No funding and graduate school ! what about loans ?? Canadian students please

[duck1990]

I have question from domesitic students in Canada.

 

I have received an offer for UBC program but I am not getting funding for the program. I am out of province student.

 

My advisor willing to offer me part-time position in his lab which is hardly $ 350 per month but my monthly expenses will be 3 times more in my grad school approximately 11,00 per month

 

I don't know if I should go for grad school.

 

I am thinking of taking loans from government during my grad schools which will be approximatley 60,000 for my two years of master program.

 

Anyone suggest me anything if taking loans is a right options.

 

I heard lot of scary stories of people (in US) who are in great debt and  are not able to pay back thier loans. What happen in Canada ?

 

How people pay their loans when they graduate ?

 

Is it stressful to take 60 k loan ? What are the drawbacks of taking loans ?

 

Thanks

Edited April 20, 2014 by duck1990

[personalityresearcher]

I heard lot of scary stories of people (in US) who are in great debt and are not able to pay back thier loans. What happen in Canada ?

Thanks

That's correct! Canadian international graduate tuition without a fellowship is cheaper than our undergraduate tuition. Because we're ridiculous (with tuition).

How people pay their loans when they graduate ?

Is it stressful to take 60 k loan ? What are the drawbacks of taking loans ?

The recommendation to undergrads here is not to take on a debt load that exceeds your projected income (e.g., if the average income for your degree/experience is 20K, don't exceed 20K). Provided the conditions of your loans are similar to U.S. ones, it's probably a decent rule.

The drawbacks...eats away from your savings to buy things like a house...or for some Americans, groceries...

Edited April 20, 2014 by personalityresearcher

[duck1990]

That's correct! Canadian international graduate tuition without a fellowship is cheaper than our undergraduate tuition. Because we're ridiculous (with tuition).

 

I am not an international student. I am a domestic student and I only applied in Canadian schools.

 

 

That's correct! Canadian international graduate tuition without a fellowship is cheaper than our undergraduate tuition. Because we're ridiculous (with tuition).

The recommendation to undergrads here is not to take on a debt load that exceeds your projected income (e.g., if the average income for your degree/experience is 20K, don't exceed 20K). Provided the conditions of your loans are similar to U.S. ones, it's probably a decent rule.

The drawbacks...eats away from your savings to buy things like a house...or for some Americans, groceries...

I am not sure if you understand it right. I am not an undergradaute student. I graduated almost a year ago.

[nugget]

duck1990,

 

My guess is that personalityresearcher gave you advice as a graduate student that is also given to undergrads but can be useful to you as well. If you expect to earn $60,000/year after graduation then taking out a maximum loan of $60,000 is considered acceptable by some people. But it is not recommended to get such a large loan if your expected annual income will be lower, such as $45,000 for instance.

 

Keep in mind a lot of your income will be taken away due to income taxes so your take home pay might be $42,000/year give or take with a $60,000 salary, depending on which province you work in after you graduate.

[duck1990]

duck1990,

 

My guess is that personalityresearcher gave you advice as a graduate student that is also given to undergrads but can be useful to you as well. If you expect to earn $60,000/year after graduation then taking out a maximum loan of $60,000 is considered acceptable by some people. But it is not recommended to get such a large loan if your expected annual income will be lower, such as $45,000 for instance.

 

Keep in mind a lot of your income will be taken away due to income taxes so your take home pay might be $42,000/year give or take with a $60,000 salary, depending on which province you work in after you graduate.

 

I am earning around 5K with my undergrad right now.

 

Now I am considering a different option if MASTER's degree is even worth because I can also earn same $ 70,000 with my undergraduate degree after 2 years with more experience. But I am not sure if I will earn more than 70k after my masters because the field I am planning to go is not a major field in Canada but there is lot of opportunites in US.

 

I am not a big money lover but again money is everything...

 

The reason I am going to masters is that I absolutely LOVE the research of the advisor who accepted me. But again I am not sure if I should go considering financial situations....

Edited April 21, 2014 by duck1990

[nugget]

I am earning around 5K with my undergrad right now.

 

Now I am considering a different option if MASTER's degree is even worth because I can also earn same $ 70,000 with my undergraduate degree after 2 years with more experience. But I am not sure if I will earn more than 70k after my masters because the field I am planning to go is not a major field in Canada but there is lot of opportunites in US.

 

I am not a big money lover but again money is everything...

 

The reason I am going to masters is that I absolutely LOVE the research of the advisor who accepted me. But again I am not sure if I should go considering financial situations....

 

It sounds like from a financial perspective, it would make sense to decline the master's offer and pursue work with your bachelor's degree. Would you be happy and professionally satisfied if you worked in this field?

 

What inspired you to apply to this master's program?

 

If you wouldn't be satisfied working with your bachelor's degree then I think it's important to find a way to reach your professional/academic goals in a way that you are comfortable with. You seem to be quite hesitant about going into debt. Have you considered other options that are available to you? Here are just a few that I've come up with: you can accept this offer and get a loan, defer for one year and try to get a federal or provincial scholarship, work for 1-2 years first to save money and pay for your studies yourself, try again next year and only apply to funded programs, work full time while studying part time or online (at this school or another one), etc.

 

Consider the pros and cons of each option that appeals to you - write it down in a chart if you need to. Seeing it visually help make it easier to decide, rather than trying to weigh the pros and cons in your head. Hopefully this will help you see the situation more clearly and help you choose the most appealing option. Good luck! 

