I have around $28k in student loans and make around 40k after tax. I also have a mortgage (manageable but really ties up cash flow).
I'm paying the minimum on my mortgage and I'm on the standard OSAP loan repayment program (did not ask for relief).
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I have around $28k in student loans and make around 40k after tax. I also have a mortgage (manageable but really ties up cash flow).
I'm paying the minimum on my mortgage and I'm on the standard OSAP loan repayment program (did not ask for relief).
I had 11 years of post secondary education. Since I had a scholarship and went co-op (at Waterloo), I had income to handle much of the expenses for the Bachelor's anyway. I graduated with $4,000 of OSAP loan that my wife and I paid off within a few months since she had been winning the OSAP lottery since she started school.
My graduate degrees I went to school full time and worked full time as well. There is no way that I could do that now. No loans from that.
My big beef with my education was that there are no jobs in Canada in Engineering. Yes, I know that there are some, but the pay is pretty poor. It was not until I took a job in the US (with a 400% raise - not a typo) that it really paid off.
What do you mean by restructuring?
I considered using my student LOC to pay off OSAP, but I think it works out to roughly the same since you can claim OSAP interest on your taxes. I haven't really had time to examine all my options yet.
I want to pay off my OSAP quickly, but I also want to take vacations too, lol.