Triptych !IupsXZPnnU started this discussion 13 years ago#29,079
I'm looking at student loans in Canada and the mean in 2011 was 5.5% prime interest (prime? what does that even mean?)
So McGill costs about $8K a year. So let's say a $32K student loan. Is the interest a one time thing? Or does it build up? If it builds up, does it build up on everything I borrowed or just what I still owe?
fuck
beckyderp !8ElfFaoFao joined in and replied with this 13 years ago, 55 minutes later, 1 hour after the original post[^][v]#426,848
The interest builds up on what is still owed (the principal), not the total borrowed amount. There are subsidized (interest does not grow during school) and unsubsidized (it does) loans available in the U.S. - I don't know about Canada.
(Edited 7 minutes later.)
Triptych !IupsXZPnnU (OP) replied with this 13 years ago, 32 minutes later, 1 hour after the original post[^][v]#426,859
@previous (beckyderp !8ElfFaoFao)
How does the interest build? Is it like once a year that they count it up?
everything is so confusing :(
beckyderp !8ElfFaoFao replied with this 13 years ago, 3 minutes later, 1 hour after the original post[^][v]#426,861
@previous (Triptych !IupsXZPnnU)
For purposes of repayment, the annual interest is spread out over the year by pay period (typically by month).
(Edited 21 seconds later.)
Triptych !IupsXZPnnU (OP) replied with this 13 years ago, 15 minutes later, 1 hour after the original post[^][v]#426,867
@previous (beckyderp !8ElfFaoFao)
Oh dear.
I'm going to need to get my ass to an oil sands job right after graduating. Fuck.
Thanks becky
HaikerensGuide !dBGi/iH4eY joined in and replied with this 13 years ago, 56 seconds later, 1 hour after the original post[^][v]#426,869
@previous (Triptych !IupsXZPnnU)
Why not do that BEFORE starting school instead?
Triptych !IupsXZPnnU (OP) replied with this 13 years ago, 6 minutes later, 1 hour after the original post[^][v]#426,877
@previous (HaikerensGuide !dBGi/iH4eY)
I lack the strength for manual labour and the qualifications for any other job there. I'll get a job the summer after I graduate and save up what little I can.
My dad's willing to pay for uni for me. I just don't want him to. He's gotta retire and stuff in about 10 years.
HaikerensGuide !dBGi/iH4eY replied with this 13 years ago, 2 minutes later, 2 hours after the original post[^][v]#426,881
@previous (Triptych !IupsXZPnnU)
Why not pay your father back instead? Always avoid institutional debt if given the chance. Do not become a debt slave.
Triptych !IupsXZPnnU (OP) replied with this 13 years ago, 19 minutes later, 2 hours after the original post[^][v]#426,911
@previous (HaikerensGuide !dBGi/iH4eY)
That might be a good idea, honestly.
I just feel weird about it due to weird family relations.
beckyderp !8ElfFaoFao replied with this 13 years ago, 1 minute later, 2 hours after the original post[^][v]#426,914
@previous (Triptych !IupsXZPnnU)
Dude, fucking take it.
HaikerensGuide !dBGi/iH4eY replied with this 13 years ago, 3 minutes later, 2 hours after the original post[^][v]#426,915
@426,911 (Triptych !IupsXZPnnU)
You can run from your father. You can't run from the monetary institutions.
Triptych !IupsXZPnnU (OP) replied with this 13 years ago, 4 minutes later, 2 hours after the original post[^][v]#426,916
@426,914 (beckyderp !8ElfFaoFao)
That's good advice.
If I have a modicum of sense I'll take it.
Ok. Graduate high school. Find a way to move all my shit to another province. Work full-time for a summer. Go to uni, work part time. Change name after year one. Do a co-op if at all possible. Graduate. Work at oil sands and save the fuck up. Spend a year doing nothing but reading and drinking and going to gay bars. Then be a normal person.
good plan. right? .-.
Depressionman !qeK7ilt6gI joined in and replied with this 13 years ago, 21 minutes later, 2 hours after the original post[^][v]#426,926
@426,915 (HaikerensGuide !dBGi/iH4eY)
Actually, you can run to Chinae. Thanks.
Anonymous E joined in and replied with this 13 years ago, 38 minutes later, 3 hours after the original post[^][v]#426,939