I'm a financial mess... university related.

[TuxDave]

If they're not paying for your tuition, you can claim an independant status. That coupled with the fact that you're poor should make you eligable for federal loans again.

 

[RbSX]

Originally posted by: BigJ

Originally posted by: RyanSengara

Originally posted by: UNESC0
Similar situation (kinda)

Parents paying for rent and I have to cover tuition, books, food, etc.. I've basically gone to Scotiabank and have a student line of credit with them for approx. $14,000 that can be used at anytime throughout your schooling career and require only you to pay the interest. I've about $2000 left so with my work and that money I will have enough to make it through this last year - law school on the other hand...

Anyways, look for a line of credit through one of the big six banks, you;ll probably find one that'll be able to extend credit to you for the next few years

Yes, right now I'm applying through scotia, the issue is that the complete amount of my tuition is due in 13 days, and the it takes scotia 7-10 business days to complete and assess my application. I can't afford my books.. or the total amount of my tuition at this rate.

Why did you wait this long?

Because my parents didn't tell me until about 2 weeks ago.

 

[Wonderful Pork]

Originally posted by: RyanSengara

Originally posted by: Wonderful Pork
take out a loan. I had to get unsubsidized stafford loans because my parents made too much money. Try and sign up for a work-study program. Good luck if you went out of state or to a private school (like I did, talk about a 50k mistake.)

I'm Canadian, schooling isn't NEARLY as expensive here as it is down in the states. My parents ARE paying for accomodations, but thats it.

How do you get something like a loan that you're suggesting?

Through a bank?

well, I don't know how you would go about doing it in canada. in the US we have FAFSA (i dont know what it stands for). You can get loans subsidized by the govt or unsubsidized. I 'qualified' for the unsub, and now that I've graduated they set up a payment schedule for the next 15 years at 3.x% interest, a rate which I locked in.

 

[sao123]

Originally posted by: RyanSengara
Hi guys,

I'm a bit of a financial disaster, I'm only 19 years old and I recently had it sprung upon me that I have to pay for my university education by myself.

Most of you would say, hey no big dea, get a government loan.. and ride it through.

I've got a tough problem though, my dad earns a 7 digit salary, the people at the government offices kind of laughed at me and told me to ah heck off.

My bank accounts are sitting at zero, zilch, nada... mostly due to the fact that I recently paid 4k in school tuition by myself in the past week.

Before some of you say, go ask your parents/relatives for money, thats out of the question, my parents and I have had a falling out and the last thing they want my relatives to know is that theres more family infighting.

My credit is bad because I've had to overextend myself financially to put myself through school.

Any suggestions?

And before any of you guys say 'get a job' I've already got one.

My credit is bad because I've had to overextend myself financially to put myself through school.

Money mismanagement is no excuse. Loans are available to everyone for college, you should have got them first instead of ruining your credit.

Now you have limited options... go see a real financial advisor. Figure out a way to consolidate all your debts, get loans to go to a school you can afford (community college) and get a 2yr degree, continue working so that you can pay for gas, food, books, etc. After you are out of debt, then shoot for your bachelors/masters at a D1 state run university.

 

[RbSX]

Originally posted by: BigJ

Originally posted by: RyanSengara

Originally posted by: CanOWorms

Originally posted by: RyanSengara

Originally posted by: Wonderful Pork
take out a loan. I had to get unsubsidized stafford loans because my parents made too much money. Try and sign up for a work-study program. Good luck if you went out of state or to a private school (like I did, talk about a 50k mistake.)

I'm Canadian, schooling isn't NEARLY as expensive here as it is down in the states. My parents ARE paying for accomodations, but thats it.

How do you get something like a loan that you're suggesting?

Through a bank?

Please don't confuse expensive private American schools with public Canadian schools. This is like comparing a lamborghini to a kia.

Many of our public schools are about the same in cost as your public schools.

I go to a school thats about the Canadian equivalent to harvard, the average grade of kids accepted to my school is an 89.6. I'm not taking offense to your comment, but try finding a harvard level education for 5,000 CANADIAN a year and change.

Harvard level? The closest thing you guys have compared to Harvard is Univ. of Toronto or UBC, and that's not even close to Harvard. It's more like a UMich:AA or UIUC.

