I won't say how much I started with, but I graduated 14 years ago, been paying back since just after grad and still owe a bit over $2000. And I didn't have anywhere near what some people have. So unless you luck out big time somehow, you might be paying off until you're in your 40's or even 60's (assuming you're in your early 20's).
I just finished 2B and I owe 11k to OSAP. I was in Math but declared my major as CS this term, so my tuition is going to get quite a bit more expensive for this coming fall. I expect 25-30k by the time I'm done.
Owed $30,000 when I graduated with my BA but I qualified for some OSAP relief so it's at $27,000 right now. I just finished my MA with no extra debt since UW paid for it, which is nice. My parents have said they're paying for my BA so I don't technically have to pay it back myself but I'd like to snag a reasonably paying job so they don't have to pay it all themselves.
I only owed about 3K which I paid pretty quickly but I had co-op pay for all terms after first year and I got scholarships and my highschool job to pay for the first couple of terms
I had 40k in loans in my last term at UW, the debt reduction cut it down to 31k. I returned it all in a lump sum one week before my interest started to pile up. I graduated with no debt.
I live away from home, am not in co-op, am a domestic student, come from a low-middle income family, and I didn't have a job during undergrad. I did have a RESP which gave me 5k towards tuition, but that's about it for any monetary help I received.
I didn't do anything to deliberately save money, however my spending habits are just non-existent. I just used it on food, rent ($500/month), and textbooks. I rarely go out to eat, and I get groceries from home every once in a while.
As someone coming from a low income household, I'm just so glad I was able to break even. I remember worrying hardcore about falling into an endless hole of debt for the rest of my life (my grade 10 English teacher is in his mid 30's and was still paying off his debt). Good luck to all the people still paying off their debt!!
Please clarify how you had 40k in loans, and magically came up with a lump sum to pay it off right before you graduated. I really don't follow the logic.
I logged back into my OSAP account just to check for you guys, cause you know, I'm totally extra.
I actually had 47k in loans, 16k in grants, 14k in debt reduction, so I was issued 77k of aid from OSAP over the span of 4 1/2 years. If you subtract the grants and debt reduction from the 47k of loans, I had 17k of loans not covered by anything.
When the time came to pay off my 31k of debt, I used all my hoarded OSAP money (grants+debt reduction+loans) to pay it off.
I graduated this summer with about 28k in debt, but it is currently just above 22k ($5000 grant, plus I've made some payments). I'm working part time right now, so I'm only making minimal payments, but I plan on returning to do a Master's in September. If all works out the way I plan it to, the Master's won't put me into anymore debt, and once I graduate I plan to pay off the remainder of my loan off in about 16 months- 2 years max.
Does anyone here know how you go about beginning payments for OSAP? Also, what happens if you start paying but then go back to school again (after the six month interest free period ends)? Can you put the payments on hold again?
you can log in to the national student loan bank website and most of the information you need is there. I think the payments go on hold when you return to school
Graduated with no debt. Returned the 7K I got loaned for first term immediately on graduating since my parents helped with that and had it saved. Coop/Masters stipend paid for the rest. - Thanks Mom, Dad, and Alberta
$1k - but I'm on my fourth co-op term right now. Basically use high school summer job money and co-op earnings to pay for everything, except first-year tuition (but I was mainly covered by scholarships) and rent during study terms (thanks mom and dad).
I still apply for OSAP every term since I receive grants and bursaries that I'll never have to pay back, but I never touch the money I owe (except that extra $1k for emergency use) and just let it sit in a savings account to accumulate interest.
I won't say how much I started with, but I graduated 14 years ago, been paying back since just after grad and still owe a bit over $2000. And I didn't have anywhere near what some people have. So unless you luck out big time somehow, you might be paying off until you're in your 40's or even 60's (assuming you're in your early 20's).
ReplyDelete40000
ReplyDeleteAnd still need 4 more years of study
I just finished 2B and I owe 11k to OSAP. I was in Math but declared my major as CS this term, so my tuition is going to get quite a bit more expensive for this coming fall. I expect 25-30k by the time I'm done.
ReplyDeleteAfter 5 years and done now, I owe 15k to OSAP. Is this a lot?
