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It's not necessary a career question, but how important is financing when pursuing a career? What tips could you provide?

As a fortunate student, in the province I live in, Ontario, the government provides an OSAP program which is a Ontario Student Assistance Program. This program enables students to apply for bursaries, grants, and loans. When going into post-secondary, it's not just a small fee of one year in highschool. It's crazy to know that one class can range from 5 hundred to 1 thousand dollars. Give the textbooks in. So considering an undergrad degree, How important is financing? #finance

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Douglas’s Answer

Hi,
Financing, and the amount you finance is super important. The cost of a 4 year education is substantial: tuition, room, board, transportation, books, computer, etc. Many people need to borrow money to pay for some of it or all of it. In my opinion, when picking a school and a major, one needs to determine the cost of the school and compare it to the salary you expect to earn and the availability of jobs in that field once you graduate. Far to many people select an expensive school and a lower paying profession (because they just love that profession) only to find out that they will be paying off student loans for a very many years after graduating. Many find that student debts force them into a lifestyle after graduation that they had not anticipated.


I may sound crass, but fundamentally what to study and where to study can come down to a financial decision.


Hope this helps.
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Haley’s Answer

This is a great question! College can be very expensive depending on where you go. The less you have to finance the better, because you will have to pay back not only the amount you borrow, but also compounding interest. If you do not know exactly what you want to do, I would look at community colleges. Going to a community college to get the basic classes out of the way, while you figure out what you would like to do can save a lot of money. I would also apply for scholarship to help pay for college. I would exhaust your options before you have to finance a large chunk. If you are like me and do have to finance for college, shop around for interest rates. Interest is the amount on top of the amount you borrow that you will have to pay back. The lower the interest rate, the better. If you can get a cosigner for a loan, you usually can get a lower rate. If you can pay your loan off in little chunks while your in school is always an option too.
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