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TLDR: Live at home and accumulate less debt, or live on campus and accumulate a ton of debt? How big is the risk of going into a major that requires further schooling?

I would love some advice and to hear if you think I am making a bad financial decision or not, and also what you would personally do. Using a throwaway because my reddit username is literally my first name.

I will be attending university next year in Canada and my long-term plan is to complete a Bachelor of Arts in Psychology (TERRIBLE, I KNOW!!!) and then complete a terminal masters in counseling. However, I am terrified that I am setting myself up for financial failure. I have been passionate about pursuing a career as a therapist for the entirety of high-school. However, if this plan backfires I will be stuck with my ~useless bachelor’s degree.

The school I plan on attending will require me to live on campus as I live roughly ~2 hours and 30 minutes away. This means I will have to pay residence fees for first year and living expenses for years 2-4. I have also been accepted to two schools close to my home, and although they are fine, I have completely fallen in love with my school of choice and crave a typical college experience. The clear advantage is I get to live at home and save money, while sacrificing some potential experiences.

First year cost

  • $7502 tuition

  • $13,282 residence fee

  • $800 books

  • $0 Laptop, dad will be paying for it as a HS grad gift

  • total: $21, 584

How I’ll be paying

  • Savings from my mom (bless her soul): $9000

  • Entrance bursary: $2450

  • General Bursary: Unknown as of right now

  • My savings: $1000

  • OSAP (canadian loan): $9700 + $2,150 non-repayable bursary for books

  • total: $24, 300

Cost for years 2-4:

  • $22,500 total tuition ($7500 x3)

  • $15,000 total living expenses (this is a really rough estimate because I have no clue yet)

The Loan I’ll have to pay back after first year is $5,900. From years 2-4 I’ll be receiving roughly $10,000 - $11,000 from OSAP. This means I’ll be paying back $7,600 of those loans. After paying $7500 for tuition I plan to use the remaining $2,500 to pay for living expenses, as well as work over the summer. I will have help from my mom and expect a few small bursaries here and there.

So: $5,900 + $8000 x3 = 29,900 Adding $3000 to that amount because let's be real. Expected total debt: $33,000

Every time I think about being that much money in debt I have a serious breakdown and reconsider my entire life and if I should just major in Accounting.

If you’ve read all of this, thank you SO much and I appreciate any given help!



Submitted April 25, 2017 at 12:25AM by throwawayy20212021 http://ift.tt/2oGePci

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