
<p>If you like both schools equally, I would go with the no loan option. The extra money you can make and save during undergrad could come in very handy when you’re in law school and help you keep your grad school debt manageable! Many lawyers don’t start out making a high salary and have to work their way up.</p>