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'.
"â Full-time students can apply for an ELC of up to $40,000 "â Undergraduate students can use a maximum $15,000 per year "â Graduate students do not have an annual maximum. Only the program maximum of $40,000 applies "â 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 "â The CIBC Education Line of Credit is then converted to a personal loan "â 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.