You're joking right? I live right next to UBC, and it's definately not the top school in Canada, and neither is U of T, check out Mcgill or Queen's.

 

[RbSX]

Originally posted by: BigJ

Originally posted by: RyanSengara

Originally posted by: CanOWorms

Originally posted by: RyanSengara

Originally posted by: Wonderful Pork
take out a loan. I had to get unsubsidized stafford loans because my parents made too much money. Try and sign up for a work-study program. Good luck if you went out of state or to a private school (like I did, talk about a 50k mistake.)

I'm Canadian, schooling isn't NEARLY as expensive here as it is down in the states. My parents ARE paying for accomodations, but thats it.

How do you get something like a loan that you're suggesting?

Through a bank?

Please don't confuse expensive private American schools with public Canadian schools. This is like comparing a lamborghini to a kia.

Many of our public schools are about the same in cost as your public schools.

I go to a school thats about the Canadian equivalent to harvard, the average grade of kids accepted to my school is an 89.6. I'm not taking offense to your comment, but try finding a harvard level education for 5,000 CANADIAN a year and change.

Harvard level? The closest thing you guys have compared to Harvard is Univ. of Toronto or UBC, and that's not even close to Harvard. It's more like a UMich:AA or UIUC.

EDIT: And BTW, if it's only $5,000CAD (~$4,225 USD), consider yourself very lucky. You should've been able to come up with that working over the summer.

I made about 3k over the summer, my books are 1/5 the price of my tuition on top of what I'll have already paid. I've got barebones utilities, cheapest internet I can find, barebones telephone, no cell phone... no car.

 

[BigJ]

Originally posted by: RyanSengara

Originally posted by: BigJ

Originally posted by: RyanSengara

Originally posted by: CanOWorms

Originally posted by: RyanSengara

Originally posted by: Wonderful Pork
take out a loan. I had to get unsubsidized stafford loans because my parents made too much money. Try and sign up for a work-study program. Good luck if you went out of state or to a private school (like I did, talk about a 50k mistake.)

I'm Canadian, schooling isn't NEARLY as expensive here as it is down in the states. My parents ARE paying for accomodations, but thats it.

How do you get something like a loan that you're suggesting?

Through a bank?

Please don't confuse expensive private American schools with public Canadian schools. This is like comparing a lamborghini to a kia.

Many of our public schools are about the same in cost as your public schools.

I go to a school thats about the Canadian equivalent to harvard, the average grade of kids accepted to my school is an 89.6. I'm not taking offense to your comment, but try finding a harvard level education for 5,000 CANADIAN a year and change.

Harvard level? The closest thing you guys have compared to Harvard is Univ. of Toronto or UBC, and that's not even close to Harvard. It's more like a UMich:AA or UIUC.

You're joking right? I live right next to UBC, and it's definately not the top school in Canada, and neither is U of T, check out Mcgill or Queen's.

Which are 3 and 6 respectively from Canada in national rankings.

 

[CanOWorms]

Originally posted by: RyanSengara

I go to a school thats about the Canadian equivalent to harvard, the average grade of kids accepted to my school is an 89.6. I'm not taking offense to your comment, but try finding a harvard level education for 5,000 CANADIAN a year and change.

University of Toronto is generally considered the best school in Canada. It's ranked around the equivalent of the 20th ranked US school. I'm sorry, but no school in Canada is the equivalent of Harvard. That is very good for a public school though.

I'm not saying that your school sucks.

 

[Toonces]

Originally posted by: CanOWorms

Originally posted by: RyanSengara

Originally posted by: BigJ

Originally posted by: RyanSengara

Originally posted by: CanOWorms

Originally posted by: RyanSengara

Originally posted by: Wonderful Pork
take out a loan. I had to get unsubsidized stafford loans because my parents made too much money. Try and sign up for a work-study program. Good luck if you went out of state or to a private school (like I did, talk about a 50k mistake.)

I'm Canadian, schooling isn't NEARLY as expensive here as it is down in the states. My parents ARE paying for accomodations, but thats it.

How do you get something like a loan that you're suggesting?

Through a bank?

Please don't confuse expensive private American schools with public Canadian schools. This is like comparing a lamborghini to a kia.

