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  1. #31
    bug is offline
    bug
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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).

  2. #32
    Financial Advisor ashedfc's Avatar
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    Quote Originally Posted by bug View Post
    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).
    Have you looked at restructuring your debt

  3. #33
    tightwad and proud of it! brunt's Avatar
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    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.

  4. #34
    bug is offline
    bug
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    Quote Originally Posted by ashedfc View Post
    Have you looked at restructuring your debt
    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.

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