Hi, I(20F) am an American student wanting to go to college in Canada. The problem is the college I was accepted to isn't compatible with FAFSA so I'm unable to get any federal aid. Since I'm not a Canadian citizen, I can't get federal aid there either. I have been applying for grants and scholarships but those are never guaranteed. I, then, spoke to a representative from the college from their financial aid department and she recommended looking into a private student loan. I know it's inevitable that I'll need a student loan but I'm not sure how to get the lowest possible interest rate with a private loan.
The reason I'm so set on going to school in Canada or at least at this certain school is for quite a few reasons...
- The program I got accepted to is $23,990 USD/3 semesters (Tuition, Room & Board, Books, Student Fees) and I'd be going for 3 years. 2 semesters/year x 3 years = 6 semesters. 6 semesters is roughly $47,980 total. My local college is $14,966 USD/year (Tuiton, Room & Board, Books, Student Fees). If I went there, I'd be there for 4 years. After 4 years the total would be $59,864 USD. It's disappointing but it's more expensive long-term to go to a local college. The local college also doesn't have a program I want to do. Canadian College > Local College
- I'd be going to Toronto and I've been wanting to move there since I was 13. I've visited twice and each time, I cry on my way home. I see so much more opportunity and freedom there instead of being stuck in a small town in the Southern US. It's also just emotionally freeing to be away from my family. I love and appreciate them but they are suffocating and hate to take risks so it's a never ending cycle of enabling.
- I have many friends I've personally met that live in Toronto. One is including my boyfriend. We've been together for over a year now. I love him a lot and hope that we have a future together but I am not going to school for him, I'm doing it for me. He wants me to have a successful future and helps me when he can; I help him as well. His friends have met me and are willing to help me as well.
As for my financial background, I live with my single mom and 2 younger brothers. My mom lives paycheck to paycheck and I help her with a $40 bill every month. She doesn't have any assets that I know about and has bad credit so I can't exactly ask her to help me money-wise. I work around 30 hours a week and make over $300 dollars every 2 weeks and have been saving money since January. I think I have around 2k now. I'm trying to be stingy with my expenses so the only true expenses are the water bill and phone service. I also have no experience with credit, loans, or any major expenses. I have never opened up any credit cards in my name or had to make payments on a car or things of that nature. I don't even think I have credit? (I'm honestly not sure.)
I feel like I might be ranting but considering I'm making an extreme life change with no safety net, I'm obviously anxious about it. Sorry about the long post.
TL;DR: I'm a poor American and trying to go to college in Canada but I can't get federal aid. I need to take out a private student loan but I want to be doing it in the safest way possible.
Submitted May 20, 2019 at 07:53PM by Sydderino http://bit.ly/2LYwSdF