ReplyDeleteJust finished my last semester ended with 24k. I'm planning on paying it back in 2 years once I start working
ReplyDeleteJust broke the 30k threshold last month. Bless up!
ReplyDeleteOwed $30,000 when I graduated with my BA but I qualified for some OSAP relief so it's at $27,000 right now. I just finished my MA with no extra debt since UW paid for it, which is nice. My parents have said they're paying for my BA so I don't technically have to pay it back myself but I'd like to snag a reasonably paying job so they don't have to pay it all themselves.
ReplyDeleteI graduated with $25k of debt, started working right away and paid it off in about 15 months.
ReplyDeleteI only owed about 3K which I paid pretty quickly but I had co-op pay for all terms after first year and I got scholarships and my highschool job to pay for the first couple of terms
ReplyDeleteI had 40k in loans in my last term at UW, the debt reduction cut it down to 31k. I returned it all in a lump sum one week before my interest started to pile up. I graduated with no debt.
ReplyDeleteI live away from home, am not in co-op, am a domestic student, come from a low-middle income family, and I didn't have a job during undergrad. I did have a RESP which gave me 5k towards tuition, but that's about it for any monetary help I received.
I didn't do anything to deliberately save money, however my spending habits are just non-existent. I just used it on food, rent ($500/month), and textbooks. I rarely go out to eat, and I get groceries from home every once in a while.
As someone coming from a low income household, I'm just so glad I was able to break even. I remember worrying hardcore about falling into an endless hole of debt for the rest of my life (my grade 10 English teacher is in his mid 30's and was still paying off his debt). Good luck to all the people still paying off their debt!!
Please clarify how you had 40k in loans, and magically came up with a lump sum to pay it off right before you graduated. I really don't follow the logic.
Deletei dont get it either..unless your parents paid it all
DeleteWHoops.
DeleteI logged back into my OSAP account just to check for you guys, cause you know, I'm totally extra.
I actually had 47k in loans, 16k in grants, 14k in debt reduction, so I was issued 77k of aid from OSAP over the span of 4 1/2 years. If you subtract the grants and debt reduction from the 47k of loans, I had 17k of loans not covered by anything.
When the time came to pay off my 31k of debt, I used all my hoarded OSAP money (grants+debt reduction+loans) to pay it off.
so you didn't use your osap at all during your school years?
Deleteif that's true, you signed up for osap, owed osap money, then paid it with your osap money? (but gaining grants at the same time)
not bad
Lived at home and commuted while working. I'm graduating with 30k in the bank
ReplyDeleteI graduated this summer with about 28k in debt, but it is currently just above 22k ($5000 grant, plus I've made some payments). I'm working part time right now, so I'm only making minimal payments, but I plan on returning to do a Master's in September. If all works out the way I plan it to, the Master's won't put me into anymore debt, and once I graduate I plan to pay off the remainder of my loan off in about 16 months- 2 years max.
ReplyDeleteDoes anyone here know how you go about beginning payments for OSAP? Also, what happens if you start paying but then go back to school again (after the six month interest free period ends)? Can you put the payments on hold again?
ReplyDeleteyou can log in to the national student loan bank website and most of the information you need is there.
DeleteI think the payments go on hold when you return to school
31K debt right now, probably will write a big fat check the day after graduation #saynotointerest
ReplyDelete$0.00 - Thanks Mom and Dad
ReplyDeleteGraduated with no debt. Returned the 7K I got loaned for first term immediately on graduating since my parents helped with that and had it saved. Coop/Masters stipend paid for the rest. - Thanks Mom, Dad, and Alberta
ReplyDeleteReal Niggas Neva Die - Hustle and pay dat cash back.
ReplyDelete0 because i saved my co-op money instead of spending it on stupid shit, didn't get a penny of help from family either
ReplyDelete$1k - but I'm on my fourth co-op term right now. Basically use high school summer job money and co-op earnings to pay for everything, except first-year tuition (but I was mainly covered by scholarships) and rent during study terms (thanks mom and dad).
ReplyDeleteI still apply for OSAP every term since I receive grants and bursaries that I'll never have to pay back, but I never touch the money I owe (except that extra $1k for emergency use) and just let it sit in a savings account to accumulate interest.