Many of our public schools are about the same in cost as your public schools.

I go to a school thats about the Canadian equivalent to harvard, the average grade of kids accepted to my school is an 89.6. I'm not taking offense to your comment, but try finding a harvard level education for 5,000 CANADIAN a year and change.

Harvard level? The closest thing you guys have compared to Harvard is Univ. of Toronto or UBC, and that's not even close to Harvard. It's more like a UMich:AA or UIUC.

You're joking right? I live right next to UBC, and it's definately not the top school in Canada, and neither is U of T, check out Mcgill or Queen's.

University of Toronto is generally considered the best school in Canada. It's ranked around the equivalent of the 20th ranked US school. I'm sorry, but no school in Canada is the equivalent of Harvard.

I'm not saying that your school sucks.

Well, Harvard, MIT, Cornell, etc... all are more prestigious - they attract the best and brightest mostly because of their huge endowments Like Harvards $23 BILLION dollars it has to spend on education, oh and how much does it cost to attend? Canadians pay between $4500 a year to $8000 for undergrad depending on program, school, etc...

Edit: Anyways, I'd attend Oxford or Cambridge before any school in the US; IMHO they're definately a league above any we have in NA.

 

[GTaudiophile]

Possibility of working full-time and being a student? Applying for other scholarships?

 

[UncleWai]

set out a proposal to your parents on a loan that gives a yield higher than the current bank CD but lower than the interest on the cheapest third party loan you can get. I am sure your parents will entertain the offer if you do it professionally. Afterall, it's better for your parents to earn the interest than giving it to the bank.

 

[BigJ]

Back to the original question...

Do you really have to have all of the tuition paid this semester? Or is it $2500CAD one semester, and $2500CAD the other semester? If so, you have a very good chance of securing a loan through any regular old bank. Just try applying for a loan for just half the tuition, and you should be able to get $2500CAD.

 

[CanOWorms]

Originally posted by: UNESC0

Ah, I think you fail to understand the Canadian post-secondary education system. There AREN'T any private universities here (other than religious ones) so ALL are publically funded; and you'd be suprised how well we end up ranking next to (*cough* grade inflated bell curved*cough*) private American universities.

A Kia beating a Lamborghini? Naw, couldn't happen...

Oh, and Ryan - many universities offer amnesty to late tuition payments one time and one time only. I used it at UW after my line of credit took a month instead of a week to be approved (lost application, twice :disgust: )

I'm quite aware that there aren't really any private schools in Canada. I'm quite aware where Canadian schools are ranked internationally. They're similar to public American schools with Universit of Toronto ranking quite well.

You've got to be joking if you think a public Canadian school is better than a private American school like Harvard, Yale, Princeton, Stanford, etc. It's just like an American public school, and there are many good ones such as the UCs, UIUC, Georgia Tech, Michigan, etc.

 

[CanOWorms]

Originally posted by: UNESC0

Well, Harvard, MIT, Cornell, etc... all are more prestigious - they attract the best and brightest mostly because of their huge endowments Like Harvards $23 BILLION dollars it has to spend on education, oh and how much does it cost to attend? Canadians pay between $4500 a year to $8000 for undergrad depending on program, school, etc...

That's why I'm saying that you shouldn't compare the price of an education in Canada to prviate US schools. You should be comparing it with US public schools.

 

[RabidMongoose]

Originally posted by: UNESC0
Well, Harvard, MIT, Cornell, etc... all are more prestigious - they attract the best and brightest mostly because of their huge endowments Like Harvards $23 BILLION dollars it has to spend on education, oh and how much does it cost to attend? Canadians pay between $4500 a year to $8000 for undergrad depending on program, school, etc...

Harvard is actually free if your parents earn less than a certain amount of money - something like $45,000 maybe. In addition, these types of schools will give you tremendous amounts of aid to attend.

You'd have to compare these Canadian schools to American public colleges, where the costs are more similar. The bottom line is that the best of the American university educational system is far beyond anything that Canada has to offer, but much of it is in expensive private schools.

 

[The Stigenator]

Originally posted by: DaiShan
If your parents aren't going to give you money, then they shouldn't be claiming you as a dependent on their taxes. I know this isn't the only factor in determining need based loans and grants, but it can help.

yup .. if you are still qualified as a dependent.. then you are fubared.. just get a independent status..and you should qualify for 18K loans.

