Hi, I've been having a bit of a struggle with a monetary issue lately, and any input or advice would be greatly appreciated.
Right when I got out of highschool I was severely afraid of being in debt. I slowly got over that as I realized there was no way for me to further my life (academia wise) without it happening, as I was to pay for any schooling by myself with no help. So I applied to university, got in, went for one year and realized that it wasn't 100% what I wanted to do.
So now I have a $6000 OSAP loan to pay off (which I am doing every month) but I also am applying for a different school where tuition is $21,000. On top of that, I would also have to pay for accommodation, food, and all that stuff by myself. The unfortunate part is that the school is privatized and full tuition must be paid 6 weeks prior to the program starting.
I have budgeted out how much I would need for a years worth of rent (although with utilities included), groceries, and all the other important things for living. My original plan was to pay my tuition with a $20,000 bank loan, and then pay everything else with my savings (which will be around $7000). I then realized that I won't have enough of my own savings to do this. So then I thought, well what if I can get a larger loan? (scary!) The bank has said I could get a $30,000 loan (which would be more than enough), co-signed with one of my parents. And this would cover what I need and also offer extra for emergenices. I plan on having a part-time job to make as much money as possible while in school to start paying it off ASAP. I'm just tired of putting off what I really want to do because of lack of funds, I want to get it done!
So I guess my real question, after all this writing, is:
Is it stupid to get a $30,000 loan for all this? Would it actually be better to wait years and years until I have more money saved up?
Thank you for any input!
Right when I got out of highschool I was severely afraid of being in debt. I slowly got over that as I realized there was no way for me to further my life (academia wise) without it happening, as I was to pay for any schooling by myself with no help. So I applied to university, got in, went for one year and realized that it wasn't 100% what I wanted to do.
So now I have a $6000 OSAP loan to pay off (which I am doing every month) but I also am applying for a different school where tuition is $21,000. On top of that, I would also have to pay for accommodation, food, and all that stuff by myself. The unfortunate part is that the school is privatized and full tuition must be paid 6 weeks prior to the program starting.
I have budgeted out how much I would need for a years worth of rent (although with utilities included), groceries, and all the other important things for living. My original plan was to pay my tuition with a $20,000 bank loan, and then pay everything else with my savings (which will be around $7000). I then realized that I won't have enough of my own savings to do this. So then I thought, well what if I can get a larger loan? (scary!) The bank has said I could get a $30,000 loan (which would be more than enough), co-signed with one of my parents. And this would cover what I need and also offer extra for emergenices. I plan on having a part-time job to make as much money as possible while in school to start paying it off ASAP. I'm just tired of putting off what I really want to do because of lack of funds, I want to get it done!
So I guess my real question, after all this writing, is:
Is it stupid to get a $30,000 loan for all this? Would it actually be better to wait years and years until I have more money saved up?
Thank you for any input!