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Updated on Tuesday, August 4

#21152

OMG: I just switched out of my major. Isn't it crazy that we have to make decisions on ending up in $50,000+ (most of the time) at the age of 18... damn

18 comments

  1. $50,000? Ouch. I finished with $30,000.

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  2. $50,000 of debt* OP here, yeah taking into account living expenses, food, textbooks etc. I'm pretty sure that's how much it will cost.

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    1. very unlikely unless you're in Pharmacy or Chartered Accounting and also have saved absolutely nothing while still having parent's with significant income.

      If you're in Engineering or CS you'll make enough on your coops that it will cancel out the extra expense of the program. If you're in anything else and not in coop you're looking at about 35k for the degree + about 8-10k a year in all other expenses. I spend about this much and I eat pretty expensive food, live near campus, and have cash to go out drinking at clubs still.

      In total this is about 75k. On your summers off you need to go home and work full time at whatever jobs you can find. That's 7k a year if you're minimum wage so say good bye to 21k of that. Now you're at 54 000. OSAP covers you for another 7200 with the 30% off grant. you're at 47k now (I'm going to round to the nearest 1000 on everything)

      Now you will likely get about 5k a year in grants or bursaries if your parents earn very little money. I'm going to assume they do, because if they earn a lot and simply didn't save money I don't really feel for you. 20k total in grants and bursaries (or 20k from RESP from parents)

      you're at 27k which coincidentally will make you fall within the OSAP limits anyway. Even if any of the above was wrong you're limited to like 8k a year in debt I believe.

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    2. ^ I find any of this hard to believe

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    3. $20,000 RESP? My parents make decent money (Mum makes around $70,000 and I think Dad made $50,000 before he retired) but that's still a giant sum to put away. I think I ended up with an $8000 RESP, and maybe $5000 in grants.

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    4. 2.c. Yeah, I read that too and wondered where the hell that number came from. It's also easy to say that if your parents are well-off that they should help you or this poster won't feel for you. Because you know, that's a given right, to get money from wealthy parents. If they're well off and don't support you for university it's entirely your fault. Or say if they're in financial need an cash in their RRSP's early making you ineligible for various loans/bursaries, again entirely your fault. I honestly don't think 2.a knows what they're talking about, but wants to sound like they do.

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    5. 2.a. Are you saying that your 8-10k per year of living expenses covers your yearly rent and food? I don't think it is possible in Canada. No, not anywhere in Canada for sure.

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    6. Pavel, how much do you spend in housing? I spend about that in an academic year. 550 a month in rent from splitting a 4 bdrm house with my friends, and 300 a month in food. I don't know where you're trying to live. Also 20k over 18 years is a very small investment lol... it's like a couple hundred bucks a year on average due to compound interest and the bonuses Ontario gives you for contributing. Also the last point makes the post completely valid since OSAP is certainly capped at 7300 in loan... all of you people are either overspending like crazy or just can't math

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  3. Woah. You have my sympathy OP.

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  4. That's why it's wise to wait until you know what you want to do before you act, and don't just follow the societal pressure to herd you into university right after high school.

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    1. Honestly this sounds like a good idea, I certainly believe it. The issue is the gov't and educational institutions as a whole. I would suggest to look into many of the scholarships for post-secondary education based on entering marks. You'll be surprised that many institutions now put a time-limit for how long you can be out of university after high school. It averages from only two to four years. Ontario is seriously fucked up.

      -taxpayer who had taxes pay for institutions where I'm not allowed to be eligible for scholarships due to actually working in the real world.

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    2. http://sfas.mcmaster.ca/entrance.html

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  5. Good point, how are 17 and 18 year olds supposed to make decisions like this costing $30,000 to $50,000 of debt you can't even go bankrupt on?.

    They can do only so much research on a field but we all saw the oil and gas industry collapse with thousands of engineers being laid off just recently and no one, not even the so called experts saw that coming, the ten year bull run was to continue forever. Could tech be the next bubble?.

    Of course in the long term, I am still tempted to think that a tech or engineering related degree is worth it but recently there had been stories on how tech companies need those arts and business grads to do all the non-coding related work.

    18 year old shouldn't be expected to make these decisions when it is real money/debt that's being used here, this isn't play money.

    And yes, Ontario is beyond fucked up and could very well become the next Greece. We don't have the jobs bringing in good tax revenue to even do anything with the provinces debt and that government in there is adding more taxes and red tape for businesses every day they just don't get it.

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    1. Honestly comments like yours give me a little bit of hope for the free-thinkers here. I agree with your comment 100%

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  6. As an international student, I will probably end up with $100,000 of debt (if I do well on co-op). 8 study terms would cost around $150,000.

    Yes it's crazy to make such decisions at 18 (or 19 for me) :\

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  7. Damned if you do. Damned if you don't. Ontario sucks ass in general. Advice for anyone moving here - don't.

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  8. You're just mad because you don't have the money to afford Benz, BMW, or Audi... even when you're a student.

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