My educational goal is to complete university and become a computer engineer. My postsecondary education will cost a total of approximately $6,759.18. This will be a co-op education. The cost can be divided into three sections: Basic Tuition, Co-op fee, and incidental fee. The incidental fee includes student health insurance, student society fees, student endowment fund fees, and campus recreation fees. These are based on an 8-month school-year. The engineering textbook costs $608.15, the Mathematics & Computer Science textbook is $477.07, and the Science textbook is $537.00. These prices are in Canadian currency and do not include taxes.
Yes, I would require a loan. I would take about $15,000 to cover needs such as food and products to help with my study, such as a computer. With the CIBC plan, I need only pay back with interest on the money I actually spend. For a one year loan of $15,000, a monthly payment would total to $1,250.
I would like to become a computer engineer. The starting salary for this job is a base of $57,000. This requires 0-3 years of experience, a Bachelor's Degree in Engineering, knowledge of commonly-used concepts, practices, and procedures within a particular field. Through years of experience (8), the salary may rise up to $107,933.
In order to obtain the money, I will get a part-time job to help with my financial situation. This will not be enough to cover all my expenditures, but will cover most of the monthly cost (around $504), the remaining amount will be from the previous $15,000 loan [/year].
The loan can be from CIBC which provides a loan especially for students: The "ÃÂCIBC Education Line of Credit'.
"ÃÂ¢ Full-time students can apply for an ELC of up to $40,000 "ÃÂ¢ Undergraduate students can use a maximum $15,000 per year "ÃÂ¢ Graduate students do not have an annual maximum. Only the program maximum of $40,000 applies "ÃÂ¢ While you are in school and for 12 months after graduation (or 6 months without graduating), you pay only the interest, and only on the amounts you actually use "ÃÂ¢ The CIBC Education Line of Credit is then converted to a personal loan "ÃÂ¢ You can spread out your personal loan payments (up to 20 years), making your monthly payments more affordable The Bank of Montreal "ÃÂLine of Credit' offers up to $6,500 a year to a maximum of $26,000 over four years. And students enrolled in post graduate programs are also eligible for additional funds. You must also pay interest on what you use (during school).
I would choose the CIBC loan because the loan limit is greater than that of Bank of Montreal's.
I would purchase a desk set for a suitable and relaxed work area. I would shop for this at Business Depot since their prices on desks and furniture are relatively inexpensive. Two food items I would purchase would be pizza from Pizza Pizza, and a sub from Subway. My entertainment would be to go to a movie theatre, they usually help me relax, and they only take up a few hours of time. Another purchase I would make would be for software such as 3D Studio Max or Photoshop. These would help me let loose and would help me greatly with schoolwork and please my interests. I would purchase these from either FutureShop or "ÃÂbuy.com' since they would be a source of good price and good service. To get the best deal for anything I am preparing to buy, I would first go "ÃÂwindow-shopping' and browse among prices in stores and on the internet, and talk to some friends. This would give me a broader look at the prices being charged. Once I make my decision, I will go to the source that offers me better service and price.
During my postsecondary education, I would prefer to not own a credit card. Owning a credit card may help you achieve good credit starting at a young age, but can also lead you into a great load of debt-which I'd rather not have.
Any extra money I end up with will go directly to the bank. Most of it will go towards paying back my loan, since I pay no interest during my time in school. This will save me money.
Another option would be to put the money in the bank and let it grow, that way I can make more money over interest, and use that money, right before I graduate, to pay off whatever I can in my loans. That way I get off without paying interest for whatever I can.
I expect to save about $100/month. By saving a $100 a month, I should be able to pay a respectable amount of money back/or save it for the time-being. I do not expect to spend money on many "ÃÂwants' or entertainment purposes every month. I have managed to do it at this age, and choose to continue it throughout my postsecondary education. It allows me save more bulk money, rather than to spend it.