 

[RbSX]

Originally posted by: BigJ
Back to the original question...

Do you really have to have all of the tuition paid this semester? Or is it $2500CAD one semester, and $2500CAD the other semester? If so, you have a very good chance of securing a loan through any regular old bank. Just try applying for a loan for just half the tuition, and you should be able to get $2500CAD.

You have to pay it in its entirety by Sept 30th.

 

[BigJ]

Originally posted by: RyanSengara

Originally posted by: BigJ
Back to the original question...

Do you really have to have all of the tuition paid this semester? Or is it $2500CAD one semester, and $2500CAD the other semester? If so, you have a very good chance of securing a loan through any regular old bank. Just try applying for a loan for just half the tuition, and you should be able to get $2500CAD.

You have to pay it in its entirety by Sept 30th.

That makes things a bit more difficult, but still, have you tried going to banks and talking to them? If you earn at least $12,000USD a year, you should be able to get a loan for a couple thousand dollars.

Also, I'm sure your Bursar/Fin Aid Office at your college has some type of late or deferred payment option. Definitely go to them ASAP.

 

[eakers]

ok i am going to say it even though I hate it:

Student line of credit.

Its the biggest scam out there bank wise but its something people in our situation have to do.

 

[digitalsm]

Originally posted by: ironwing
You should be able to fill out a form declaring yourself financially independent from your 'rents and therefore qualify for student loans. I had to do that, though that was over a decade ago so things may have changed.

That is extremely difficult these days. You have to prove you are self supporting and recieving no help from parents or relatives.

 

[Yossarian]

why do your parents suck so much?

 

[digitalsm]

Originally posted by: GeekDrew
<sigh> My parents make too much money. That, coupled with many other excuses, is why I haven't yet attended college. When I turn 21, that excuse will be gone... hrmmmmm.

Uh I got bad new for you. You are a nor dependent in the eyes of the govt until 24. Ive jumped through these hoops. I turn 24 next year, thank god.

Unless you are married, have kids, a ward of the state or a veteran.

 

[RbSX]

Originally posted by: eakers
ok i am going to say it even though I hate it:

Student line of credit.

Its the biggest scam out there bank wise but its something people in our situation have to do.

I'm going to go to my two banks tomorrow, but I'm afraid of two things.

1) Listing my dad's personal assets.. asking him how much he makes monthly, and the total value of his personal investments.. well it's one of those things I don't really want to know and it honestly will probably scare me to see my dads overall value. We're wealthy, but not obnoxious about it, he hides it very well. For me to see him exposed like that will probably scare me sh!tless.

2) Them looking at the balance in my bank account.

 

[CanOWorms]

Originally posted by: digitalsm

Originally posted by: GeekDrew
<sigh> My parents make too much money. That, coupled with many other excuses, is why I haven't yet attended college. When I turn 21, that excuse will be gone... hrmmmmm.

Uh I got bad new for you. You are a nor dependent in the eyes of the govt until 24. Ive jumped through these hoops. I turn 24 next year, thank god.

Unless you are married, have kids, a ward of the state or a veteran.

I believe when attending graduate school, your parents' income does not matter either. You're supposed to be independent.

 

[Toonces]

Originally posted by: RabidMongoose

Originally posted by: UNESC0
Well, Harvard, MIT, Cornell, etc... all are more prestigious - they attract the best and brightest mostly because of their huge endowments Like Harvards $23 BILLION dollars it has to spend on education, oh and how much does it cost to attend? Canadians pay between $4500 a year to $8000 for undergrad depending on program, school, etc...

Harvard is actually free if your parents earn less than a certain amount of money - something like $45,000 maybe. In addition, these types of schools will give you tremendous amounts of aid to attend.

You'd have to compare these Canadian schools to American public colleges, where the costs are more similar. The bottom line is that the best of the American university educational system is far beyond anything that Canada has to offer, but much of it is in expensive private schools.

Maybe not FAR beyond, but I do agree that private universities offer a lot more opportunities to students than any publically funded university in the world. But just because you've attended a private university dosen't make you any smarter than someone who went public... Just more stuck up.

j/k