63. That is the number of thousands of dollars I am in debt after 7 years of post secondary education. This does not take into account the fact that my parents helped me or that I was working three jobs for half of that time.
In 9.5 years, if I pay the estimated 680$ a month (which I cannot even come close to affording with a very good job) I will have paid 15,000$ in interest. I am already incurring 6$ a day in interest despite being in a “grace” period. Bringing my grand total of debt to 78,000$.
This is assuming the economy doesn’t get better and the rate of prime doesn’t increase. If prime increases to even 5%- My interest more than doubles. I will have paid over 100,000 to get myself through university.
Being that I found that very good job, I likely do not qualify for interest relief. At 44,000 a year (2200 of which I actually see each month) I cannot afford to manage my debt.
In Canada, tuition used to be paid. From what I understand this was stopped to help fund the war. Well- that has been over for decades, so what is the government’s excuse now? About 40,000$ of my debt is due to tuition costs- much of my living expenses were covered by myself and my parents.
My debt reduction options for the NS portion of my student loan are actually quite good compared to Canada- which only appears to have interest relief possibilities as opposed to reduced debt. Still- not good enough. Even if it was compulsory for me to pay back every cent I had borrowed that would be hard enough, but now I am supposed to pay half a year’s salary (after taxes) MORE due to interest.
There has to be SOMETHING that can be done if the government will continue to claim that tuition can never be free: Reduce costs, provide more grants, provide more debt reduction opportunities- for the love of god gives us a tax break for the first 5-10 years we are in the workforce. I will beg and plead for the opportunity to have some end in sight. Some light at the end of the tunnel.
Yes, I could wait 10 years and if I am still paying THEN the government will start to help- but I will be entirely stressed and unable to save for a home for that entire time. I will be 36 when that time comes- and then I can start saving? YAAAAAAY.
My question: What kind of adult-debt super humanoid that MUST live for 100 years or more if it ever wants a debt free, child/home enriched future, is the Canadian government trying to produce?
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