^yes, get married now.
How will it cost less for you to go to college once you are married? Is there some special rate for married students in Canada?
@thumper if you’re a Canadian permanent resident than fees are cut in half. I may very well get married so that my debts don’t haunt us both so much than if we married later and I accumulated more debt. I’m also considering putting medical school on the back-burner and completing a 3-year Microbiology and Immunology bachelor’s degree instead of a four year (which means I wouldn’t qualify for medical school unless I did another year of uni later on) until I can afford medical school more easily. I don’t want my marriage to feel like a last resort option and want it not to feel pushed onto either of us. I’d rather that we be on our own rather than not and that we’ve both finished University before we marry. (Because marriage is obviously costly in itself and he has a big family)
ALSO. I didn’t mention this… But the particular area in Canada I’m going to takes off $20,000 if you stay in that particular province and work for several years.
SO I think this sounds more realistic.
$25,000 CAD = bout $20,000 USD per year ($5,500 of that being in definite government loans) (So… I may ask Sallie may for $16,500 USD per year (LIKELY LESS) per year)
25x3 = $75,000 CAD - $20,000 CAD = $55,000CAD OR $43,600 in student loans covering EVERYTHING.
Not so bad now, eh?
If I get married sooner than I save more. But I’d prefer that we be on our own beforehand and both be established in the province before we go ahead and marry. Whatever it takes to be with him and gain an education I can be satisfied with sounds good to me.
BUT THIS IS NOT WHAT I ASKED AT ALLL. I appreciate and mostly value everyone’s opinions (minus @Brownparent and @gearmom )and I thought heavily on it. And this is my decision. And I feel like this is do-able. Very much so more do-able.
$43,600 USD when it’s all said and done is not that much more than is average for a student with no parental help to obtain. Owing Sallie mae… $16,500 x 3 = $49,500 and the government $16,500. Which yes. Is ALOT. But then after a few years of working in that province I get $20,000 CAD off of tuition. Which cuts it down to bearable amounts of debt. This is NOT counting my own $3,000 CAD and my own $1,000 CAD scholarship.
I don’t believe you will get that much in loans, but if you do you will screw over your sister for cosigning when you can’t make this minimum payment:, likely your actual payment will be higher.
Loan Balance: $66,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00
Monthly Loan Payment: $759.53
Number of Payments: 120
Cumulative Payments: $91,143.63
Total Interest Paid: $25,143.63
It is estimated that you will need an annual salary of at least $91,143.60 to be able to afford to repay this loan.
That’s not taking into account anything though. That’s not counting minus-ing the $20,000 CAD for staying in province
.But if you insist on looking at it in the most negative way possible…
You should know that my sister got her own student loans a few years back worth $36,000 from a parent who only made like $900 a month on social security and food stamps with kinda crappy credit. I THINK someone who makes $4,500 a month can handle putting her name on a paper when I will make certain that she won’t have to pay $800 a month on loans for me. Or anything. If they charge her for anything I’ll tell her to charge it to me directly. Cosigners only owe moneys if the students fail to pay them themselves. I will not fail to get a job with that particular type of degree within 6 months.
BTW! 5,500- 9,500 is ALL on ME and not on HER from the government. $11,500-$15,500 per year would be on Sallie Mae granted that they give it to me. She asked for similar from our mother. Who hasn’t been charged more that $6.00 a month for a few months.
You asked if Sallie Mae is likely to give you the loan. I think not, but if you can arrange it, go ahead. Are you sure the Canadian government will give you $20k to pay off an outside loan? Often governments have programs to forgive their own loans, but actually giving you the money to pay an outside source is different.
You also claim that a ‘marriage’ is expensive because your boyfriend has a big family. I think you mean the wedding will be expensive. You don’t have to have a big wedding, especially one you can’t afford.
The advice here is not to borrow a lot for college. You don’t want to hear that advice.
More unvalued advice. A wedding does not have to be expensive. You could elope or have a small ceremony with a big wedding reception later on. Take on lots on debt and that will burden your marriage and be expensive.
If you’re confident that your sister will qualify for a Sallie Mae loan based on past experience why ask us? I would get together with your sister and get the ball rolling on the loan application.
In my experience Sallie Mae pretty much requires a 700+ credit score for borrowers/co-borrowers. If you have less than that they may not approve the loan for all four years and/or they may require a higher interest rate and other unfavorable terms. But ultimately it’s your sister’s decision so as long as she is on board you can go forward.