[personalityresearcher]

duck1990,

 

My guess is that personalityresearcher gave you advice as a graduate student that is also given to undergrads but can be useful to you as well. If you expect to earn $60,000/year after graduation then taking out a maximum loan of $60,000 is considered acceptable by some people. But it is not recommended to get such a large loan if your expected annual income will be lower, such as $45,000 for instance.

 .

Right!

I get you're a domestic grad...

I am earning around 5K with my undergrad right now.

 

Now I am considering a different option if MASTER's degree is even worth because I can also earn same $ 70,000 with my undergraduate degree after 2 years with more experience. But I am not sure if I will earn more than 70k after my masters because the field I am planning to go is not a major field in Canada but there is lot of opportunites in US.

 

I am not a big money lover but again money is everything...

 

The reason I am going to masters is that I absolutely LOVE the research of the advisor who accepted me. But again I am not sure if I should go considering financial situations....

My friends and I would love to be free of our student loans - it is a burden...but if you really love it - maybe talk to someone with more life experience and/or expertise to find out how much it'd bite you in the butt - I wish I would've done this when I was paying for undergrad.

[personalityresearcher]

I am not an international student. I am a domestic student and I only applied in Canadian schools.

I am not sure if you understand it right. I am not an undergradaute student. I graduated almost a year ago.

P.S. I got that too - I was noting how absurd it is that a year of in-state public school tuition in the US (15000) costs more than a year of international graduate tuition at a certain Canadian university (~7600)...we are drowning in student loans over here. Edited April 21, 2014 by personalityresearcher

[duck1990]

P.S. I got that too - I was noting how absurd it is that a year of in-state public school tuition in the US (15000) costs more than a year of international graduate tuition at a certain Canadian university (~7600)...we are drowning in student loans over here.

I thought its easy to go to grad school in US. I heard US schools offer lot of funding especially for grad student and also it is easy to get in with low GPA. I personally know someone who is in grad school in US with C + average But yes I heard that US schools for undergraduate level is not affordable.

[RunnerGrad]

Why not work for a couple of years, save up some money, and then return to school to complete a master's degree?  I know lots of professionals (usually registered dietitians or engineers) who have done exactly that.

 

Or take out students loans, apply for whatever funding you are eligible for (NSERC, CIHR, SSHRC, university-specific awards), or apply for TA/RA positions at your university of choice.

 

Good luck!

[personalityresearcher]

I thought its easy to go to grad school in US. I heard US schools offer lot of funding especially for grad student and also it is easy to get in with low GPA. I personally know someone who is in grad school in US with C + average But yes I heard that US schools for undergraduate level is not affordable.

Some PhD programs in the US are funded (tuition remission plus a stipend typically ranging from 5-25K). Those programs are quite competitive (e.g., admission rates of less than 5% for the programs I'm looking at). But most terminal masters degrees and a handful of doctoral programs offer no funding - some of these programs let anyone in with a pulse , others take 10-33% of applicants.

[duck1990]

Why not work for a couple of years, save up some money, and then return to school to complete a master's degree?  I know lots of professionals (usually registered dietitians or engineers) who have done exactly that.

 

Or take out students loans, apply for whatever funding you are eligible for (NSERC, CIHR, SSHRC, university-specific awards), or apply for TA/RA positions at your university of choice.

 

Good luck!

I don't know if I can wait. I am already too old (late 20's). And I don't know if I will be able to get in the program after few years because its hard for me to get good reference especially academic.

 

Unfortunately, I am not eligible for any funding I have B + average in my undergrad. I have been offered RA positions. I can't make more than 300 per month with that RA position.

 

But the thing is I absoultely LOVE the program. I have been trying so hard to find courses/certificate related to that program. In Canada there are only few schools offering that program.

 

My question is how safe it is to take 50,000 loan for two year of my grad studies ? I am just so scare because I know if I will have trouble paying my loan back noone (family, friend) is going to help me....

[rvict]

I don't know if I can wait. I am already too old (late 20's). And I don't know if I will be able to get in the program after few years because its hard for me to get good reference especially academic.

 

Unfortunately, I am not eligible for any funding I have B + average in my undergrad. I have been offered RA positions. I can't make more than 300 per month with that RA position.

 

But the thing is I absoultely LOVE the program. I have been trying so hard to find courses/certificate related to that program. In Canada there are only few schools offering that program.

 

My question is how safe it is to take 50,000 loan for two year of my grad studies ? I am just so scare because I know if I will have trouble paying my loan back noone (family, friend) is going to help me....

 

Student loans don't go away with bankruptcy except in certain exceptional cases. A bad credit rating will dog you for a long time. If you're in doubt about your ability to pay off debts, don't take them on! You'll be 30 by the time you graduate. You'll be 5+ years behind where you should be, income-wise, with 50k in debt, in an expensive city.

 

You mention making "5k" with your undergrad--I assume you mean 50. In your field, is an advanced degree a requirement, or is on-the-job experience more useful? You mention being able to earn 70k with more experience. If the only people making more than 70k are those with advanced degrees, then it may be worth taking on the extra debt. It can also depend on what sort of stream you're after; management-level tends to be more about soft skills. Money isn't everything, but I'd hate to try to live in Vancouver on 50k (I'm just automatically assuming you're in Vancouver ).

 

You have an opportunity cost here, as well. Not only do you take on debt, but you lose 2 years of income, 2 years of work experience (that may allow you to compete for 70k/year jobs), and 2 years of being professionally active. Not to mention, you may be putting your life on hold depending how demanding your program is.

Does your program have co-op placements? Is your current employer willing to foot any of the bill? Is there a job at the end of this?

[victorydance]

Did you not apply for external funding sources?