Can i repay my education loan after a PG Diploma?

[Chandigarh93]

Hello Fellow Members!
I have a question which is troubling me from a long time.

Can i repay my education loan after a PG Diploma in Business/Finance/Accounting? I would be applying for a PG diploma of 2 years from a college. The fees would be around 27,000-28,000 CAD. Plus 10,100 CAD for GIC. Which makes the amount to 37,000-38,000 CAD, which means around 20 Lakh Indian Rupees.
I would be taking an education loan for whole of the amount i.e. 38,000 CAD, by mortgaging my Residential House. I belong to a middle class family, and have no other option except mortgaging my house for studies.
I want to ask from you guys, whether i would be able to repay my loan and also get a PR? Am i taking a risk?

I am determined to work hard, very hard to achieve it. But still need advice from you guys. It would be of much help.
Please help! Thanks!

 

[mead]

Hello Fellow Members!
I have a question which is troubling me from a long time.

Can i repay my education loan after a PG Diploma in Business/Finance/Accounting? I would be applying for a PG diploma of 2 years from a college. The fees would be around 27,000-28,000 CAD. Plus 10,100 CAD for GIC. Which makes the amount to 37,000-38,000 CAD, which means around 20 Lakh Indian Rupees.
I would be taking an education loan for whole of the amount i.e. 38,000 CAD, by mortgaging my Residential House. I belong to a middle class family, and have no other option except mortgaging my house for studies.
I want to ask from you guys, whether i would be able to repay my loan and also get a PR? Am i taking a risk?

I am determined to work hard, very hard to achieve it. But still need advice from you guys. It would be of much help.
Please help! Thanks!

well its a big risk......if ur lucky and find a job after graduation u will be most likely start paying of loan in another 2 years.....there will be lot of interest accumulated and it will take a few years to pay off loan and all this if u have a job ....if u dont get a job and a PR u will have to return and in that case i dont know how u will pay.....so i always say dont put ur families future at risk by taking a loan/mortgage .....if u dont have enough money work for few years see if u can make some money and the pay ur fees . see after graduation u wont get a job for say 3-6 months then u will get a entry level job which will pay but not enough. so make ur choice wisely....also see what other people on this forum have to say but in my opinion avoid loan

 

[Regina]

Agree. $38 000 is quite an amount of debt even in Canada + interest how much?

 

[Chandigarh93]

Agree. $38 000 is quite an amount of debt even in Canada + interest how much?

Hi regina!
The debt with interest would be around 50,000 CAD.

 

[Chandigarh93]

well its a big risk......if ur lucky and find a job after graduation u will be most likely start paying of loan in another 2 years.....there will be lot of interest accumulated and it will take a few years to pay off loan and all this if u have a job ....if u dont get a job and a PR u will have to return and in that case i dont know how u will pay.....so i always say dont put ur families future at risk by taking a loan/mortgage .....if u dont have enough money work for few years see if u can make some money and the pay ur fees . see after graduation u wont get a job for say 3-6 months then u will get a entry level job which will pay but not enough. so make ur choice wisely....also see what other people on this forum have to say but in my opinion avoid loan

Hi regina!
The debt with interest would be around 50,000 CAD.


Thanks mead for your advice. Really appreciate that. Would you suggest if i come to canada and then change my course to some cheaper college like selkirk college, castlegar, British Columbia. That way i would save around 9000 CAD. And also, can i utilise the GIC towards paying tuition fee? I would pay for my living expenses by doing a part time job. And pay the Tuition fee from GiC. That way i would only disburse the loan of the amount 20,000 CAD. Can you please tell if that is possible?
Please help!
Thanks!

 

[lucasp]

Even I have same situation but I will explain what I plan. My family can not afford to pay all my expenses in Canada and we have our residential home as asset and nothing else at all. When I decided to apply for Canada education I though I would never mortgage my home I will only apply if I get something on my behalf so I went for INR 7,50,000 that doesn't need collateral security like your house and even as per recent announcement in India if your household income is below 6lakh/year, you will get subsidy in Interest rate on your education loan, you will have to produce Income proof for your parents and I guess that can be easily obtained. So this will defiantly help you save more money in Interest rate.
I would suggest don't put your house on mortgage if you are not confident about repaying loan after studies I am sure you going to do good in Canada but again I would recommend to be prepared for worst as it's not easily to study, work and save at the same time. I am going ahead with the same confidence and would like to give my best toward my dreams and goals. Rest God is great, work hard and try to spend less as much as you can.
Rest follow your dreams do what you think is right but take wise and calculative risk.

