Scared about my future! Please help fellow members

[gopinath21]

Hello everyone!

After waiting for 2.5 months I have finally got offer letter from Red river College, Winnipeg (Manitoba).
The program is a 1 year PG Diploma in International Business.

The program fees is approximately 7.5-8 lakhs. I would be taking an education loan for it, and would be paying the GIC through own funds. I would be applying for another 1 year course after this to be eligible for a 3 year PGWP.

I have been very nervous after reading the economic condition of Canada. Do you think I am making a right choice to come to canada for studies? I have to repay my loan on my own. I was hoping for a bright future but got very afraid after seeing the economic condition of Canada going down.

Very confused as I do not know what to do!

Please help me guys.

Thanks and regards,
Gopi

 

[mead]

no one can tell u if ur making the right choice or not....being said that i agree its risky taking so much loan(around 15lak) and doing pg diploma....is ur family strong to pay loan without ur help?it will take u 3-4 years min to start paying loan min if ur lucky to get a job right after graduation ..also loan will accumulate interest during that time.....so its a lot of money that ur parents might have to pay if u cant save enough....i have seen people getting jobs right after graduation and i have seen people who have left canada cause they couldnt find a job. so u have to decide will ur family be able to take that burden if in worst case u dont make it here in canada? I am guessing ur from india can u alternatively take a job in india and save money so u dont have to take a loan that way u will get some experience as well as save money.
these are my personal view points u should wait for more replies and not just make a decision based on my view points...I may be wrong in my assessment...

 

[next2015]

Hi, mead's response is strong but it is also the reality - the perfect response. It does not help for anyone to say the nice things alone. The truth is school loans are big business for the banks and they've gone a long way in keeping people in debt. It is a big decision you have to make. Personally, I would not advise anyone to move to a foreign country for an education with the plan of financing it with debt. I've not had any school loans but I imagine the interest rates for foreigners are scary as the risk is higher. I think your better off saving money while home then go to Canada once you have enough in savings to manage. If you really feel that is too much for you, may be you should borrow the funds from friends and family then pay them back slowly, after all you can get a work permit while in school.

In the western world you can get anything you want when you want it and that is why a lot of people are drowning in debt. It takes just one decision (which) many wish they could undo. If you intend to settle in any foreign country I think it is wise to do so on a clean slate. Starting a new life with debt you didn't have is not wise(in my opinion). Don't let your self get caught up in the cycle - once you're in, it is hard coming out and you end up falling deeper into they abyss. I've seen people move to the US (for example) "to make money and save" then go back home, build a house, start a business and live a better life than they did before - few of them realize this dream thanks to the excitement of an opportunity to drive a brand new car (financing), getting a house of their own (mortgage). In the end they can't go back home because they have no savings to begin with thanks to the bills. Everything changes once your locked into the system and the dreams... They remain dreams.

Think about it!