Good luck my friend.

 

[Neez]

Hi regina!
The debt with interest would be around 50,000 CAD.


Thanks mead for your advice. Really appreciate that. Would you suggest if i come to canada and then change my course to some cheaper college like selkirk college, castlegar, British Columbia. That way i would save around 9000 CAD. And also, can i utilise the GIC towards paying tuition fee? I would pay for my living expenses by doing a part time job. And pay the Tuition fee from GiC. That way i would only disburse the loan of the amount 20,000 CAD. Can you please tell if that is possible?
Please help!
Thanks!

I don't know if that's possible, Castlegar is a really small town and it would be almost impossible to find a job there. So don't count on that. Firstly, ask if they are any people here who study or studied at Selkirk and if they were able to find jobs there.

 

[Chandigarh93]

I don't know if that's possible, Castlegar is a really small town and it would be almost impossible to find a job there. So don't count on that. Firstly, ask if they are any people here who study or studied at Selkirk and if they were able to find jobs there.

Yes Neez,you are right. Thanks for the advice. I contacted some people studying at selkirk college. They say there are no jobs in the area.

 

[Chandigarh93]

Even I have same situation but I will explain what I plan. My family can not afford to pay all my expenses in Canada and we have our residential home as asset and nothing else at all. When I decided to apply for Canada education I though I would never mortgage my home I will only apply if I get something on my behalf so I went for INR 7,50,000 that doesn't need collateral security like your house and even as per recent announcement in India if your household income is below 6lakh/year, you will get subsidy in Interest rate on your education loan, you will have to produce Income proof for your parents and I guess that can be easily obtained. So this will defiantly help you save more money in Interest rate.
I would suggest don't put your house on mortgage if you are not confident about repaying loan after studies I am sure you going to do good in Canada but again I would recommend to be prepared for worst as it's not easily to study, work and save at the same time. I am going ahead with the same confidence and would like to give my best toward my dreams and goals. Rest God is great, work hard and try to spend less as much as you can.
Rest follow your dreams do what you think is right but take wise and calculative risk.

Good luck my friend.

Hi Lucasp. Thanks for your advice. But i want to ask one thing. With just 7.5 lakh as loan how are you going to pay your tuition fee plus living expenses?
Also, i won't be able to get any subsidy on my education loan as my family income is 14-15 lakhs per annum.

 

[lucasp]

7.5 is just from loan I have rest as my savings for 10 lakh so it covers all my expenses. yeah I guess if you have more income then possible you don't qualify to get subsidy I have less income as my mother is on pension and we have no other income as if now.

 

[lucasp]

I would also like to know if anyone knows about part time jobs availability near Conestoga college in Kitchener. What kind of jobs are available and how much do we get paid while part time on average?

 

[Neez]

I would also like to know if anyone knows about part time jobs availability near Conestoga college in Kitchener. What kind of jobs are available and how much do we get paid while part time on average?

Kitchener isn't as small as Castlegar, it is a midsized city so I suppose it would be possible to find a part-time job easily, however most employers require some work experience. Fast food chains usually do not as they provide training upon recruitment.

Currently in Ontario, the minimum hourly wage is $10.25 and starting June 1 2014 it will rise to $11 per hour.

 

[lucasp]

Thank you Neez. n you also help me answering following for me:
I would like to know I have gap in my studies I did 10+2 in 2004 and then Graduation 2008-2011. My consultant said they are applying under SPP I hope I am eligible to apply under SPP or is that a problem? as I have not confirmed this from consultant.Please advise!

 

[minaz31]

I would also like to know if anyone knows about part time jobs availability near Conestoga college in Kitchener. What kind of jobs are available and how much do we get paid while part time on average?

Hey lucasp, which program u enrolled in Conestoga, May or Sept? I am going there too, in Kitchener.

 

[lucasp]

I am going for 1 year Global Business Management May Intake. What about you?